Quest PharmaTech Inc. — Management Reports 2022

Dec 20, 2022

Management Discussion and Analysis of Financial Condition and Results of Operations (As of December 19, 2022)

This MD&A contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and company plans and objectives to differ materially from those expressed. For information concerning factors affecting the Company's business, the reader is referred to the documents that the Company files from time to time with applicable Canadian securities and regulatory authorities.

This discussion and analysis of the results of operations of Quest PharmaTech Inc. ("Quest" or the "Company") should be read in conjunction with the unaudited consolidated financial statements and accompanying notes for the three and nine months ended October 31, 2022 and the audited consolidated financial statements for the years ended January 31, 2022 and 2021. This discussion and analysis provides an update to the discussion and analysis prepared for the year ended January 31, 2022. The unaudited consolidated financial statements have been prepared in accordance with international financial reporting standards ("IFRS") and have not been reviewed by the Company's auditors. This discussion and analysis provides information on the operations of Quest on a consolidated basis. All amounts are expressed in Canadian dollars unless otherwise noted and references to the term "year" refer to the fiscal year ended January 31st. Additional information related to the Company is on SEDAR at www.sedar.com.

Third Quarter, Fiscal 2023 Development Highlights:

In September, the Company announced the sale of its investment in shares of Bioceltran Co. Ltd. for proceeds of $300,000 and the termination of the license agreement for the Photodynamic Therapy technology.

OQP Korea continues with site development and patient enrollment for its multi-national Phase 3 registration clinical trial for oregovomab in advanced ovarian cancer patients.

Technologies Under Development

MAb AR9.6

Quest has identified and validated the tumor-targeting ability of a novel monoclonal antibody, AR9.6, that binds to MUC16 and blocks the activation of growth factor receptors and thereby inhibits phosphorylation of Akt, which leads to reduced cell proliferation, in vivo tumor growth and metastasis.

AR9.6, as a promising theranostic agent, was established in animal models, leading to two manuscripts in peer reviewed journals and one patent application.

The potential cancer targets include pancreatic, colon, leukemia, ovarian and breast cancer.

Investments

OncoQuest Inc.

OncoQuest is a private Canadian biotechnology company developing next generation of combinatorial immunotherapy products for the treatment of cancer. On April 22, 2020, OncoQuest announced a definitive agreement to sell its drug portfolio to OQP Bio in exchange for OQP Bio bonds and cash with a notional value of US$308.4 million and a commitment to fund the Oregovamab Phase 3 Clinical Trial.

Quest has a 42.5% interest in OncoQuest.

OncoVent Co., Ltd.

OncoVent is a China-based global pharmaceutical company focusing on the development, manufacturing and commercialization of Cancer Immunotherapy Products within China with pancreatic cancer as its first target. OncoVent holds the license for OncoQuest's immunotherapy portfolio for the greater China market.

Quest has a 10.67% direct interest in OncoVent (23% indirect).

Financial Results

Net consolidated income / (loss) for the three and nine months ended October 31, 2022 was ($911,134) and ($2,573,372), respectively or ($0.005) and ($0.015) per share on a basic and fully diluted basis, as compared to consolidated net income / (loss) of ($9,032,423) and ($9,169,466), respectively, or ($0.054) and ($0.055) per share on a basic and fully diluted basis for the three and nine months ended October 31, 2021. Research and development expenditures for the three and nine months ended October 31, 2022 totaled $20,609 and $98,821, respectively, while general and administrative expenses were $129,505 and $518,277, respectively, for the same period. As of October 31, 2022, the Company had cash of $481,704 (December 19, 2022 – cash of approximately $440,000).

Results of Operations

Quest's net consolidated income / loss for the three and nine months ended October 31, 2022 includes significant non-cash items, including equity method losses of ($1,085,452) and ($2,359,958), respectively, recognized from Quest's investment in OncoQuest. Net consolidated income (loss) for the three and nine months ended October 31, 2022 was ($911,134) and ($2,573,372), respectively, as compared to consolidated net income / (loss) of ($9,032,423) and ($9,169,466), respectively, for the three and nine months ended October 31, 2021. After adjusting for non-cash items, cash flows used in operating activities for the three and nine months ended October 31, 2022 were $57,061 and $357,638, respectively, as compared to $35,121 and $138,401, respectively, for the three and nine months ended October 31, 2021.

Expenses

The following table identifies the changes in general and administrative expense for the three and nine months ended October 31, 2022, compared to the three and nine months ended October 31, 2021.

	Forthe three months ended October			For the ninemonths ended October
General and administrative	31			31
expenses	2022	2021	Increase(decrease)	2022	2021	Increase(decrease)
	$	$	$	$	$	$
Salaries, wages and benefits	87,539	34,970	52,569	260,044	130,573	129,471
Professionalfees	10,689	-	10,689	31,266	5,589	25,677
Othersupport costs	2,317	2,183	134	140,337	242,203	(101,866)
Travel	43	154	(111)	352	348	4
Consulting/business development
costs	7,500	-	7,500	17,500	-	17,500
Rent	5,194	1,983	3,211	10,775	5,693	5,082
Insurance	6,546	5,937	609	19,222	17,011	2,211
Public company related costs	9,542	13,524	(3,982)	26,142	36,651	(10,509)
Depreciation	135	9,389	(9,254)	12,639	28,167	(15,528)
Total general and
administrative expenses	129,505	68,140	61,365	518,277	466,235	52,042

Overall, general and administrative costs have increased during the nine months ended October 31, 2022 compared to the nine months ended October 31, 2021, due primarily to increases in salaries, wages and benefits and professional fees, offset by decreases in other support costs. Salary wages and benefits increased due to an increase in staff salary levels in 2022 compared to 2021. Professional fee increases relate to an increase in corporate finance activity in 2022 compared to 2021. Other support costs include share-based compensation of $140,000 during the nine months ended October 31, 2022 ($232,000 in 2021).

The following table identifies the changes in research and development (R&D) expense for the three and nine months ended October 31, 2022, compared to the three and nine months ended October 31, 2021.

Research anddevelopment	For the three months ended October31			For the ninemonths ended October31
expenses	2022	2021	Increase(decrease)	2022	2021	Increase(decrease)
	$	$	$	$	$	$
Sub-contract,consultingand
clinical trials	-	1,425	(1,425)	13,000	37,370	(24,370)
Salaries, wages and benefits	1,651	3,145	(1,494)	5336	9,440	(4,104)
Legal (patent prosecution)	1,958	7,964	(6,006)	11499	21,129	(9,630)
Rent	12,118	4,630	7,488	25141	13,285	11,856
Other R&D costs	4,698	16,082	(11,384)	43,302	72,976	(29,674)
Depreciation	184	291	(107)	543	867	(324)
Gross research anddevelopment expenses	20,609	33,537	(12,928)	98,821	155,067	(56,246)
Less:
Government funding	-	-	-	-	-	-
Research and developmentexpenses(net)	20,609	33,537	(12,928)	98,821	155,067	(56,246)

R&D costs have decreased during the nine-month period ended October 31, 2022, compared to 2021 due to decreases in subcontract and consulting and other R&D costs in 2022 compared to 2021. Subcontract and consulting and other R&D cost decreases relate to a decrease in activity within the Company's R&D programs.

Summary of Quarterly Results

The following table presents unaudited selected financial information for each of the last eight quarters ended October 31, 2022.

	Q3, fiscal2023	Q2,fiscal2023	Q1, fiscal2023	Q4, fiscal2022	Q3, fiscal2022	Q2, fiscal2022	Q1, fiscal2022	Q4, fiscal2021
	$	$	$	$	$	$	$	$
Revenue	-	-	-	-	-	-	-	-
Net income(loss) for theperiod	(911,134)	(614,034)	(1,048,204)	(75,869,109)	(9,032,423)	448,885	(585,928)	77,030,287
Basic income(loss)pershare (1)	(0.005)	(0.004)	(0.006)	(0.451)	(0.054)	0.003	(0.003)	0.461
Fully dilutedincome (loss)per share (1)	(0.005)	(0.006)	(0.006)	(0.451)	(0.054)	0.003	(0.003)	0.449

(1) Quarterly losses per share are not additive and may not equal annual loss per share reported. This is due to the effect of shares issued during the year on the weighted average number of shares outstanding for the full year.

Share-Based Payment Transactions

During the nine months ended October 31, 2022, the Company granted a total of 1,700,000 (2021 – 2,500,000) share options, as per the Company's Share Option Plan. During 2022, these share options were granted to employees and to non-employees, at exercise prices ranging from $0.09 to $0.10 per common share. The fair value of vested and accrued options, totaling $153,000 (2021 - $270,500), was recognized as an expense and credited to contributed surplus for the 9-month periods ended October 31, 2022 and 2021.

Capital Expenditures

Expenditures on capital assets were $nil for the nine months ended October 31, 2022 (2021 – $nil).

Outstanding Share Data

The Company has the following securities outstanding at December 19, 2022:

Common shares issued and outstanding at October31,2022	169,129,247
Share options outstanding as at October31, 2022	18,530,000
Warrants outstandingasat October31, 2022	-
Share options granted sinceOctober31, 2022	-
Share options expired since October31, 2022	-

Fully diluted common shares are 187,659,247, assuming the exercise of all share options.

Financial Instruments

The Company's financial instruments include cash, accounts receivable, the OQP Bio bonds, accounts payable and accrued liabilities and the short-term loan.

a) Carrying value and fair value

The carrying values of cash, accounts receivable, accounts payable and accrued liabilities and the short-term loan approximate their fair value due to the immediate or short-term maturity of these financial instruments.

Fair value

All financial instruments carried at fair value are categorized in one of three categories:

• Level 1 Quoted market price
• Level 2 Market observable valuation technique
• Level 3 Non-market observable valuation technique

During the nine-month period ended October 31, 2022, there were no transfers between levels of the fair value hierarchy. The OQP Bio bonds are designated as fair value through profit or loss and are categorized as a Level 2 financial instrument.

b) Risks

i) Foreign currency risk

The Company has certain assets and liabilities that are denominated in foreign currencies and are exposed to risks from changes in foreign exchange rates and the degree of volatility of those rates.

At October 31, 2022 the Company's exposure to foreign currency risk is US$2,103 in cash and KRW 129.1 billion in OQP Bio bonds. The period-end rate of conversion of U.S. to Canadian dollars is 1.3649 and KRW to Canadian dollars is 0.000956. Based on the foreign currency exposures noted above, a 10 percent strengthening of the Canadian dollar would have increased the net loss by $12,341,293, assuming that all other variables remain unchanged. A 10 percent weakening of the Canadian dollar would have an equal but opposite effect, assuming that all other variables remain unchanged.

The Company currently does not use derivative instruments to reduce its exposure to foreign currency risk.

ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's exposure to liquidity risk is dependent on its ability to raise funds to meet its commitments and sustain its operations. The Company controls liquidity risk by managing its working capital and by securing additional funds through equity, debt or partnering transactions. The Company only has cash reserves of $481,704 at October 31, 2022 (January 31, 2022 - $264,340). As such, there is a liquidity risk for the Company at October 31, 2022.

iii) Credit risk

Financial instruments that subject the Company to credit risk consist primarily of cash and shortterm investments and accounts receivable. To minimize its exposure to credit risk for cash and short-term investments, the Company invests surplus cash in short-term deposits that are fully guaranteed by the Company's financial banker, a major Canadian chartered bank. As the Company is a research and development company, the Company's exposure to credit risk related to accounts receivable is not considered to be significant. At period end, 99% of accounts receivable was due from an individual, resident in Korea.

iv) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and financial liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company's cash and short-term investments are comprised of highly liquid deposits that earn interest at market rates. Accounts receivable and accounts payable bear no interest. The Company manages its interest rate risk by maximizing the interest income earned on excess funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis. The Company's policy limits the investing of excess funds to liquid government guaranteed deposits or guaranteed investment certificates.

Liquidity and Capital Resources

At October 31, 2022, consolidated cash balances were $481,704 as compared to cash of $264,340 at January 31, 2022. At December 19, 2022, the Company had cash balances of approximately $440,000.

Cash used in operating activities was $57,061 and $357,638, respectively, for the three and nine months ended October 31, 2022 compared to $35,121 and $138,401, respectively, for the three and nine months ended October 31, 2021.

The Company continues to implement a disciplined approach to containing costs and is focusing on programs aimed at achieving near-term goals.

Based on Quest's current operating budgets, management believes that the capital resources of the Company should be sufficient to fund operations into the third quarter of fiscal 2024. The Company will seek additional capital through the sale of non-core assets, further equity financings, licensing arrangements involving its core technologies and strategic partnerships.

Related Party Transactions

Executive Services Agreement - In July 2020, the Company entered into an Executive Services Agreement with OncoQuest whereby the Company's officers render executive services to OncoQuest for a fee of $10,000 per month.

During the year ended January 31, 2022, the Company received 2% interest bearing debt funding of $250,000 from OncoQuest Inc. During the 9-month period ended October 31, 2022, the Company received a further $500,000 of 2% interest bearing debt funding from OncoQuest. In total, the Company has received $1,000,000 of 2% interest bearing debt funding from OncoQuest Inc. The funding is for drug development and operational purposes, is short term and repayable within 12 months. The Company has accrued $20,338 of interest on this debt funding to October 31, 2022. All of these transactions were recorded at the exchange amount which is the amount agreed to by the related parties.

On April 11, 2022, the Company issued 690,000 common shares at $0.10 per share pursuant to the exercise of share options. The shares were issued to 2 officers and 2 consultants of the Company**.**

Investment in OncoVent Co., Ltd.

In March 2016, OncoQuest, signed a joint venture contract with Shenzhen Hepalink. The agreement results in the creation of a new company in China called OncoVent Co., Ltd. ("OncoVent"), to focus on the research and development of Cancer Immunotherapy Products for the Chinese market. Under the agreement, OncoQuest licensed the greater China rights to the Immunotherapy Technologies and provided US$1,000,000 for 46% of the shares of OncoVent. Shenzhen Hepalink contributed US$5,000,000 for 54% of the shares of OncoVent. As part of the agreement, OncoQuest transferred a portion of its shares in OncoVent to Quest and to another party such that Quest owns 10.67% and the other party owns 6%, respectively, of the shares of OncoVent. Management believes the creation of OncoVent will provide additional resources for product development that OncoQuest can access to accelerate its worldwide product registration strategy. OncoVent will focus on the development, manufacturing and commercialization of Cancer Immunotherapy Products within China with pancreatic cancer as its first target. On October 31, 2016, Shenzhen Hepalink contributed US$5,000,000 to OncoVent. On November 1, 2016, OncoQuest contributed $1,337,900 (US$1,000,000) to OncoVent.

For financial statement purposes, Quest accounts for its investment in this affiliated entity under the equity method. Oncovent began operations in November 2016.

	$
Balance, January 31, 2016	-
Investment in joint venture, November 1, 2016	1,337,900
Equity Method share of loss for the year endedJanuary 31, 2017	(475,771)
Transfer of 6% interest to third party	(174,509)
Balance, January 31, 2017	687,620
Equity Method loss for the year ended January31, 2018	(331,442)
Balance, January 31, 2018	356,178
Equity Methodloss for the yearended January31, 2019	(324,877)
Balance,January 31, 2019	31,301
Equity Methodloss for the three-monthperiod ended April 30, 2019	(31,301)
Balance, January 31, 2020and onwards to October31 2022	-

Investment in OncoQuest Inc.

The Company owns 42.52% of the common shares of OncoQuest Inc. The Company accounts for this investment using the Equity Method of accounting. OncoQuest recorded a net loss for the year ended January 31, 2022 of $135,828,030 (USD108,421,728). This loss resulted from OncoQuest writing down the value of the OQP Bio bonds by $133,277,067 (USD106,384,787) due to the lack of liquidity and marketability of the bonds. Quest, with a 42.52% ownership interest in OncoQuest at January 31, 2022, recorded an Equity Method loss of $57,754,078.

Quest reduced the value of its investment in OncoQuest at January 31, 2022 by recording a fair value adjustment of $26,748,980, and a foreign exchange adjustment in other comprehensive loss of $50,335 so that Quest's investment in OncoQuest would not exceed $10,495,335, Quest's percentage ownership interest in OncoQuest at year end of 42.52% multiplied by OncoQuest's shareholders' equity at January 31, 2022 of $24,683,289 (USD 19,406,627).

The January 2022 dividend received by Quest from OncoQuest reduced Quest's investment in OncoQuest by a further $80,218,210.

The dividend was an in-kind dividend of OQP Bio bonds with a face value of KRW129.1 billion (Cdn$136 million) and an estimated fair value on January 31, 2022, of Cdn$80.2 million.

OncoQuest recorded a net loss for the 3-month period ended April 30, 2022 of $2,285,238 (USD1,804,087). Quest, with a 42.52% ownership interest in OncoQuest at April 30, 2022, recorded an Equity Method loss of $971,683.

OncoQuest recorded a net loss for the 3-month period ended July 31, 2022 of $712,211 (USD553,414). Quest, with a 42.52% ownership interest in OncoQuest at July 31, 2022, recorded an Equity Method loss of $302,823.

OncoQuest recorded a net loss for the 3-month period ended October 31, 2022 of $2,552,803 (USD1,917,382). Quest, with a 42.52% ownership interest in OncoQuest at October 31, 2022, recorded an Equity Method loss of $1,085,452.

The Company's equity investment in OncoQuest is as follows for the year ended January 31, 2022, the three-month period ended April 30, 2022, the 3 month period ended July 31, 2022 and the three-month period ended October 31, 2022:

	Year Ended
	January 31
	$
Investment in OncoQuest at January 31, 2021	175,266,938
Equity Method income (loss) for the year ended January 31,	(57,754,078)
2022
Fair value adjustment at January 31, 2022	(26,748,980)
Other comprehensive loss –foreign exchange	(50,335)
January 2022 in-kind dividend from OncoQuest	(80,218,210)
Investment in OncoQuest at January 31, 2022	10,495,335
Equity Method income(loss) for the 3-month period ended April
30, 2022	(971,683)
Equity Method income (loss) for the 3-month period ended July
31, 2022	(302,823)
EquityMethod income (loss) for the 3-month period ended
October 31,2022	(1,085,452)
Investment in OncoQuest at October31, 2022	8,135,377

OQP Bio Bonds received as a dividend by Quest:

Bond name	Face Value(KRW)	Applieddiscount	Fair value(KRW)	Fair value(Cdn)
OQP Bio bond #
10	20,415,802,312	0.00%	20,415,802,312	21,518,256
OQP Bio bond #
12/13	19,406,110,515	0.00%	19,406,110,515	20,454,040
OQP Bio corp
bond	89,268,108,367	59.35%	36,286,445,823	38,245,914
	129,090,021,194		76,108,358,650	80,218,210

Quest, with advice from independent valuation advisors, used a discount rate of 59.35% to fair value the OQP Bio corporate bond, due to the uncertainty regarding the ability to redeem the OQP Bio corporate bond for cash or shares of OQP Bio. As well, Quest used an exchange rate of 948.767 KRW to 1 Canadian dollar, the exchange rate on January 14, 2022 when the dividend was issued, for all of the OQP Bio bonds, to arrive at an estimate of fair value in Canadian dollars. As the OQP Bio bonds are denominated in KRW, the value of the bonds in Canadian dollars may be subject to exchange rate fluctuations. Since OQP Bio is a private company, with limited liquidity, Quest is negotiating to exchange the OQP Bio bonds for bonds or shares of Canaria Bio M, a Korean KOTC traded company.

OncoQuest Summarized Financial Information:

	As at October312022	As at January 312022
	USD	USD
Current assets	$30,991,156	$58,019,060
Non-current assets	$nil	$521
Current liabilities	$17,689,611	$40,443,153
Non-current liabilities	$nil	$nil

	For the 3months ended	For the 3months ended	For the 9months ended	For the 9months ended
	October31	October31	October31	October31
	2022	2021	2022	2021
	USD	USD	USD	USD
Revenue	$nil	$nil	$nil	$nil
Netincome/
(loss)	($1,917,382)	($15,889,614)	($4,274,883)	($15,379,538)
Other
comprehensive
income/ (loss)	$nil	$nil	$nil	$nil

Summarized financial information for Quest's other investment, OncoVent is not included because the information is not considered to be material at this time.

Disclosure Controls and Procedures

The management of Quest is responsible for establishing and maintaining disclosure controls and procedures for the Company and is continuing with the implementation of disclosure controls and procedures, to provide reasonable assurance that material information relating to the Company, including its consolidated subsidiaries, is made known to Quest management particularly during the period in which the annual filings are being prepared.

Internal Controls Over Financial Reporting

The Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting. Management has taken steps to improve the procedures and provide maintenance related to an effective design for the Company's internal controls and procedures over financial reporting.

Management continues to note weaknesses in internal controls over financial reporting including those related to the limited number of accounting staff members resulting in a lack of segregation of duties.

Management will continue with the implementation of procedures aimed at minimizing the risk of material error in its financial reporting and will seek outside expertise when the need arises.

Risks and Uncertainties

Going concern uncertainty - The Company's financial statements have been prepared on a going concern basis which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company has experienced significant operating losses and cash outflows from operations since its inception. The Company's ability to continue as a going concern is uncertain and is dependent upon its ability to raise additional capital to successfully complete its research and development programs, commercialize its technologies and conduct clinical trials and receive regulatory approvals for its products, and upon the ability and timing for OncoQuest to monetize the consideration received in the transaction with OQP Korea and distribute any net proceeds to shareholders, including to Quest.

Quest's proprietary technologies are in various stages of development and some technologies have not received regulatory approval to begin clinical trials. It will be necessary for the Company to produce sufficient preclinical data in order to receive regulatory approval to begin clinical trials. There is no assurance that regulatory approval will be received to begin clinical trials. For the proprietary technologies that have received regulatory approval to begin clinical trials, future success will depend upon the ability of the Company to move the products through clinical trials, the effect and safety of these products, the timing and cost to receive regulatory and marketing approvals and the filing and maintenance of patent claims.

Quest's proprietary technologies have exposure to risks associated with commercialization. Even after product approval is obtained, there is no assurance that the Company will have a sufficient market for its products or the working capital required for commercialization.

The Company maintains clinical trial liability and product liability insurance; however, it is possible that this coverage may not provide full protection against all risks.

The Company may be exposed to risks associated with malfunctioning equipment, catastrophic events and other events within and outside of the Company's control. The Company maintains insurance believed to be adequate to cover any eventuality, but there is no guarantee that coverage will be sufficient for all purposes.

To a large degree, the Company's success is dependent upon attracting and retaining key management and scientific personnel to further the Company's drug development programs. There is a risk that required personnel may not be available to the Company when needed and, as a result, this may have a negative impact on the Company.

Quest must continue to raise additional capital by issuing new share capital through equity financing, licensing arrangements and/or strategic partnerships. The Company's ability to raise additional capital will depend upon the progress of moving its drug development products into and through clinical trials and the strength of the equity markets, which are uncertain. There can be no assurance that additional capital will be available.

In March 2021, the trading in the shares of OQP Korea was suspended on the KOSDAQ Exchange due to a denial of an audit opinion related to OQP Korea's December 31, 2020 annual financial statements. Although OncoQuest management continue to work diligently with OQP Korea management to resolve these issues as quickly as possible, it remains uncertain at this time as to whether regulatory approval will ultimately be received or the timing of any such approval. OncoQuest's ability to monetize the consideration received in the transaction with OQP Korea will be dependent upon OQP Korea's ability to fund the repayment of any bonds that become due or that could be redeemed and a liquid trading market being available for any shares of OQP Korea that are received as consideration or issued upon conversion of the bonds held. Monetization of some of the consideration will be necessary for OncoQuest to fund Canadian income tax obligation resulting from the transaction.

The determination of fair value for Quest's investment in OncoQuest in future periods will depend on management estimates and reasoned judgements for such value looking at appropriate evidence that is available at the time. OncoQuest is a privately held company with no public trading history. Readers are cautioned that from one reporting period to the next, the change in value for the Company's investment in OncoQuest and any resultant fluctuation in earnings per share for Quest may be significant.

As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which may impact operating activities and will depend on future developments, including the duration and spread of the outbreak, related travel advisories and restrictions, the recovery times of the disrupted supply chains, the consequential staff shortages, and production delays, or the uncertainty with respect to the accessibility of additional liquidity or capital markets, all of which are highly uncertain and cannot be predicted. There was no perceived impact for the Company for the six-month period ended October 31, 2022. The potential future impact is unknown at this time.