Business
MedMira Reports FY2021 Fourth Quarter and Year End Financial Results
HALIFAX, NS / ACCESSWIRE / November 29, 2022 / MedMira Inc. (MedMira) (TSXV:MIR), reported today...
About this update from Medmira Inc.
[{"type":"text","content":"MedMira Reports FY2021 Fourth Quarter and Year End Financial ResultsHALIFAX, NS / ACCESSWIRE / November 29, 2022 / MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the financial year ended July 31, 2022.Profit and Loss HighlightsRevenue: The Company recorded sales and service revenues in FY2022 of $952,127 compared to $2,144,470 in FY2021. The decrease was mainly due to a temporary halt in sales for its COVID-19 product line which has been a major contributor to the Company's FY2021 sales. Subsequent to the FY2022, sales increased for non-COVID-19 related products and with the receipt of the CE mark of the Company's VYRATM COVID-19 product.Gross Profit: The Company recorded a gross profit in FY2022 of $304,027 compared to $1,721,742 for the same period last year. Gross profit margin generated in FY2022 was 85% compared to 83% in FY2021.Operating expenses: In this financial year, the Company recorded operating expenses of $1,757,249 compared to $1,905,974 in FY2021.Net loss: The Company recorded a net loss of $1,831,576 compared to $675,797 in FY2021.Balance Sheet HighlightsAssets: The Company had decrease of its assets by $60,499 compared to last financial year which was mainly due to depreciation on plant and equipment.Liabilities: The Company's liabilities decreased by $3,428,400 or 17% between FY2021 and FY2022. This significant debt reduction was mainly due to the conversion of debt into equity by MedMira's related parties.Loans in default: As a result of the decrease noted above, the Company significantly decreased its loans in default by $3,082,149 or 34% compared to the previous financial year. In addition, the Company entered into an agreement with its largest debt holder to postpone its interest and principal payments for 12 months. All other long and short terms debts are currently under negotiation to restructure terms and conditions of repayment.Working Capital deficit: As a result of the decreases noted above, the Company recorded a lower working capital deficit of $3,358,953 or 21% compared to last financial year.The Company's financial statements and management's discussion and analysis are available on the Company's profile on SEDAR at www.sedar.com. For matters of going concern, reference is made to the Auditor's Emphasis of Matter statement in the fiscal year ended 2022 Auditors Re...