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AGEDB Technology Limited — Interim / Quarterly Report 2024
Apr 2, 2025
48395_rns_2025-04-02_f408dc6e-6961-4d44-aa98-53ecf5e1ede3.pdf
Interim / Quarterly Report
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Amended and Restated
AGEDB TECHNOLOGY LTD.
(formerly Adagio Capital Inc.)
Condensed Consolidated Interim Financial Statements
For The Three Months Ended July 31, 2024 and 2023
(Expressed in Canadian Dollars)
(Unaudited)
MANAGEMENT'S COMMENTS ON UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the consolidated interim financial statements, they must be accompanied by a notice indicating that the consolidated financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of AGEDB Technology Ltd. (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgments based on information currently available.
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Amended and Restated
AS at July 31, 2024 and April 30, 2024
(Expressed in Canadian Dollars)
(Unaudited)
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
Condensed Consolidated Interim Statements of Financial Position
As at July 31, 2024 and April 30, 2024
(Expressed in Canadian Dollars)
(Unaudited)
| Note | July 31, 2024 | April 30, 2024 | |
|---|---|---|---|
| (Restated – see Note 17) | |||
| ASSETS | |||
| Current assets | |||
| Cash | $ 282,436 | $ 1,519,925 | |
| Accounts receivable | 7 | - | 3,959 |
| Goods and services tax receivable | 8 | 24,383 | 36,057 |
| Net investment in sublease | 9 | 35,369 | - |
| Prepaid expenses | 50,101 | 47,205 | |
| Deposits | 11,522 | 11,522 | |
| Total current assets | 403,811 | 1,618,668 | |
| Non-current assets | |||
| Property and equipment | 5 | 49,035 | 52,603 |
| Right-of-use assets | 9 | 30,521 | 89,694 |
| Deposits | 14,475 | 14,475 | |
| TOTAL ASSETS | $ 497,842 | $ 1,775,440 | |
| LIABILITIES | |||
| Current liabilities | |||
| Accounts payable and accrued liabilities | $ 68,268 | $ 54,242 | |
| Employee deductions payable | 20,332 | 35,560 | |
| Deferred revenue | 14 | 98,782 | 41,096 |
| Current portion of lease liabilities | 9 | 61,137 | 74,337 |
| Total current liabilities | 248,519 | 205,235 | |
| Non-current liabilities | |||
| Long-term lease liabilities | 9 | 12,050 | 17,003 |
| TOTAL LIABILITIES | 260,569 | 222,238 | |
| SHAREHOLDERS’ EQUITY | |||
| Share capital | 10 | 8,755,850 | 8,755,850 |
| Contributed surplus | 13,302 | 13,302 | |
| Options reserve | 10 | 453,942 | 336,513 |
| Warrants reserve | 10 | 270 | 270 |
| Deficit | (8,986,091) | (7,552,733) | |
| TOTAL SHAREHOLDERS’ EQUITY | 237,273 | 1,553,202 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 497,842 | $ 1,775,440 |
Nature of Operations & Going Concern (Note 1)
APPROVED ON BEHALF OF THE BOARD ON APRIL 1, 2025
“Young Seung Ko” Director “Christopher Cherry” Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Amended and Restated
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
For the three months ended July 31, 2024 and 2023
(Expressed in Canadian Dollars)
(Unaudited)
| Note | 2024 | 2023 | |
|---|---|---|---|
| (Restated – see Note 17) | |||
| REVENUES | |||
| Professional service sales | 14 | $ 105,096 | $ 208,219 |
| Software license sales | 14 | 131,907 | - |
| GROSS PROFIT | 237,003 | 208,219 | |
| EXPENSES | |||
| Advertising and promotion | 12,145 | 2,483 | |
| Depreciation | 5, 9 | 12,919 | 15,751 |
| Consulting fees | 6 | 32,225 | 34,774 |
| Insurance | 1,314 | 593 | |
| Interest expense | 9 | 1,492 | 1,305 |
| Office | 6 | 14,795 | 25,282 |
| Professional fees | 6 | 215,205 | 55,461 |
| Regulatory & filing fees | 3,020 | - | |
| Rental | 53,061 | 33,327 | |
| Research and development expense | 6 | 790,143 | 484,146 |
| Salaries and wages | 6 | 412,750 | 479,785 |
| Share-based compensation | 6, 10 | 117,429 | - |
| Travel | 22,675 | 14,365 | |
| 1,689,173 | 1,147,272 | ||
| LOSS FROM OPERATIONS | (1,452,170) | (939,053) | |
| OTHER INCOME | |||
| Loss on disposal of property and equipment | 5 | - | (551) |
| Loss on sublease | 9 | (7,556) | - |
| Interest income | 9 | 6,526 | 1,302 |
| Gain on foreign exchange | 19,842 | - | |
| 18,812 | 751 | ||
| LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD | $ (1,433,358) | $ (938,302) | |
| BASIC AND DILUTED LOSS PER COMMON SHARE | $ (0.03) | $ (0.13) | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (BASIC & DILUTED) | 42,383,200 | 7,500,000 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Amended and Restated
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended July 31, 2024 and 2023
(Expressed in Canadian Dollars)
(Unaudited)
| Number of shares | Share capital | Contributed surplus | Options reserve | Warrants reserve | Deficit | Total shareholders' equity | |
|---|---|---|---|---|---|---|---|
| Balance, April 30, 2024 | 7,500,000 | $ 2,499,010 | $ 13,302 | $ - | $ - | $ (1,880,618) | $ 631,694 |
| Loss for the period | - | - | - | - | - | (938,302) | (938,302) |
| Balance, July 31, 2023 | 7,500,000 | $ 2,499,010 | $ 13,302 | $ - | $ - | $ (2,818,920) | $ (306,608) |
| Shares issued for cash | 2,513,000 | 5,026,000 | - | - | - | - | 5,026,000 |
| Transaction restructuring | (8,013,000) | - | - | - | - | - | - |
| Shares issued for reverse takeover | 40,052,000 | 1,050,000 | - | 59,806 | 27,087 | - | 1,136,893 |
| Advisor's shares issued for reverse takeover | 100,000 | 50,000 | - | - | - | - | 50,000 |
| Exercise of options | 152,000 | 84,223 | - | (46,223) | - | - | 38,000 |
| Exercise of warrants | 79,200 | 46,617 | - | - | (26,817) | - | 19,800 |
| Share-based compensation | - | - | - | 322,930 | - | - | 322,930 |
| Loss for the period | - | - | - | - | - | (4,733,813) | (4,733,813) |
| Balance, April 30, 2024 | 42,383,200 | $ 8,755,850 | $ 13,302 | $ 336,513 | $ 270 | $ (7,552,733) | $ 1,553,202 |
| Share-based compensation | - | - | - | 117,429 | - | - | 117,429 |
| Loss for the period | - | - | - | - | - | (1,433,358) | (1,433,358) |
| Balance, July 31, 2024 | |||||||
| (Restated – see Note 17) | 42,383,200 | $ 8,755,850 | $ 13,302 | $ 453,942 | $ 270 | $ (8,986,091) | $ 237,273 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Amended and Restated
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended July 31, 2024 and 2023
(Expressed in Canadian Dollars)
(Unaudited)
| 2024 | 2023 | |
|---|---|---|
| (Restated - see Note 17) | ||
| CASH FLOWS USED IN OPERATING ACTIVITIES | ||
| Net loss for the period | $ (1,433,358) | $ (938,302) |
| Items not involving cash: | ||
| Depreciation | 12,919 | 15,751 |
| Interest expense | 1,492 | 1,305 |
| Interest income on sublease | (341) | - |
| Share-based compensation | 117,429 | - |
| Loss on disposal of property and equipment | - | 551 |
| Loss on sublease | 7,556 | - |
| Changes in non-cash operating working capital: | ||
| Accounts receivable | 3,959 | 683,376 |
| Goods and services tax | 11,674 | (3,509) |
| Prepaid expenses and deposits | (2,896) | 16,170 |
| Trade payables and accrued liabilities | 14,026 | (728,349) |
| Deferred revenue | 57,686 | 791,781 |
| Employee deductions payable | (15,228) | 4,185 |
| Net cash used in operating activities | (1,225,082) | (157,041) |
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | ||
| Acquisition of equipment | - | (24,773) |
| Receipt of sublease payments | 7,238 | 132 |
| Net cash provided by (used in) investing activities | 7,238 | (24,641) |
| CASH FLOWS USED IN FINANCING ACTIVITIES | ||
| Lease payments | (19,645) | (14,308) |
| Net cash used in financing activities | (19,645) | (14,308) |
| Change in cash during the period | (1,237,489) | (195,990) |
| Cash, beginning of period | 1,519,925 | 751,422 |
| Cash, end of period | $ 282,436 | $ 555,432 |
| Supplemental disclosure with respect to cash flows: | ||
| Interest paid | $ - | $ - |
| Income taxes paid | $ - | $ - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
1. NATURE OF OPERATIONS & GOING CONCERN
AGEDB Technology Ltd. (formerly Adagio Capital Inc.) (the "Company") was incorporated on March 25, 2021 under the laws of the Province of British Columbia. On December 21, 2022, the Company completed its Initial Public Offering ("IPO") and its common shares were listed on the TSX-Venture Exchange ("TSX-V") as a Capital Pool Company ("CPC") as defined in Policy 2.4 of the TSX-V Corporate Finance Manual.
On March 13, 2024, the Company closed its qualifying transaction ("QT") with Advanced Graph Enterprise Database Inc. ("Former Advanced Graph") by way of a reverse takeover in accordance with the policies of the TSX-V. For accounting purposes, it has been determined that the Company was the accounting acquirer and Former Advanced Graph was the accounting acquirer since the shareholders of Former Advanced Graph took control over AGEDB Technology Ltd. after the QT, based on the guidance of IFRS 3, Business Combinations, to identify the accounting acquirer. These amended and restated consolidated financial statements are prepared as a continuation of the financial statements of Former Advanced Graph, except with regard to authorized and issued share capital, which is that of AGEDB Technology Ltd. (Note 4).
On March 13, 2024, the Company changed its name from Adagio Capital Inc. to AGEDB Technology Ltd.
The Company's registered office and principal place of business is Suite 700 – 838 W Hastings Street, Vancouver, BC V6C 0A6. The Company is currently focused on the development of software and solutions for graph database management systems.
The Company's amended and restated condensed consolidated interim financial statements as of July 31, 2024, and for the period then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company had a net loss of $1,433,358 for the three months ended July 31, 2024 (2023 – $938,302), an accumulated deficit of $8,986,091 as of July 31, 2024 (April 30, 2024 - $7,552,733) and had a working capital of $155,292 as of July 31, 2024 (April 30, 2024 - $1,413,433).
The continued sustainability of the Company as a going concern is tied to the successful development of its technologies to a commercial standard. The Company actively seeks out additional financing sources to ensure the continuity of its operations and research programs. Furthermore, the Company is strategically planning to raise capital and issue shares to investors, enabling them to be traded on a stock exchange. This approach aims to enhance the long-term financial stability of the Company, attract investor participation, and foster increased market liquidity.
The attainment of these objectives is subject to uncertainties, and there can be no guarantee of the Company's success in achieving them. These circumstances comprise a material uncertainty which may cast significant doubt as to the ability of the Company to continue as a going concern. The amended and restated consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
2. BASIS OF PRESENTATION
Statement of Compliance
These amended and restated condensed consolidated interim financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The principal accounting policies applied in the preparation of these amended and restated condensed consolidated interim financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.
The amended and restated condensed consolidated interim financial statements have been authorized by the Company's Board of Directors on April 1, 2025.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
Basis of Measurement
The amended and restated condensed consolidated interim financial statements have been prepared based on the historical cost basis, with the exception of financial instruments measured at fair value. Moreover, these statements have been prepared using the accrual basis of accounting, with the exception of cash flow information. Items included in the amended and restated condensed consolidated interim financial statements of the Company and its subsidiary are measured using the currency of the primary economic environment in which it operates (the "functional currency"). The functional currency of the Company and its subsidiary is the Canadian dollar. These amended and restated condensed consolidated interim financial statements are presented in Canadian dollars.
Principles of Consolidation
The amended and restated condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiary, Advanced Graph Enterprise Database Inc. ("AmalCo") (Note 4).
| Name of subsidiary | Place of incorporation | Ownership interest |
|---|---|---|
| Advanced Graph Enterprise Database Inc. | BC Canada | 100% |
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
In assessing control, potential voting rights that are currently exercisable are taken into account. The financial statements of subsidiaries are included in the amended and restated condensed consolidated interim financial statements from the date that control commences until the date that control ceases.
Inter-company transactions, balances and unrealized gains or losses with the subsidiaries are eliminated. The financial statements of the subsidiary is prepared using consistent accounting policies with that of the Company.
Critical accounting estimates and judgments
The preparation of these amended and restated condensed consolidated interim financial statements in accordance with IFRS requires management to make estimates and assumptions that can have a significant effect on the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.
Estimates and judgments are significant when:
- the outcome is highly uncertain at the time the estimates are made; or
- different estimates or judgments could reasonably have been used that would have had a material impact on the financial statements.
The financial statements include estimates based on currently available information and management's judgment as to the outcome of future conditions and circumstances. Management uses historical experience, general economic conditions and trends, and assumptions regarding probable future outcomes as the basis for determining estimates.
Estimates and their underlying assumptions are reviewed on a regular basis and the effects of any changes are recognized immediately. Changes in the status of certain facts or circumstances could result in material changes to the estimates used in the preparation of the financial statements and actual results could differ from the estimates and assumptions.
Set forth below are descriptions of items that management believes require its most critical estimates and judgments.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
Key sources of estimation uncertainty
Recoverability of receivables
The Company evaluates specific accounts where it has information that a customer may be unable to meet its financial obligations. In these cases, judgment is used based on the best available information to determine actual amounts that will be collected. The Company continually reviews and adjusts such amounts as better information becomes available.
Estimated useful lives of property and equipment
Depreciation of property and equipment is dependent upon estimates of useful lives and residual values which are determined through knowledge of the business and judgment. Residual values, useful, depreciation methods are reviewed annually for relevancy and changes are accounted for prospectively. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts that consider factors such as economic conditions, market conditions and the useful lives of the assets.
Judgements
Going concern
The amended and restated condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The assessment of the Company's ability to source future operations and continue as a going concern involves judgement. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. If the going concern assumption is not appropriate for the financial statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported revenue and expenses and the statement of financial position classifications used.
Research versus development expenses
The accounting for research and development expenses differs with research expenses recognized in the consolidated statements of loss and comprehensive loss during the period incurred, whereas development expenses are recognized as an intangible asset in the consolidated statements of financial position when incurred. The Company's operations, from time to time, may include both research and development activities. Management has used judgement to determine whether activities should be recognized as research expenses or as an intangible asset for development expenses. To date, management has determined that its activities are research activities and has not incurred any expenses that would qualify as recognition as an intangible asset in the amended and restated condensed consolidated interim statements of financial position.
Income taxes
In assessing the probability of realizing deferred tax assets, management makes estimates related to the expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that the tax position taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
3. MATERIAL ACCOUNTING POLICY INFORMATION
The material accounting policies applied in the preparation of these amended and restated condensed consolidated interim financial statements are consistent with the accounting policies disclosed in note 3 of the audited consolidated financial statements for the year ended April 30, 2024. These amended and restated condensed consolidated interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended April 30, 2024.
4. REVERSE TAKE-OVER
On March 13, 2024, the Company completed a “three cornered” amalgamation with Former Advanced Graph and 1441651 B.C. Ltd. (“NewCo”), a wholly-owned subsidiary of the former Adagio, created solely for the purpose of effecting the amalgamation (the “Transaction”). The Transaction was completed pursuant to the terms and conditions of an amalgamation agreement dated October 5, 2023, as amended on November 23, 2023 and January 17, 2024 among the Company, NewCo and Former Advanced Graph, pursuant to which the Company acquired all of the outstanding securities of Former Advanced Graph in exchange for securities of the Company by way of a “three-cornered” amalgamation whereby NewCo and Former Advanced Graph amalgamated to form a new amalgamated entity, named as Advanced Graph Enterprise Database Inc., and AmalCo became a wholly-owned subsidiary of the Company. The Transaction constituted the Company’s qualifying transaction as defined in the policies of the TSX-V.
Immediately prior to the completion of the Transaction (the “Closing”), the former Adagio consolidated its outstanding common shares, options and warrants on the basis of one (1) post-consolidation common share, option or warrant for each 2.5 pre-consolidation common shares, options or warrants.
On Closing of the Transaction, all of the securities of Former Advanced Graph were exchanged for corresponding securities of the Company at the exchange ratio of four (4) post-consolidation securities of the Company for each one (1) security of Former Advanced Graph.
As described in Note 1, the Company acquired legal control of Former Advanced Graph, however as the shareholders of Former Advanced Graph gained voting control of AGEDB Technology Ltd. pursuant to the issuance of the Company’s common shares to the shareholders of Former Advanced Graph, representing a significant majority interest, Former Advanced Graph is determined to be the accounting acquirer and, consequently, the transaction has been accounted for as a reverse acquisition of AGEDB Technology Ltd. by Former Advanced Graph. As AGEDB Technology Ltd. does not meet the definition of a business, the transaction is accounted for as a reverse acquisition of net assets, pursuant to IFRS 2, Share-based Payment.
On March 13, 2024, the reverse take-over was completed. The transaction resulted in an issuance of 40,052,000 common shares of the Company to Former Advanced Graph shareholders, an issuance of 186,667 stock options with an exercise price of $0.25 to former Adagio option holders, and an issuance of 80,000 agent warrants with an exercise price of $0.25 to former Adagio warrant holders. In connection with the reverse take-over, the Company also incurred cash transaction fees of $535,108, inclusive of $150,000 cash fee paid to an arm’s length advisor, and issued 100,000 common shares of the Company to the advisor. Cash acquired from the reverse take-over was $62,010, net of cash transaction fees, resulting in a net cash payment of $473,098.
The acquisition date fair value of the consideration transferred by Former Advanced Graph for its interest in AGEDB Technology Ltd. of $1,722,001 is determined based on the fair value of the equity interest Former Advanced Graph would have had to give the owners of the former Adagio, before the reverse acquisition, to provide the same percentage equity interest in the combined entity that results from the reverse acquisition.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
The listing expense related to the reverse take-over was calculated as follows:
| Fair value of common shares issued to Former Advanced Graph shareholders | $1,050,000 |
|---|---|
| Fair value of common shares issued to an advisor | 50,000 |
| Fair value of options deemed issued to former Adagio option holders | 59,806 |
| Fair value of agent warrants deemed issued to former Adagio warrant holders | 27,087 |
| Transaction costs | 535,108 |
| Total fair value of consideration | $1,722,001 |
| Fair value of assets acquired: | |
| Cash | 62,010 |
| Prepaid expenses | 1,569 |
| Acquisition date fair value of net assets acquired | 63,579 |
| Listing expense | $1,658,422 |
The fair value of options deemed issued to former Adagio option holders was calculated as $59,806 using the Black Scholes pricing model with the following assumptions.
| Share price on grant date | $0.50 |
|---|---|
| Expected life (years) | 1 - 3.78 |
| Interest rate | 3.56% - 4.56% |
| Volatility | 100% |
| Dividend yield | 0.00% |
The fair value of agent warrants deemed issued to former Adagio warrant holders was calculated as $27,087 using the Black Scholes pricing model with the following assumptions.
| Share price on grant date | $0.50 |
|---|---|
| Expected life (years) | 1.78 |
| Interest rate | 4.14% |
| Volatility | 100% |
| Dividend yield | 0.00% |
5. PROPERTY AND EQUIPMENT
| Computer Equipment | Furniture | Equipment | Total | |
|---|---|---|---|---|
| Cost | ||||
| Balance, April 30, 2023 | $20,444 | $6,997 | $3,944 | $31,385 |
| Additions | 26,820 | 3,962 | 4,378 | 35,160 |
| Disposals | (747) | (358) | - | (1,105) |
| Balance, April 30, 2024 and July 31, 2024 | $46,517 | $10,601 | $8,322 | $65,440 |
| Accumulated depreciation | ||||
| Balance, April 30, 2023 | $2,133 | $867 | $131 | $3,131 |
| Depreciation | 7,423 | 1,682 | 799 | 9,904 |
| Disposals | (76) | (122) | - | (198) |
| Balance, April 30, 2024 | 9,480 | 2,427 | 930 | 12,837 |
| Depreciation | 2,777 | 370 | 421 | 3,568 |
| Balance, July 31, 2024 | $12,257 | $2,797 | $1,351 | $16,405 |
| Carrying amounts | ||||
| As at April 30, 2024 | $37,037 | $8,174 | $7,392 | $52,603 |
| As at July 31, 2024 | $34,260 | $7,804 | $6,971 | $49,035 |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
6. RELATED PARTY TRANSACTIONS
Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling the activities of the Company directly and indirectly. The Company has identified all of the directors and officers as its key management personnel. Compensation paid to key management personnel are as follows:
| July 31, 2024 | July 31, 2023 | |
|---|---|---|
| Consulting fees(a) | $15,000 | $15,000 |
| Director fees(b) | 13,500 | - |
| Professional fees(c) | 7,675 | - |
| Salaries and wages(d) | 29,167 | - |
| Development fee(e) | 790,143 | 158,927 |
| Total related party transactions | $855,485 | $173,927 |
a) Paid or accrued consulting fees to the former Chief Executive Officer.
b) Paid or accrued director fees to two directors.
c) Paid or accrued professional fees to the former and current Chief Financial Officer and directors.
d) Paid or accrued salaries and wages to the Chief Operation Officer.
e) Obtained software development services from AGEDB America Inc., which company's Chief Executive Officer is also the Chairman of the Company, and Graphizer Inc., the shareholder of the Company.
As at July 31, 2024, the Company had a total of $4,200 (April 30, 2024 - $3,675) included in accounts payable and accrued liabilities payable to the former and current Chief Financial Officer of the Company.
As at July 31, 2024, the Company had a total of $2,625 (April 30, 2024 - $4,725) included in accounts payable and accrued liabilities payable to certain directors of the Company.
The Company incurred stock-based compensation in the amount of $104,381 (2023 - $Nil) to officers and directors of the Company.
7. ACCOUNTS RECEIVABLE
| July 31, 2024 | April 30, 2024 | |
|---|---|---|
| Trade receivable, net | $- | $- |
| Other receivables | - | 3,959 |
| Total | $- | $3,959 |
During the fiscal period ended April 30, 2023, the Company entered a sales contract for software development services, encompassing project management, data engineering and science, web application development, as well as server system monitoring and maintenance. The remaining balance of $3,959 as at April 30, 2024 was collected during the three months ended July 31, 2024.
8. GOODS AND SERVICE TAX
During the three months ended July 31, 2024, the Company collected GST on the sales of products and services as per the customer contracts. As of July 31, 2024, the outstanding net balance of GST was $24,383 receivable (April 30, 2024 - $36,057).
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
9. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
Prior to the completion of the Transaction (Note 4), Former Advanced Graph entered into two new lease agreements for the Vancouver and Toronto office premises. The expected term of the Vancouver lease is from May 1, 2023 to April 30, 2025 and the expected term of the Toronto lease is from March 1, 2024 to February 28, 2026. Both leases were capitalized under the IFRS 16, and the lease payments were discounted using an incremental borrowing rate of 5% for the Vancouver lease and 10% for the Toronto lease, respectively.
On May 30, 2024, the Company entered into a sublease agreement related to the Company's Vancouver office premises. The period of the sublease is June 5, 2024 to April 30, 2025. The right-of-use asset related to the Vancouver office was derecognized and a net investment in sublease was set up resulting in a loss of $7,556. During the three months ended July 31, 2024, the Company recognized income from the sublease of $341 (2023 - $Nil).
(a) Right-of-use assets
| July 31, 2024 | April 30, 2024 | |
|---|---|---|
| Balance, beginning of period | $89,694 | $- |
| Additions | - | 147,268 |
| Derecognition | (49,822) | - |
| Amortization | (9,351) | (57,574) |
| Balance, end of period | $30,521 | $89,694 |
(b) Lease liabilities
| July 31, 2024 | April 30, 2024 | |
|---|---|---|
| Balance, beginning of period | $91,340 | $- |
| Additions | - | 147,268 |
| Interest | 1,492 | 4,862 |
| Lease payments | (19,645) | (60,790) |
| Balance, end of period | 73,187 | 91,340 |
| Current portion | 61,137 | 74,337 |
| Non-current portion | $12,050 | $17,003 |
(c) Net investment in sublease
| July 31, 2024 | April 30, 2024 | |
|---|---|---|
| Balance, beginning of period | $- | $- |
| Additions | 42,266 | - |
| Interest | 341 | - |
| Lease payments received | (7,238) | - |
| Balance, end of period | 35,369 | - |
| Current portion | 35,369 | - |
| Non-current portion | $- | $- |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
(d) Undiscounted lease payments
As at July 31, 2024, the expected timing of the undiscounted lease payments are as follows:
| Within one year | $64,274 |
|---|---|
| More than one year | $12,454 |
| $76,728 |
(e) Undiscounted investment in sublease
As at July 31, 2024, the expected timing of the undiscounted investment in sublease are as follows:
| Within one year | $36,190 |
|---|---|
| More than one year | $- |
| $36,190 |
10. SHARE CAPITAL
Authorized:
The Company is authorized to issue an unlimited number of common shares without nominal or par value.
The following description of share capital is provided on a post-Consolidation, post-Split basis (as such terms are defined below).
For the year ended April 30, 2024, the Company:
(a) completed a non-brokered private placement of 1,650,000 common shares at a price of $2.00 per share for aggregate gross proceeds of $3,300,000 on August 21, 2023.
(b) completed a non-brokered private placement of 850,000 common shares at a price of $2.00 per common share for aggregate gross proceeds of $1,700,000 on September 1, 2023.
(c) completed a forward split (the "Split") of its previously outstanding 5,000,000 post-Consolidation common shares on the basis of 1.5 post-Split common shares for every one (1) pre-Split, post-Consolidation common share, such that 7,500,000 post-Consolidation, post-Split common shares were issued and outstanding on September 9, 2023.
(d) completed a non-brokered private placement of 13,000 common shares at a price of $2.00 per share for aggregate gross proceeds of $26,000 on October 18, 2023.
(e) completed the reverse take-over and issued 40,052,000 common shares to Former Advanced Graph shareholders on March 13, 2024 (Note 4).
(f) issued 100,000 common shares valued at $50,000 to an arm's length advisor on March 13, 2024 in connection with the reverse take-over (Note 4).
(g) had 152,000 stock options exercised for aggregate gross proceeds of $38,000 on March 21, 2024. The fair value of the options was calculated as $46,223 using the Black Scholes pricing model with the assumptions listed in Note 4.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
(h) had 152,000 stock options exercised for aggregate gross proceeds of $38,000 on March 21, 2024. The fair value of the options was calculated as $46,223 using the Black Scholes pricing model with the assumptions listed in Note 4.
(i) had 4,000 agent warrants exercised for aggregate gross proceeds of $1,000 on April 23, 2024. The fair value of the agent warrants was calculated as $1,354 using the Black Scholes pricing model with the assumptions listed in Note 4.
Value Security Escrow
In connection with the Closing (Note 4), the Company entered into a Value Security Escrow Agreement as required by the policies of the TSX-V.
As at July 31, 2024, an aggregate of 24,930,000 (April 30, 2024 – 24,930,000) common shares were placed in escrow, and an aggregate of 3,300,000 (April 30, 2024 – 28,780,000) common shares were subject to seed share resale restrictions in accordance with TSX-V policies.
Stock options
On closing of the Transaction (Note 4), the Company adopted an Equity Incentive Plan (the “Plan”) under which it is authorized to grant options to its directors, officers, employees, management company employees and consultants enabling them to acquire up to 10% of the issued and outstanding shares of the Company. The term of any options granted under the Plan is fixed by the Board of Directors and may not exceed ten (10) years from the date of grant. Vesting, if any, and other terms and conditions relating to such options shall be determined by the Board of Directors of the Company.
On August 21, 2023, Former Advanced Graph granted 2,925,000 options to offices, employees, and consultants. The stock options have an exercise price of $0.08 and expire five (5) years from the date of grant. The options will vest as to 100% on the date that is two (2) years from the date of grant. The grant-date fair value was calculated as $1,347,739 using the Black Scholes pricing model with the assumptions listed below. Prior to the completion of the Transaction (Note 4), 900,000 options were cancelled due to the termination of employments or relationships with Former Advanced Graph, leaving 2,025,000 options replaced upon the completion of the Transaction. The Company recorded a stock-based compensation of $117,429 (2023 - $Nil) for the three months ended July 31, 2024 for the portion vested during the period.
| Share price on grant date | $0.50 |
|---|---|
| Expected life (years) | 5 |
| Interest rate | 3.96% |
| Volatility | 100% |
| Dividend yield | 0.00% |
A summary of changes in the Company’s stock options is as follows:
| Number of options | Weighted average exercise price | |
|---|---|---|
| Balance, April 30, 2023 | - | $- |
| Deemed issued to former Adagio options holders (Note 4) | 186,667 | $0.25 |
| Replaced to Advance Graph options holders | 2,025,000 | $0.08 |
| Exercised – March 21, 2024 | (152,000) | $0.25 |
| Balance, April 30, 2024 and July 31, 2024 | 2,059,667 | $0.09 |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
The following table summarizes information about the share options outstanding and exercisable at July 31, 2024:
| Expiry date | Number of Options | Number of vested options | Weighted average exercise price $ | Weighted average remaining contractual life |
|---|---|---|---|---|
| 13-Mar-2025 | 1,333 | 1,333 | 0.25 | 0.62 years |
| 21-Dec-2027 | 33,334 | 33,334 | 0.25 | 3.40 years |
| 21-Aug-2028 | 2,025,000 | - | 0.08 | 4.06 years |
Warrants
A summary of changes in the Company's warrants is as follows:
| Number of warrants | Weighted average exercise price | |
|---|---|---|
| Balance, April 30, 2023 | - | $- |
| Deemed issued to former Adagio warrants holders (Note 4) | 80,000 | $0.25 |
| Exercised – March 21, 2024 | (75,200) | $0.25 |
| Exercised – April 23, 2024 | (4,000) | $0.25 |
| Balance, April 30, 2024 and July 31, 2024 | 800 | $0.25 |
The following table summarizes information about the warrants outstanding at July 31, 2024:
| Expiry date | Number of warrants | Weighted average exercise price $ | Weighted average remaining contractual life |
|---|---|---|---|
| 21-Dec-2025 | 800 | 0.25 | 1.39 years |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
11. CAPITAL RISK MANAGEMENT
The goals of capital management are twofold: to ensure the Company’s ability to continue as a going concern and to deliver a satisfactory return to shareholders by appropriately pricing products and services based on associated risks. The Company actively manages its capital structure, adjusting in response to economic conditions and the risk profiles of its assets. Capital requirements are assessed by management to maintain an efficient financing structure without excessive leverage.
To achieve this, the Company may issue new shares, raise debt, and acquire or dispose of assets. Management also focuses on effective working capital management, monitoring cash balances, forecasting needs, and optimizing cash inflows and outflows to meet obligations.
During the three months ended July 31, 2024, there were no changes in the Company's capital management approach, and the Company is not bound by any externally imposed capital requirements.
12. FINANCIAL INSTRUMENTS AND RISK
Risk exposure on financial instruments
The Company’s financial instruments consist of cash and restricted cash, accounts receivable, advance to shareholders, investment in sublease, accounts payable and accrued liabilities, employee deductions payable and deferred revenue. The fair value of these financial instruments, with the exception of investment in sublease, approximates their carrying value due to their short term to maturity. The Company classifies its investment in sublease at amortized cost. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below:
Credit risk
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash, restricted cash and accounts receivable. The Company limits its exposure to credit loss by placing its cash with major financial institutions.
Accounts receivable are subject to counter-party risk of not being collected. The Company manages credit risk of accounts receivable through its credit and collection policies and established allowance for doubtful accounts as required at each reporting period.
Liquidity risk
The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As of July 31, 2024, the Company had a cash balance of $282,436 (April 30, 2024 - $1,519,925) to settle current accounts payable and accrued liabilities of $68,268 (April 30, 2024 - $54,242). All the Company’s financial liabilities have contractual maturities of 30 days, or due on demand, and are subject to normal trade terms. To date, the Company has been reliant on funding from private equity investment (Note 1). The Company will continue to be reliant upon these sources of financing until a commercial software product is developed. There can be no assurance that the Company will be successful at obtaining such sources of funding in the future.
Market risk
Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
a) Interest rate risk
The Company has cash balances which may accrue interest; however, the Company is not generating significant budgeted revenues from cash balances and does not rely on this income. The Company does not have any interest-bearing debt which is subject to fixed interest rates and therefore the Company is not exposed to risk in the event of interest rate fluctuations.
b) Foreign currency risk
The Company’s operations are situated in Canada. The Company considers foreign currency risk to be minimal.
13. CONCENTRATION
Volume of business
The Company has concentrations in the volume of sales and purchases it conducts with its suppliers. For the three months ended July 31, 2024, there were two buyers which accounted for the total sales, and the aggregate sales amounted to $237,003 (2023 – one buyer, $208,219).
14. REVENUE
| 2024 | 2023 | |
|---|---|---|
| Professional service sales | $105,096 | $208,219 |
| Software license sales | 131,907 | - |
| For the three months ended July 31 | $237,003 | $208,219 |
During three months ended July 31, 2024, the Company entered into a license and services agreement with Rainbow Software Inc. at a price of $290,000 and recognized revenue of $195,907 (2023 - $Nil).
On September 11, 2023, the Company entered into a license and services agreement with Rainbow for the implementation of Master Data Management (MDM) System at a price of $794,900.
On May 15, 2023, the Company entered into a subscription service agreement with TrueData for a variety of software support and professional services in relation to the Company’s software programs. Pursuant to the agreement, the Company received an upfront payment of $1,000,000 on the annual subscription fees. During the three months ended July 31, 2024, the Company recognized revenue of $41,096 (2023 - $208,219).
15. SEGMENT INFORMATION
The Company has one reportable segment. This single reportable operating segment derives its revenues from the sale of its software products and solutions and related services. The Company operates in one principal geographical area, which is Canada.
16. COMMITMENT
On August 1, 2024, the Company entered into a patent assignment agreement with Bitnine Holdings Inc. (the “Assignor”) to acquire several strategic patents. Pursuant to the agreement, the Company will pay Assignor 10% of its annual revenues for three years running from the date of agreement.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
17. RESTATEMENT OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Subsequent to the issuance of the condensed consolidated interim financial statements of the Company for the three months ended July 31, 2024 on October 1, 2024, the Company reassessed the revenue recognition criteria under the guidance of IFRS 15 and determined that the Company needs to reverse revenue totaling $1,671,925 as a result of further discussions and negotiations with the customers. The software licenses and services did not meet the specifications and requirements raising concerns related to its collectability. It is now the position of the Company that the revenue did not meet the revenue recognition criteria under IFRS 15, contrary to management's initial assessment performed at the time of the sale. As a result, the Company is restating the condensed consolidated interim financial statements for the three months ended July 31, 2024 to reverse revenue totaling $1,671,925 in the condensed consolidated interim statement of loss and comprehensive loss.
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
The following tables presents the effects of the restatement:
Statement of Financial Position
| July 31, 2024 | |||
|---|---|---|---|
| As previously reported | Adjustments | As restated | |
| ASSETS | |||
| Current assets | |||
| Cash | $ 282,436 | $ - | $ 282,436 |
| Accounts receivable | 1,739,240 | (1,739,240) | - |
| Goods and services tax receivable | 24,383 | - | 24,383 |
| Net investment in sublease | 35,369 | - | 35,369 |
| Prepaid expenses | 50,101 | - | 50,101 |
| Deposits | 11,522 | - | 11,522 |
| Total current assets | 2,143,051 | (1,739,240) | 403,811 |
| Non-current assets | |||
| Property and equipment | 49,035 | - | 49,035 |
| Right-of-use assets | 30,521 | - | 30,521 |
| Deposits | 14,475 | - | 14,475 |
| TOTAL ASSETS | $ 2,237,082 | $ (1,739,240) | $ 497,842 |
| LIABILITIES | |||
| Current liabilities | |||
| Accounts payable and accrued liabilities | $ 68,268 | $ - | $ 68,268 |
| Employee deductions payable | 20,332 | - | 20,332 |
| Deferred revenue | 166,097 | (67,315) | 98,782 |
| Current portion of lease liabilities | 61,137 | - | 61,137 |
| Total current liabilities | 315,834 | (67,315) | 248,519 |
| Non-current liabilities | |||
| Long-term lease liabilities | 12,050 | - | 12,050 |
| TOTAL LIABILITIES | 327,884 | (67,315) | 260,569 |
| SHAREHOLDERS' EQUITY | |||
| Share capital | 8,755,850 | - | 8,755,850 |
| Contributed surplus | 13,302 | - | 13,302 |
| Options reserve | 453,942 | - | 453,942 |
| Warrants reserve | 270 | - | 270 |
| Deficit | (7,314,166) | (1,671,925) | (8,986,091) |
| TOTAL SHAREHOLDERS' EQUITY | 1,909,198 | (1,671,925) | 237,273 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,237,082 | $ (1,739,240) | $ 497,842 |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
Statement of Loss and Comprehensive Loss
| Three months ended July 31, 2024 | |||
|---|---|---|---|
| As previously reported | Adjustment | As restated | |
| REVENUES | |||
| Professional service sales | $ 649,521 | $ (544,425) | $ 105,096 |
| Software license sales | 1,259,407 | (1,127,500) | 131,907 |
| GROSS PROFIT | 1,908,928 | (1,671,925) | 237,003 |
| EXPENSES | |||
| Advertising and promotion | 12,145 | - | 12,145 |
| Depreciation | 12,919 | - | 12,919 |
| Consulting fees | 32,225 | - | 32,225 |
| Insurance | 1,314 | - | 1,314 |
| Interest expense | 1,492 | - | 1,492 |
| Office | 14,795 | - | 14,795 |
| Professional fees | 215,205 | - | 215,205 |
| Regulatory & filing fees | 3,020 | - | 3,020 |
| Rental | 53,061 | - | 53,061 |
| Research and development expense | 790,143 | - | 790,143 |
| Salaries and wages | 412,750 | - | 412,750 |
| Share-based compensation | 117,429 | - | 117,429 |
| Travel | 22,675 | - | 22,675 |
| 1,689,173 | - | 1,689,173 | |
| INCOME (LOSS) FROM OPERATIONS | 219,755 | (1,671,925) | (1,452,170) |
| OTHER INCOME | |||
| Loss on sublease | (7,556) | - | (7,556) |
| Interest income | 6,526 | - | 6,526 |
| Gain on foreign exchange | 19,842 | - | 19,842 |
| 18,812 | - | 18,812 | |
| INCOME (LOSS) AND COMPREHENSIVE LOSS FOR THE PERIOD | $ 238,567 | $ (1,671,925) | $ (1,433,358) |
| BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ 0.01 | $ (0.03) | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (BASIC & DILUTED) | 42,383,200 | 42,383,200 |
AGEDB TECHNOLOGY LTD. (formerly Adagio Capital Inc.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the three months ended July 31, 2024 and 2023
Amended and Restated
Statement of Cash Flows
| Three months ended July 31, 2024 | |||
|---|---|---|---|
| As previously reported | Adjustment | As restated | |
| CASH FLOWS USED IN OPERATING ACTIVITIES | |||
| Net income (loss) for the period | $ 238,567 | $ (1,671,925) | $ (1,433,358) |
| Items not involving cash: | |||
| Depreciation | 12,919 | - | 12,919 |
| Interest expense | 1,492 | - | 1,492 |
| Interest income on sublease | (341) | - | (341) |
| Share-based compensation | 117,429 | - | 117,429 |
| Loss on disposal of property and equipment | - | - | - |
| Loss on sublease | 7,556 | - | 7,556 |
| Changes in non-cash operating working capital: | |||
| Accounts receivable | (1,735,281) | 1,739,240 | 3,959 |
| Goods and services tax | 11,674 | - | 11,674 |
| Prepaid expenses and deposits | (2,896) | - | (2,896) |
| Trade payables and accrued liabilities | 14,026 | - | 14,026 |
| Deferred revenue | 125,001 | (67,315) | 57,686 |
| Employee deductions payable | (15,228) | - | (15,228) |
| Net cash used in operating activities | (1,225,082) | - | (1,225,082) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Receipt of sublease payments | 7,238 | - | 7,238 |
| Net cash provided by investing activities | 7,238 | - | 7,238 |
| CASH FLOWS USED IN FINANCING ACTIVITIES | |||
| Lease payments | (19,645) | - | (19,645) |
| Net cash used in financing activities | (19,645) | - | (19,645) |
| Change in cash during the period | (1,237,489) | - | (1,237,489) |
| Cash, beginning of period | 1,519,925 | - | 1,519,925 |
| Cash, end of period | $ 282,436 | $ - | $ 282,436 |
18. SUBSEQUENT EVENT
Subsequent to the three months ended July 31, 2024, the Company terminated the Toronto office premises (Note 9).