TSX Venture Symbol: MDX
CUSIP #: 585090
MISSISSAUGA,
ON, Nov. 12, 2013 /CNW/ - MedX
Health Corp. ("MDX" or the "Company") (TSX-V: MDX) reported today
its financial and operational results for the Third Quarter of
fiscal 2013. All amounts are in Canadian dollars unless otherwise
stated.
Third Quarter Financial Highlights
The highlights for MDX, on a consolidated basis, are:
- Consolidated revenue decreased by 37% to $109,000 in Q3 2013 compared to $174,000 in Q3 2012;
- Consolidated Gross Profit decreased 46% to $49,000 in Q3 2013 compared to $92,000 in Q3 2012;
- Consolidated operating expenses decreased by 37% to
$412,000 in Q3 2013 compared to
$421,000 in Q3 2012;
- Comprehensive loss before income taxes increased by 10%, to
$362,000,000 in Q3 2013 compared to
comprehensive loss of $329,000 in Q3
2012;
Steve Guillen,
CEO, said: "The Third Quarter of Fiscal 2013 was another
tough period and continued to present many challenges while we were
in the process of changing many aspects of our business
strategy. We have significantly developed and
re-aligned our strategic approach to marketing which we believe
will lead to major developments during the latter part of fiscal
2013 as we bring our products, especially the MoleMate™ units, to
the market through new channels."
Historical information for the Three month periods ended
September 30, 2013 and 2012 are as
follows: (in $000's except per share figures)
|
THREE MONTHS ENDED
SEPTEMBER 30 |
|
2013 |
2012 |
Revenues |
109 |
174 |
Cost of goods sold |
60 |
81 |
Gross profit |
49 |
92 |
Expenses |
412 |
421 |
Comprehensive loss |
(362) |
(329) |
Per share (loss) |
(0.01) |
(0.01) |
Consolidated Unaudited Interim Financial Statements
NOTE TO READER: The following unaudited
interim financial statements are extracted from the complete
unaudited interim financial statements of the Company for the Three
and Nine Months ended September 30,
2013, which have been filed on SEDAR together with the
Management's Discussion and Analysis. References to "accompanying
Notes" refer to the Notes to the unaudited interim financial
statements for the Three and Nine Months ended September 30, 2013 and 2012, which are filed with
the Company's documents, and can be found on www.sedar.com to which
the reader is referred.
MEDX HEALTH CORP. |
|
|
|
Consolidated Statement of Financial
Position |
|
|
|
(Expressed in Canadian dollars) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
As at, |
|
September 30,
2013 |
|
December 31,
2012 (Audited) |
|
|
|
|
|
ASSETS |
|
$ |
|
$ |
CURRENT ASSETS |
|
|
|
|
Cash |
161 |
|
16,051 |
|
Trade and other receivables (note
5) |
43,151 |
|
127,450 |
|
Inventory (note 6) |
123,039 |
|
97,677 |
|
Prepaid expenses and deposits |
22,668 |
|
11,150 |
|
|
189,019 |
|
252,328 |
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT (note
7) |
39,755 |
|
33,158 |
INTANGIBLE ASSETS (note 8) |
170,717 |
|
190,217 |
|
|
|
|
|
|
|
399,491 |
|
475,703 |
|
|
|
|
|
LIABILITIES |
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade and other payables (note
9) |
4,460,456 |
|
3,985,297 |
|
Demand loans |
721,394 |
|
779,394 |
|
Convertible debentures |
157,385 |
|
171,118 |
|
|
5,339,235 |
|
4,935,809 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' DEFICIENCY |
|
|
|
CAPITAL STOCK (note 10) |
12,983,576 |
|
12,577,279 |
EQUITY PORTION OF CONVERTIBLE
DEBENTURES |
16,906 |
|
16,906 |
WARRANTS |
1,388,124 |
|
1,388,124 |
SHARE BASED PAYMENTS |
1,171,224 |
|
1,171,224 |
|
|
|
|
|
DEFICIT |
|
(20,499,574) |
|
(19,613,639) |
|
|
|
|
|
|
|
(4,939,744) |
|
(4,460,106) |
|
|
|
|
|
|
|
399,491 |
|
475,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of these consolidated financial
statements. |
MEDX HEALTH CORP. |
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive
Loss |
|
|
|
|
|
|
|
For the periods ended September 30,
2013 and 2012 |
|
|
|
|
|
|
(Expressed in Canadian dollars) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
Sep
30,
2013 |
|
Sep
30,
2012 |
|
Sep
30,
2013 |
|
Sep
30,
2012 |
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
$ |
|
$ |
SALES |
109,296 |
|
173,747 |
|
419,090 |
|
534,960 |
|
|
|
|
|
|
|
|
COST OF SALES |
59,824 |
|
81,373 |
|
193,330 |
|
228,253 |
|
|
|
|
|
|
|
|
GROSS PROFIT |
49,472 |
|
92,374 |
|
225,760 |
|
306,707 |
|
45% |
|
53% |
|
54% |
|
57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Selling, general and
administrative |
434,827 |
|
368,283 |
|
1,032,395 |
|
1,236,075 |
Research and development
costs |
- |
|
42,308 |
|
- |
|
48,718 |
Interest accretion on
convertible debentures |
3,144 |
|
- |
|
9,432 |
|
- |
Interest on demand loans
and convertible debentures |
28,262 |
|
- |
|
92,723 |
|
- |
Foreign exchange loss
(gain) |
9,088 |
|
170 |
|
6,533 |
|
2,554 |
Depreciation of property,
plant and equipment |
2,523 |
|
2,123 |
|
6,894 |
|
6,163 |
Amortization of intangible
assets |
6,500 |
|
8,500 |
|
19,500 |
|
25,500 |
Loss (Gain) on debt
settlement with common shares |
(72,416) |
|
- |
|
(55,782) |
|
39,402 |
|
|
|
|
|
|
|
|
|
411,928 |
|
421,384 |
|
1,111,695 |
|
1,358,412 |
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS |
(362,456) |
|
(329,010) |
|
(885,935) |
|
(1,051,705) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss per common shares -
basic
and diluted |
(0.01) |
|
(0.01) |
|
(0.02) |
|
(0.03) |
|
|
|
|
|
|
|
|
Weighted average number of Common
Shares
outstanding - basic and fully diluted |
44,612,084 |
|
36,341,513 |
|
41,986,241 |
|
36,129,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
The accompanying notes are an integral
part of these consolidated financial statements. |
|
|
|
|
MEDX HEALTH CORP. |
|
|
|
|
Consolidated Statement of Cash
Flows |
|
|
|
|
For the periods ended September 30,
2013 and 2012 |
|
|
|
|
(Expressed in Canadian dollars) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Three
months ended |
Nine months ended |
|
|
Sep 30, 2013 |
Sep 30, 2012 |
Sep 30, 2013 |
Sep 30, 2012 |
|
|
$ |
$ |
$ |
$ |
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
|
Comprehensive loss |
(362,456) |
(329,010) |
(885,935) |
(1,051,705) |
|
|
|
|
|
|
|
Adjustments for non-cash
items: |
|
|
|
|
|
|
Depreciation of property,
plant and equipment |
2,523 |
2,123 |
6,894 |
6,163 |
|
|
Amortization of
intangible assets |
6,500 |
8,500 |
19,500 |
25,500 |
|
|
Foreign exchange loss
(gain) |
9,088 |
- |
6,533 |
- |
|
|
Loss (gain) on debt
settlement with common shares |
(72,416) |
- |
(55,782) |
39,402 |
|
|
Interest accretion on
convertible debentures |
3,144 |
3,144 |
9,432 |
9,432 |
|
|
Accrued interest on
demand loans and convertible
debentures |
28,262 |
8,528 |
92,723 |
77,115 |
|
|
Trade debt settled with
common shares |
- |
- |
100,000 |
98,506 |
|
|
Conversion of
debentures |
(23,165) |
- |
(23,165) |
- |
|
|
Issuance of capital
stock |
362,078 |
- |
362,078 |
- |
|
|
|
|
|
|
|
|
|
Net change in non-cash
operating working capital items: |
|
|
|
|
|
|
|
Trade and other receivables |
66,677 |
249 |
84,299 |
40,792 |
|
|
|
Inventory |
(1,303) |
12,197 |
(25,362) |
27,025 |
|
|
|
Prepaid expenses and deposits |
(12,385) |
(22,714) |
(11,518) |
(40,094) |
|
|
|
Deferred revenue |
- |
(6,925) |
- |
(20,775) |
|
|
|
Trade payables and other
payables |
194,194 |
341,037 |
375,828 |
761,167 |
Cash flow (used in)
from operating activities |
(7,259) |
17,129 |
(152,475) |
(27,472) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
Purchases of property,
plant and equipment |
- |
(942) |
(13,415) |
(6,322) |
|
Purchase of intangible
assets |
- |
(1,405) |
- |
(23,377) |
Cash flow used in investing
activities |
- |
(2,347) |
(13,415) |
(29,699) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
Proceeds from other
loans |
- |
(23,165) |
150,000 |
- |
Cash flow used in financing
activities |
- |
(23,165) |
150,000 |
- |
|
|
|
|
|
|
NET INCREASE (DECREASE) IN
CASH |
(7,259) |
(8,383) |
(15,890) |
(57,171) |
|
Cash, beginning of
period |
7,420 |
9,917 |
16,051 |
58,705 |
|
|
|
|
|
|
CASH, END OF PERIOD |
161 |
1,534 |
161 |
1,534 |
|
|
|
|
The accompanying notes
are an integral part of these consolidated financial
statements. |
|
|
|
|
|
|
|
MEDX HEALTH CORP. |
|
|
|
|
|
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|
Consolidated Statements of Changes
in Shareholders' Deficiency |
|
|
|
|
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Capital Stock |
|
|
|
|
|
|
Number |
Amount |
Equity
portion of
convertible
debentures |
Warrants |
Share
based
payments |
Deficit |
Total |
|
|
$ |
$ |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
Balance, January 1, 2012 |
35,356,453 |
12,150,281 |
25,676 |
1,370,725 |
1,029,424 |
(19,074,415) |
(4,498,309) |
|
|
|
|
|
|
|
|
Common shares issued for
debt settlement |
3,862,693 |
335,228 |
|
17,399 |
141,800 |
|
494,427 |
Convertible debenture
exercise |
332,000 |
83,000 |
|
|
|
|
83,000 |
Value transfer on
convertible debenture
exercise |
|
8,770 |
(8,770) |
|
|
|
- |
|
|
|
|
|
|
|
|
Comprehensive loss |
|
|
|
- |
|
(539,224) |
(539,224) |
Balance, December 31,
2012 |
39,551,146 |
12,577,279 |
16,906 |
1,388,124 |
1,171,224 |
(19,613,639) |
(4,460,106) |
|
|
|
|
|
|
|
|
Common shares issued for
debt settlement |
5,415,145 |
406,296 |
|
|
|
|
406,296 |
|
|
|
|
|
|
|
|
Comprehensive loss |
|
|
|
|
|
(885,935) |
(885,935) |
|
|
|
|
|
|
|
|
Balance, September 30,
2013 |
44,966,291 |
12,983,576 |
16,906 |
1,388,124 |
1,171,224 |
(20,499,574) |
(4,939,744) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
The accompanying
notes are an integral part of these consolidated financial
statements. |
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain information set out in this News
Release constitutes forward-looking information.
Forward-looking statements (often, but not always, identified by
the use of words such as "expect", "may", "could", "anticipate" or
"will" and similar expressions) may describe expectations, opinions
or guidance that are not statements of fact and which may be based
upon information provided by third parties. Forward-looking
statements are based upon the opinions, expectations and estimates
of management of MDX as at the date the statements are made and are
subject to a variety of known and unknown risks and uncertainties
and other factors that could cause actual events or outcomes to
differ materially from those anticipated or implied by such
forward-looking statements. Although MDX believes that the
expectations reflected in the forward-looking statements set out in
this press release or incorporated herein by reference are
reasonable, it can give no assurance that such expectations will
prove to have been correct. The forward-looking statements of
MDX contained in this News Release, or incorporated herein by
reference, are expressly qualified, in their entirety, by this
cautionary statement and the risk factors contained in MDX's
current annual information form available at www.sedar.com.
SOURCE MedX Health Corp.