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Theralase(R) Releases Corrected and Restated Press Release for 1Q2023 Interim Financial Statements
In the Performance to Primary, Secondary and Tertiary Objectives second table the 90 day results ...
About this update from Theralase Technologies Inc.
[{"type":"text","content":"Theralase(R) Releases Corrected and Restated Press Release for 1Q2023 Interim Financial StatementsIn the Performance to Primary, Secondary and Tertiary Objectives second table the 90 day results were misstated and has been corrected in this press release.TORONTO, ON / ACCESSWIRE / May 30, 2023 / Theralase® Technologies Inc. (\"Theralase\" or the \"Company\") (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds (\"PDCs\") and their associated drug formulations intended to safely and effectively destroy various cancers has released the Company's 1Q2023 unaudited condensed interim consolidated Financial Statements (\"Financial Statements\").Financial Summary:For the three-month period ended March 31st:Audited Consolidated Statements of Operations(In Canadian Dollars) 2023 2022 % Change Revenue Canada 152,174 179,145 -15%United States 55,037 32,517 69%Total Revenue 207,161 211,662 -2% Cost of Sales 114,638 120,430 -4%Gross Margin 92,523 91,232 1%Gross Margin (% of revenue) 45% 43% Operating Expenses Selling Expenses 74,671 87,640 -15%Administrative Expenses 522,695 418,087 25%Research and Development Expenses - CLT Division 3,181 72,832 -96%Research and Development Expenses - ACT Division 907,099 1,225,203 -26%Other 1 (6,170) (11,041) -44%Total Operating Expenses 1,501,476 1,792,721 -16% Net Loss (1,408,953) (1,701,489) -17%1 Other represents foreign exchange, interest accretion on lease liabilities and / or interest income.Financial Highlights:Total revenue decreased 2%, year over year.Cost of sales for the three-month period ended March 31, 2023 was $114,638 (55% of revenue) resulting in a gross margin of $92,523 (45% of revenue). In comparison, the cost of sales for the same period in 2022 was $120,430 (57% of revenue) resulting in a gross margin of $91,232 (43% of revenue). Cost of sales is represented by the following costs: raw materials, subcontracting, direct and indirect labour and the applicable share of manufacturing overhead. The gross margin increase, as a percentage of sales, year over year, is primarily attributed to a decrease in labour and material costs.Selling expenses for the three-month period ended March 31, 2023 decreased to $74,671, from $87,640 for the same period in 2022 (15% decrease). The decrease in sell...