Bionik Laboratories today announced its second quarter fiscal year 2018 financial results for the three months ended September 30, 2017.
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TORONTO and BOSTON, Nov. 14, 2017 /PRNewswire/ -- Bionik Laboratories Corp., a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced its second quarter fiscal year 2018 financial results for the three months ended September 30, 2017. Corporate Highlights
As we prepare for the commercial launch of our V2 InMotion Arm System, we also look forward to penetrating the at-home markets in the future with a line of consumer-friendly products," said Dr. Eric Dusseux, Chief Executive Officer and Director of Bionik Laboratories Corp. "We are confident that the pipeline we have built over the last nine months will begin to generate revenue through the sale of our V2 rehabilitative products this quarter. At the same time, we continue to develop momentum with the key partnerships and joint ventures formed over the summer and have made significant progress as we focus on high growth opportunities within the consumer market." Summary of Financial Results for the Quarter ended September 30, 2017 The Company reported sales of $221,847 for the quarter ended September 30, 2017, as compared to sales of $18,283 for the quarter ended September 30, 2016. For the quarter ended September 30, 2017, the Company reported a comprehensive loss of $3,615,361, resulting in a loss per share of $0.04, compared to a comprehensive loss of $1,400,560 for the quarter ended September 30, 2016, resulting in loss per share of $0.02. The Company's cash and cash equivalents at September 30, 2017 was $136,080 compared to $846,431 at June 30, 2017. Working capital was ($6,492,048) at September 30, 2017 compared to ($4,937,770) at June 30, 2017. Since June 30, 2017, the Company has received convertible loans of $2,200,000 from its European investor group, and in the six months ended September 30, 2017, $1,125,038 in gross proceeds from its tender offer to amend and exercise certain outstanding warrants.
Bionik Laboratories Corp.
Condensed Consolidated Interim Balance Sheets
(Amounts expressed in US Dollars)
As at As at
September March 31,
30, 2017
2017 $
(Unaudited)
$
Assets
Current
Cash and cash equivalents 136,080 543,650
Accounts receivable, net of allowance for doubtful accounts of $16,349 (March 31, 2017 - $10,000) 37,196 383,903
Prepaid expenses and other receivables 169,287 228,047
Inventories 231,442 228,249
Due from related parties 19,429 18,731
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Total Current Assets 593,434 1,402,580
Equipment 196,231 227,421
Technology and other assets 4,860,690 5,030,624
Goodwill 22,308,275 22,308,275
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Total Assets 27,958,630 28,968,900
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Liabilities and Shareholders' Deficiency
Current
Accounts Payable 957,360 784,726
Accrued liabilities 1,873,613 1,228,657
Customer advances 109,100 121,562
Demand Notes Payable 335,309 330,600
Promissory Notes Payable 192,154 236,548
Convertible Loans Payable 3,530,095 2,017,488
Deferred revenue 87,851 98,624
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Total Current Liabilities 7,085,482 4,818,205
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Shareholders' Equity
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par
value $0.001; Authorized; Issued and outstanding - 1 (March 31, 2017 - 1) - -
Common Shares, par value $0.001; Authorized - 250,000,000 (March 31, 2017 - 150,000,000);
Issued and outstanding 53,885,279 and 47,909,336 Exchangeable Shares (March 31, 2017 - 101,794 96,794
48,885,107 and 47,909,336 Exchangeable Shares) (Notes 10 and 15)
Additional paid in capital 47,642,526 45,088,171
Shares to be issued 60,000 -
Deficit (26,973,321) (21,076,419)
Accumulated other comprehensive income 42,149 42,149
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Total Shareholders' Equity 20,873,148 24,150,695
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Total Liabilities and Shareholders' Equity 27,958,630 28,968,900
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Bionik Laboratories Corp.
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for the three and six month periods ended September 30, 2017 and 2016 (unaudited)
(Amounts expressed in U.S. Dollars)
Three months Six months Three months Six months
ended Sept. 30, ended Sept. 30, ended Sept. 30, ended Sept. 30,
2017 2017 2016 2016
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$ $ $ $
Sales 221,847 309,367 18,283 182,474
Cost of Sales 59,825 89,125 12,019 70,894
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Gross Margin 162,022 220,242 6,264 111,580
Operating expenses
Sales and marketing 435,294 880,817 187,265 269,463
Research and development 715,400 1,401,309 813,773 1,231,563
General and administrative 1,505,528 2,133,134 577,853 1,881,467
Share compensation expense 762,208 1,013,256 204,842 424,090
Convertible debt accretion 74,073 74,073 - -
Amortization 76,985 169,934 - -
Depreciation 23,820 48,372 23,590 33,753
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Total operating expenses 3,593,308 5,720,895 1,807,323 3,840,336
Other expenses (income)
Foreign Exchange 15,595 114,156 - -
Interest expense (income) 167,594 240,360 (5,203) 10,031
Other income 886 708 (395,296) (406,514)
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Total other expenses (income) 184,075 355,224 (400,499) (396,483)
Net loss and comprehensive loss for the period (3,615,361) (5,855,877) (1,400,560) (3,332,273)
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Loss per share - basic (0.04) (0.06) (0.02) (0.04)
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Loss per share - diluted (0.04) (0.06) (0.02) (0.04)
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Weighted average number of shares outstanding - basic 101,794,615 99,335,514 85,924,462 87,232,426
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Weighted average number of shares outstanding - diluted 101,794,615 99,335,514 85,924,462 87,232,426
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The above financial information has been derived from the Company's unaudited consolidated condensed financial statements as of September 30, 2017 and 2016, and should be read in conjunction with the consolidated financial statements, including the notes thereto, found in the Company's Quarterly Report on Form 10-Q filed with the SEC on November 13, 2017 and Annual Report on Form 10-K filed with the SEC on June 29, 2017. The Company will require additional financing this year to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings and/or debt financings, and is subject to a going concern qualification. About Bionik Laboratories Bionik Laboratories (OTCQB:BNKL) is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and four products in varying stages of development. For more information, please visit www.bioniklabs.com and connect with us on Twitter, LinkedIn, and Facebook. Forward-Looking Statements Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons and other robotic rehabilitation products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements. View original content:http://www.prnewswire.com/news-releases/bionik-laboratories-reports-second-quarter-fiscal-year-2018-financial-results-300555275.html SOURCE Bionik Laboratories Corp. |
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Company Codes: OTC-PINK:BNKL, OTC-QB:BNKL |
