LED Medical Diagnostics Inc. (TSX VENTURE:LMD)(OTCQX:LEDIF)(FRANKFURT:LME)
("LED" or the "Company") today announced its financial results for the second
quarter ended June 30, 2013, reported in United States dollars and in accordance
with International Financial Reporting Standards ("IFRS"). The Company's results
are presented in comparison to the three months ended March 31, 2013 and June
30, 2012 (which have been restated due to the Company's transition to United
States dollar ("U.S.") functional and reporting currency and for the revision of
its revenue recognition policy pertaining to sales made to Henry Schein Inc.),
also in accordance with IFRS all balances are expressed in U.S. dollars unless
otherwise stated.
Financial Highlights
-- Revenue increased by 4% to $1,083,000 for the three months ended June
30, 2013 compared to $1,038,000 over the same period in the prior year.
-- EBITDA(1) for three months ended June 30, 2013 of ($104,000) compared to
the same period in the prior year of approximately ($495,000).
"I am pleased to report encouraging results from the second quarter of 2013. Our
revenues were up considerably from the first quarter. In fact, the Company came
very close to breaking even," stated Peter Whitehead, LED Founder and Chief
Executive Officer. "At this stage of our development a neutral quarter can be
seen as a positive result, and as confirmation that the infrastructure we've
laid out for our internal sales force is beginning to show results. Demand for
the VELscope Vx remains strong, and I am optimistic that between now and the end
of the year our sales momentum will continue to improve."
Three Month Comparative Results
For the three months ended June 30, 2013, the Company reported revenues of
approximately $1,083,000 which is higher than the approximately $310,000 for
three months ended March 31, 2013 and approximately $1,038,000 for the three
months ended June 30, 2012.
Gross margin(2) was 59% during the three months ended June 30, 2013, compared to
the three months ended March 31, 2013 of 53% and to 54% during the three months
ended June 30, 2012. The Company's margin varies depending on the mix of
VELscope equipment versus disposables sales for any given period.
Core operating expenses (excluding stock-based compensation, deferred share unit
compensation, mark to market adjustments on Canadian dollar denominated warrants
and other operating expenses)(3) for the three months ended June 30, 2013 of
approximately $740,000 were 8% lower than the three months ended March 31, 2013
and 30% lower than the three months ended June 30, 2012.
EBITDA(1) for the three months ended June 30, 2013 was approximately ($104,000)
compared to approximately ($638,000) for the three months ended March 31, 2013
and ($495,000) for the three months ended June 30, 2012. The Company reported a
net loss of approximately $2.2 million for the three months ended June 30, 2013
compared to a net loss of approximately $1.33 million for the three months ended
March 31, 2013 and $195,000 for the three months ended June 30, 2012.
Six Month Comparative Results
For the six months ended June 30, 2013, the Company reported revenues of
approximately $1.4 million which is lower than the approximately $2.0 million
for the six months ended June 30, 2012.
Gross margin(2) was 57% during the six months ended June 30, 2013 compared to
the six months ended June 30, 2012 of 49%.
Core operating expenses (excluding stock-based compensation, deferred share unit
compensation, mark to market adjustments on Canadian dollar denominated warrants
and other operating expenses)(3) for the six months ended June 30, 2013 of
approximately $1.5 million were lower than the six months ended June 30, 2012 of
$2.5 million.
EBITDA(1) for the six months ended June 30, 2013 was approximately ($742,000)
compared to approximately ($1.5 million) for the six months ended June 30, 2012.
The Company reported a net loss of approximately $3.5 million for the six months
ended June 30, 2013 compared to a net loss of approximately $1.4 million for the
six months ended June 30, 2012.
Cash was approximately $1,718,000 with net working capital(4) of approximately
$972,000 million as of June 30, 2013 compared to cash of approximately $607,000
with negative net working capital(4) of approximately $1,109,000 as of March 31,
2013.
(1) EBITDA or Earnings before Interest, Taxes, Depreciation and Amortization is
a non-IFRS measure that does not have a standardized meaning and may not be
comparable to a similar measure disclosed by other issuers. This measure does
not have a comparable GAAP measure. EBITDA referenced here relates to operating
loss and excludes amortization, depreciation, stock-based compensation, deferred
share unit compensation and mark to market adjustments on Canadian dollar
denominated warrants. Please refer to the reconciliation of EBITDA to reported
financial results attached to this press release.
(2) Non-IFRS measure that does not have a standard meaning and may not be
comparable to a similar measure disclosed by other issuers. Gross margin
referenced here relates to revenues less cost of sales.
(3) Non-IFRS measure that does not have a standard meaning and may not be
comparable to a similar measure disclosed by other issuers. Core operating
expenses excludes stock-based compensation, deferred share unit compensation,
mark to market adjustments on Canadian dollar denominated warrants and other
operation expenses.
(4) Non-IFRS measure that does not have a standardized meaning and may not be
comparable to a similar measure disclosed by other issuers. This measure does
not have a comparable IFRS measure. Working Capital is defined as current assets
less current liabilities.
Business Highlights
Notable developments and achievements during the first quarter of fiscal 2013
included the following:
-- On April 24, 2013, the Company announced the results of an independent
study published in "Oral Surgery, Oral Medicine, Oral Pathology, Oral
Radiology" (Vol. 114 No. 3) that confirms the use of quantitative
cytology ("QC") testing, as an adjunctive tool, successfully identifying
high-risk potentially malignant disorders of the oral mucosa.
-- On May 7, 2013, the Company cited a recent clinical study documenting
the ability of its VELscope(R) Vx Enhanced Oral Assessment adjunctive
technology to detect cancerous and pre-cancerous lesions that are missed
by conventional exams.
-- On June 10, 2013, the Company announced that its patented VELscope(R) Vx
oral examination device is currently involved in a Phase III study
sponsored by the University of British Columbia in collaboration with
the Terry Fox Research Institute and the British Columbia Cancer Agency.
-- On June 14, 2013, the Company completed a non-brokered private placement
of 17,000,000 units at an issue price of $0.15 per unit for gross
proceeds of $2.55 million.
The Audit Committee of the Company has reviewed the contents of this news release.
Non-GAAP Measures
The following and preceding discussion of financial results includes reference
to Gross Margin, EBITDA, Core Operating Expenses and Working Capital, which are
all non-IFRS financial measures. The measure of gross margin is provided as
management believes this is a good indicator in evaluation the operating
performance of the Company. EBITDA is defined as operating loss less other
operating expenses. The measure is provided as a proxy for the cash earnings
from the operations of the business as operating loss for the Company includes
non-cash amortization and depreciation expense. The measure of core operating
expenses is provided as a proxy for cash expenses incurred from the operations
of the business. The measure of working capital is provided as management
believes this is a good indicator of the operating liquidity available to the
Company.
Change in Functional and Reporting Currency
The Company has changed the functional currency of the parent company entity
from Canadian dollar to United States dollar as of January 1, 2012 to reflect
the transition from an entity with some operations to a holding company for the
group companies upon the completion of the reverse takeover ("RTO") in November
2011. This change was effected prospectively from January 1, 2012 onwards.
The Company also changed their reporting currency on December 31, 2012 from
Canadian dollars to U.S. dollars given LED's listing on the OTC stock exchange
in the United States and on the Frankfurt Stock Exchange in early 2013
reflective of LED becoming a global Company. This change also results in
increased comparability for LED to other global technology companies.
Revision to Revenue Recognition Policy
The Company also revised its prior revenue recognition policy pertaining to the
sales of its product in fiscal 2011 and 2012 to Henry Schein from "sell to this
distributor" to "sell through this distributor to their end customers". While
legal title with the risks and rewards of ownership is transferred to Henry
Schein as at the date at which the Company's products are sold to this
distributor, the participation by the Company in the provision to this
distributor of special market development pricing adjustments pertaining to LED
product to increase overall market share of the Company results in the Company
not being able to reasonably estimate such marketing oriented expenses at the
time of sale and shipment to Henry Schein resulting in the required deferral of
revenue recognition until all such marketing oriented expenses are fully
determinable. There is no such issue in the Company's distribution arrangement
with Denmat resulting in the Company recognizing revenue at the time of sale and
shipment to Denmat. As a result, the financial results for prior periods have
been restated.
Forward-Looking Statements
This press release contains statements which, to the extent that they are not
recitations of historical fact, may constitute forward-looking information under
applicable Canadian securities legislation. Such forward-looking statements or
information includes financial and other projections as well as statements
regarding the Corporation's future plans, objectives, performance, revenues,
growth, profits, operating expenses or the Corporation's underlying assumptions
and the Company's intention to expand its technology beyond dental applications.
The words "may", "would", "could", "will", "likely", "expect", "anticipate",
"intend", "plan", "forecast", "project", "estimate" and "believe" or other
similar words and phrases may identify forward-looking statements or
information. Persons reading this Management's Discussion and Analysis are
cautioned that such statements or information are only predictions, and that the
Corporation's actual future results or performance may be materially different.
Factors that could cause actual events or results to differ materially from
those suggested by these forward-looking statements include, but are not limited
to: economic conditions; dilution; limited history of profits and operations;
operational risk; distributor risks; working capital; potential conflicts of
interest; speculative investment; volatility of stock price; intellectual
property risks; disruptions in production; reliance on key personnel;
seasonality; management's estimates; development of new customers and products
risks; stock price volatility risk; sales and marketing risk; competitors and
competition risk; regulatory requirements; reliance on few suppliers; reliance
on subcontractors; operating cost and quarterly results fluctuations;
fluctuations in exchange rates; product liability and medical malpractice
claims; access to credit and additional financing; taxation; market acceptance
of the Corporation's products and services; customer and industry analyst
perception of the Corporation and its technology vision and future prospects;
technological change, new products and standards; risks related to acquisitions
and international expansion; reliance on large customers; concentration of
sales; international operations and sales; management of growth and expansion;
dependence upon key personnel and hiring; the Corporation not adequately
protecting its intellectual property; risks related to product defects and
product liability; and including, but not limited to, other factors described in
the Corporation's reports filed on SEDAR, including its financial statements and
management's discussion and analysis for the year ended December 31, 2012 and
three months ended March 31, 2013.
In drawing a conclusion or making a forecast or projection set out in the
forward-looking information, the Corporation takes into account the following
material factors and assumptions in addition to the above factors: the
Corporation's ability to execute on its business plan; the acceptance of the
Corporation's products and services by its customers; the timing of execution of
outstanding or potential customer contracts by the Corporation; the sales
opportunities available to the Corporation; the Corporation's subjective
assessment of the likelihood of success of a sales lead or opportunity; the
Corporation's historic ability to generate sales leads or opportunities; and
that sales will be completed at or above the Corporation's estimated margins.
This list is not exhaustive of the factors that may affect the Corporation's
forward-looking information. These and other factors should be considered
carefully and readers should not place undue reliance on such forward-looking
information. All forward-looking statements made in this press release are
qualified by this cautionary statement and there can be no assurance that actual
results or developments anticipated by the Corporation will be realized. The
Corporation disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise, except as required by law.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED
Medical Diagnostics Inc. is a leading developer of LED-based visualization
technologies for the medical industry. The Company is currently listed on the
Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the
symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME".
For more information, visit www.ledmd.com. Through its wholly-owned subsidiary,
LED Dental Inc., the company manufactures the VELscope(R) Vx Enhanced Oral
Assessment System, the first system in the world to apply tissue fluorescence
visualization technology to the oral cavity. VELscope(R) Vx devices are now used
to conduct more screenings for oral cancer and other oral tissue abnormalities
than any other adjunctive device. For more information, visit www.leddental.com.
LED MEDICAL DIAGNOSTICS INC.
Interim Condensed Consolidated Statements of Financial Position
(Unaudited and Expressed in U.S. Dollars)
As at
As at December 31,
June 30, 2013 2012
---------------------------------------------------------------------------
ASSETS
CURRENT
Cash $1,718,435 $969,584
Restricted cash 4,754 5,026
Receivables 940,698 1,514,577
Inventory 343,783 296,467
Inventory held by the distributor 386,400 518,400
Prepayments 57,802 69,300
---------------------------
3,451,872 3,373,354
PROPERTY AND EQUIPMENT 22,828 28,015
PATENTS AND INTELLECTUAL PROPERTY 75,265 88,167
---------------------------
$3,549,965 $3,489,536
---------------------------
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Trades payable and accrued liabilities $1,574,424 $1,689,009
Advances from the distributor 901,948 1,778,112
Current portion of finance lease obligation 3,317 2,982
---------------------------
2,479,689 3,470,103
LONG TERM LIABILITIES
Long term portion of finance lease
obligation 5,133 6,879
Warrants 2,283,899 140,467
---------------------------
4,768,721 3,617,449
---------------------------
SHAREHOLDERS' DEFICIT
Share capital 26,516,415 24,658,241
Stock-based payments reserve 614,288 62,495
Warrants reserve 311,851 277,748
Accumulated other comprehensive income 474,458 474,458
Deficit (29,135,768) (25,600,855)
---------------------------
(1,218,756) (127,913)
---------------------------
$3,549,965 $3,489,536
---------------------------------------------------------------------------
LED MEDICAL DIAGNOSTICS INC.
Interim Condensed Consolidated Statements of Operations and Comprehensive
Loss
(Unaudited and Expressed in U.S. Dollars)
---------------------------------------------------------------------------
Three months Three months Six months Six months
ended ended June 30, ended ended June 30,
June 30, 2012 June 30, 2012
For the 2013 (Restated) 2013 (Restated)
---------------------------------------------------------------------------
SALES $1,082,883 $1,037,788 $1,392,473 $2,036,926
COST OF GOODS
SOLD 446,509 473,343 592,875 1,035,764
---------------------------------------------------------
636,374 564,445 799,598 1,001,162
---------------------------------------------------------
EXPENSES
Sales and
marketing 327,299 667,526 659,335 1,550,841
Research and
development 110,794 141,158 200,551 315,145
Administration 302,145 250,588 681,873 591,061
Stock-based
compensation 200,462 - 551,793 -
Deferred
share unit
compensation 27,850 - 315,431 -
Mark to
market
adjustments
on Canadian
dollar
denominated
warrants 1,795,163 (296,493) 1,756,934 (81,293)
Other
operating
expenses 43,743 13,105 53,383 30,378
---------------------------------------------------------
2,807,456 775,884 4,219,300 2,406,132
---------------------------------------------------------
OPERATING LOSS (2,171,082) (211,439) (3,419,702) (1,404,970)
---------------------------------------------------------
OTHER INCOME
(EXPENSES)
Foreign
exchange
(loss) gain (28,615) 17,182 (111,071) (43,126)
Interest
income - - - 287
Loss on
disposal of
assets - (702) - (702)
Miscellaneous
income - 373 - 2,475
---------------------------------------------------------
(28,615) 16,853 (111,071) (41,066)
---------------------------------------------------------
NET LOSS BEFORE
INCOME TAXES (2,199,697) (194,586) (3,530,773) (1,446,036)
INCOME TAXES 1,442 - 4,140 -
---------------------------------------------------------
NET LOSS AND
COMPREHENSIVE
LOSS FOR THE
PERIOD ($2,201,139) ($194,586) ($3,534,913) ($1,446,036)
---------------------------------------------------------
LOSS PER SHARE
- BASIC AND
FULLY DILUTED ($0.05) ($0.01) ($0.08) ($0.04)
---------------------------------------------------------
WEIGHTED
AVERAGE NUMBER
OF SHARES
OUTSTANDING -
BASIC AND
FULLY DILUTED 44,161,332 36,335,508 42,582,193 36,335,508
---------------------------------------------------------
LED MEDICAL DIAGNOSTICS INC.
Interim Condensed Consolidated Statements of EBITDA and Loss
(Expressed in U.S. Dollars)
---------------------------------------------------------------------------
Three months Three months Six months Six months
ended ended June 30, ended ended June 30,
June 30, 2012 June 30, 2012
For the 2013 (Restated) 2013 (Restated)
---------------------------------------------------------------------------
SALES $1,082,883 $1,037,788 $1,392,473 $2,036,926
COST OF GOODS
SOLD 446,509 473,343 592,875 1,035,764
---------------------------------------------------------
636,374 564,445 799,598 1,001,162
---------------------------------------------------------
EXPENSES
Sales and
marketing 327,299 667,526 659,335 1,550,841
Research and
development 110,794 141,158 200,551 315,145
Administration 302,145 250,588 681,873 591,061
---------------------------------------------------------
740,238 1,059,272 1,541,759 2,457,047
---------------------------------------------------------
EBITDA (103,864) (494,827) (742,161) (1,455,885)
---------------------------------------------------------
OTHER INCOME
(EXPENSES)
Stock-based
compensation (200,462) - (551,793) -
Deferred
share unit
compensation (27,850) - (315,431) -
Mark to
market
adjustments
on Canadian
dollar
denominated
warrants (1,795,163) 296,493 (1,756,934) 81,293
Other
operating
expenses (43,743) (13,105) (53,383) (30,378)
Foreign
exchange
gain (loss) (28,615) 17,182 (111,071) (43,126)
Interest
income - - - 287
Loss on
disposal of
assets - (702) - (702)
Miscellaneous
income - 373 - 2,475
---------------------------------------------------------
(2,095,833) 300,241 (2,788,612) 9,849
---------------------------------------------------------
NET LOSS BEFORE
INCOME TAXES (2,199,697) (194,586) (3,530,773) (1,446,036)
INCOME TAXES 1,442 - 4,140 -
---------------------------------------------------------
NET LOSS FOR
THE PERIOD
UNDER IFRS ($2,201,139) ($194,586) ($3,534,913) ($1,446,036)
---------------------------------------------------------
LED MEDICAL DIAGNOSTICS INC.
Interim Condensed Consolidated Statements of Changes in Shareholders'
Deficit
(Unaudited and Expressed in U.S. Dollars)
---------------------------------------------------------------------------
Stock-based
Number of Share Payments Warrants
Shares Capital Reserves Reserve
---------------------------------------------------------------------------
Balance,
January 1,
2013 40,985,508 $24,658,241 $62,495 $277,748
Stock-based
compensation - - 351,331 -
Net loss for
the period - - - -
---------------------------------------------------------------------------
Balance, March
31, 2013 40,985,508 $24,658,241 $413,826 $277,748
Shares issued
for cash 17,000,000 2,507,621 - -
Less allocated
to share
purchase
warrants - (386,497) - -
Share issuance
costs - (262,950) - -
Finder's
warrants
issued
pursuant to
private
placement - - - 34,103
Stock-based
compensation - - 200,462 -
Net loss for
the period - - - -
---------------------------------------------------------------------------
Balance, June
30, 2013 57,985,508 $26,516,415 $614,288 $311,851
---------------------------------------------------------------------------
Balance,
January 1,
2012
(Restated) 36,335,508 $23,713,352 $62,495 $277,748
Net loss for
the period - - - -
Reclassification
of warrants - (136,624) - -
---------------------------------------------------------------------------
Balance, March
31, 2012
(Restated) 36,335,508 $23,576,728 $62,495 $277,748
Net loss for
the period - - - -
---------------------------------------------------------------------------
Balance, June
30, 2012
(Restated) 36,335,508 $23,576,728 $62,495 $277,748
---------------------------------------------------------------------------
------------------------------------------------------------
Other Total
Comprehensive Shareholders'
Deficit Income Deficit
------------------------------------------------------------
Balance,
January 1,
2013 ($25,600,855) $474,458 ($127,913)
Stock-based
compensation - - 351,331
Net loss for
the period (1,333,774) - (1,333,774)
------------------------------------------------------------
Balance, March
31, 2013 ($26,934,629) $474,458 ($1,110,356)
Shares issued
for cash - - 2,507,621
Less allocated
to share
purchase
warrants - - (386,497)
Share issuance
costs - - (262,950)
Finder's
warrants
issued
pursuant to
private
placement - - 34,103
Stock-based
compensation - - 200,462
Net loss for
the period (2,201,139) - (2,201,139)
------------------------------------------------------------
Balance, June
30, 2013 ($29,135,768) $474,458 ($1,218,756)
------------------------------------------------------------
Balance,
January 1,
2012
(Restated) ($24,733,922) $474,458 ($205,869)
Net loss for
the period (1,251,450) - (1,251,450)
Reclassification
of warrants - - (136,624)
------------------------------------------------------------
Balance, March
31, 2012
(Restated) ($25,985,372) 474,458 ($1,593,943)
Net loss for
the period (194,586) - (194,586)
------------------------------------------------------------
Balance, June
30, 2012
(Restated) ($26,179,958) $474,458 ($1,788,529)
------------------------------------------------------------
LED MEDICAL DIAGNOSTICS INC.
Interim Condensed Consolidated Statements of Cash Flows
(Unaudited and Expressed in U.S. Dollars)
---------------------------------------------------------------------------
Three months Three months Six months Six months
ended ended June 30, ended ended June 30,
June 30, 2012 June 30, 2012
For the 2013 (Restated) 2013 (Restated)
---------------------------------------------------------------------------
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net loss for
the period ($2,201,139) ($194,586) ($3,534,913) ($1,446,036)
Adjustments to
net loss for
items not
involving
cash:
Depreciation
of equipment 3,189 6,654 6,378 17,476
Amortization
of
intangible
assets 6,451 6,451 12,902 12,902
Warrants
issuance
costs 34,103 - 34,103 -
Loss on
disposal of
assets - 702 - 702
Accrued
interest on
shareholder
loans - - - 2,583
Mark to
market
adjustments
on Canadian
dollar
denominated
warrants 1,795,163 (296,493) 1,756,935 (81,293)
Stock-based
compensation 200,462 - 551,793 -
---------------------------------------------------------
(161,771) (477,272) (1,172,802) (1,493,666)
---------------------------------------------------------
Changes in
working
capital assets
and
liabilities:
Receivables (667,340) (938,471) 573,879 (750,580)
Inventory 72,667 (37,875) (47,316) 290,600
Inventory
held by
distributor 132,000 (195,000) 132,000 (436,247)
Prepayments 11,519 8,562 11,498 (29,617)
Trades
payable and
accrued
liabilities (58,132) 737,752 (114,585) 665,936
Advances from
the
distributor (460,342) 736,170 (876,164) 1,635,441
---------------------------------------------------------
Changes in
working
capital
assets and
liabilities (969,628) 311,138 (320,688) 1,375,533
---------------------------------------------------------
Cash flows used
in operating
activities (1,131,399) (166,134) (1,493,490) (118,133)
---------------------------------------------------------
CASH FLOWS FROM
INVESTING
ACTIVITIES
Purchase of
equipment (1,191) - (1,191) (16,758)
Restricted
cash 167 101 272 19,670
---------------------------------------------------------
Cash flows
provided by
(used in)
investing
activities (1,024) 101 (919) 2,912
---------------------------------------------------------
CASH FLOWS FROM
FINANCING
ACTIVITIES
Issuance of
common
shares, net
of issuance
costs 1,858,174 - 1,858,174 -
Issuance of
share
purchase
warrants in
private
placement 386,497 - 386,497 -
Repayment of
finance
lease
obligation (723) (584) (1,411) (1,143)
Repayment of
shareholder
loans - - - (105,379)
---------------------------------------------------------
Cash flows
provided by
(used in)
financing
activities 2,243,948 (584) 2,243,260 (106,522)
---------------------------------------------------------
CHANGE IN CASH
AND CASH
EQUIVALENTS 1,111,525 (166,617) 748,851 (221,743)
CASH -
BEGINNING OF
PERIOD 606,910 920,646 969,584 975,772
---------------------------------------------------------
CASH - END OF
PERIOD $1,718,435 $754,029 $1,718,435 $754,029
---------------------------------------------------------
Restatement
In the preparation of the Company's consolidated financial statements for the
year ended December 31, 2012, management identified historical errors as
follows:
-- the functional currency of its subsidiary, LED Dental Inc. should have
been U.S. dollars rather than Canadian dollars from June 1, 2006;
-- the functional currency of LED, should have been U.S. dollars rather
than Canadian dollars from January 1, 2012; and,
-- revenue recognition for a distributor's agreement which had previously
been recognized upon shipment to the distributor has been corrected to
be recognized upon sell through to the end customer.
As a result, the Company has restated its consolidated financial statements for
the three and six months ended June 30, 2012.
The following table summarizes the impact of the restatement adjustments on the
Company's previously reported consolidated financial statements for the three
months ended June 30, 2012:
Correcting
As reported adjustment As restated
------------------------------------------
Consolidated statements of
loss and comprehensive loss
Sales $1,773,958 ($736,170) $1,037,788
Cost of goods sold 668,343 (195,000) 473,343
Depreciation and amortization 13,147 (42) 13,105
Mark to market adjustments on
Canadian dollar denominated
warrants - (296,493) (296,493)
Foreign exchange gain (loss) 9,645 7,537 17,182
Net and comprehensive income
(loss) for the period 42,540 (237,126) (194,586)
Loss per share - basic and
diluted $0.00 ($0.01) ($0.01)
Consolidated statements of
shareholders' deficit
Deficit, beginning of period ($23,730,035) ($2,255,337) ($25,985,372)
Deficit, end of period ($23,687,495) ($2,492,463) ($26,179,958)
------------------------------------------
The following table summarizes the impact of the restatement adjustments on the
Company's previously reported consolidated financial statements for the six
months ended June 30, 2012:
Correcting
As reported adjustment As restated
------------------------------------------
Consolidated statements of
loss and comprehensive loss
Sales $3,601,122 ($1,564,196) $2,036,926
Cost of goods sold 1,449,164 (413,400) 1,035,764
Depreciation and amortization 30,561 (183) 30,378
Mark to market adjustments on
Canadian dollar denominated
warrants - (81,293) (81,293)
Foreign exchange gain (loss) (11,111) (32,015) (43,126)
Net and comprehensive loss for
the period (344,673) (1,101,363) (1,446,036)
Loss per share - basic and
diluted ($0.01) ($0.03) ($0.04)
Consolidated statements of
shareholders' deficit
Deficit, beginning of period ($23,342,822) ($1,391,100) ($24,733,922)
Deficit, end of period ($23,687,495) ($2,492,463) ($26,179,958)
------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
LED Medical Diagnostics Inc.
Mark Komonoski, Investor Relations
(403) 255-8483 or Toll-Free: (877) 255-8483
Cell: (403) 470-8384
mark.komonoski@ledmd.com
Skype: mkomonoski
LED Medical Diagnostics (TSXV:LMD)
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De Jan 2025 à Fév 2025
LED Medical Diagnostics (TSXV:LMD)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
