Regencell Bioscience : Announces First Half 2023 Management Financial Results - Form 6-K

About this update from Regencell Bioscience Holdings Limited

Regencell Bioscience Holdings Limited Announces First Half 2023 Management Financial Results HONG KONG, June 15, 2023 - Regencell Bioscience Holdings Limited (Nasdaq: RGC) (the "Company"), today announced its unaudited condensed consolidated interim financial results for the six months ended December 31, 2022. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSAS OF DECEMBER 31, 2022 UNAUDITED CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS As of December 31, As of June 30, 2022 2022 Current assets $ 14,192,141 $ 16,444,596 Other assets 1,355,955 1,574,322 Total assets 15,548,096 18,018,918 Total liabilities 873,789 938,032 Total shareholders' equity 14,674,307 17,080,886 Total liabilities and shareholders' equity $ 15,548,096 $ 18,018,918 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended December 31, 2022 2021 OPERATING EXPENSES: Selling expenses $ 98,093 $ 8,047 General and administrative expenses (including share-based compensation of approximately $0.5 million and $1.0 million for the six-month ended December 31, 2022 and 2021) 1,981,253 2,535,457 Research and development expenses (including share-based compensation of approximately $0.4 million and $0.6 million for the six-month ended December 31, 2022 and 2021) 1,350,173 1,115,402 Total operating expenses 3,429,519 3,658,906 LOSS FROM OPERATIONS $ (3,429,519 ) $ (3,658,906 ) OTHER INCOME, NET 114,279 89 LOSS BEFORE INCOME TAX EXPENSE (3,315,240 ) (3,658,817 ) PROVISION FOR INCOME TAXES - - NET LOSS $ (3,315,240 ) $ (3,658,817 ) COMPREHENSIVE LOSS $ (3,315,240 ) $ (3,658,817 ) NET LOSS ATTRIBUTABLE TO: Shareholders of the Company (3,227,378 ) (3,591,452 ) Non-controlling interests (87,862 ) (67,365 ) $ (3,315,240 ) $ (3,658,817 ) NET COMPREHENSIVE LOSS ATTRIBUTABLE TO: Shareholders of the Company (3,227,378 ) (3,591,452 ) Non-controlling interests (87,862 ) (67,365 ) $ (3,315,240 ) $ (3,658,817 ) WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES Basic and diluted 13,012,866 12,589,838 LOSS PER SHARE Basic and diluted $ (0.25 ) $ (0.29 ) 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations ("Management's Discussion and Analysis") is designed to provide you with a narrative explanation of the financial condition and res...

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