TSX Venture Symbol: MDX
CUSIP #: 585090
MISSISSAUGA,
ON, Aug. 27, 2013 /CNW/ - MedX
Health Corp. ("MDX" or the "Company") (TSX-V: MDX) reported today
its financial and operational results for the Second Quarter of
fiscal 2013. All amounts are in Canadian dollars unless otherwise
stated.
Second Quarter Financial Highlights
The highlights for MDX, on a consolidated basis, are:
- Consolidated revenue increased by 20% to $190,000 in Q2 2013 compared to $158,000 in Q2 2012;
- Consolidated Gross Profit increased 22% to $111,920 in Q2 2013 compared to $92,000 in Q2 2012;
- Consolidated operating expenses decreased by 37% to
$287,000 in Q2 2013 compared to
$458,000 in Q2 2012;
- 52% decrease in consolidated net loss before income taxes to a
loss of $175,000 in Q2 2013 compared
to net loss of $365,000 in Q2
2012;
Steven Guillen,
CEO, said: "The Second Quarter of Fiscal 2013 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."
A summary of the Results for the Second Quarters
of fiscal 2013 and 2012 (in thousands of dollars, except per share
earnings) is included in the Table below:
|
2013 - Q2 |
2012 - Q2 |
Revenues |
190 |
158 |
Cost of goods sold |
78 |
65 |
Gross profit (loss) |
112 |
93 |
Comprehensive loss |
(175) |
(365) |
Per share |
(0.01) |
(0.01) |
Total assets |
469 |
681 |
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 Six Months ended June 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 Six Months ended June 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.
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.
MEDX HEALTH
CORP. |
|
|
|
Consolidated
Statement of Financial Position |
|
|
|
(Expressed in Canadian
dollars) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
As at, |
|
June 30, 2013 |
|
December 31,
2012 |
|
|
|
|
|
ASSETS |
|
$ |
|
$ |
CURRENT ASSETS |
|
|
|
|
Cash |
7,420 |
|
16,051 |
|
Trade and other receivables (note 5) |
109,828 |
|
127,450 |
|
Inventory (note 6) |
121,736 |
|
97,677 |
|
Prepaid expenses and deposits |
10,283 |
|
11,150 |
|
|
249,267 |
|
252,328 |
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT (note 7) |
42,320 |
|
33,158 |
INTANGIBLE ASSETS
(note 8) |
177,217 |
|
190,217 |
|
|
|
|
|
|
|
468,804 |
|
475,703 |
|
|
|
|
|
LIABILITIES |
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
Trade and other payables (note 9) |
4,228,952 |
|
3,985,297 |
|
Demand loans (note 10) |
929,394 |
|
779,394 |
|
Convertible debentures |
177,406 |
|
171,118 |
|
|
5,335,752 |
|
4,935,809 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
DEFICIENCY |
|
|
|
CAPITAL STOCK (note
11) |
12,693,913 |
|
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 |
|
(20,137,115) |
|
(19,613,639) |
|
|
|
|
|
|
|
(4,866,948) |
|
(4,460,106) |
|
|
|
|
|
|
|
468,804 |
|
475,703 |
|
|
|
|
|
Approved by the Board
of Directors on August 27, 2013 |
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of these consolidated financial
statements. |
NOTICE TO READER: These unaudited interim financial
statements have not been reviewed by the Company's Auditors
MEDX HEALTH CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive
Loss
For the Three and Six Month periods ended June 30, 2013 and
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
Jun 30,
2013 |
|
Jun 30,
2012 |
|
Jun 30,
2013 |
|
Jun 30,
2012 |
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
$ |
|
$ |
SALES |
190,366 |
|
158,042 |
|
309,794 |
|
361,213 |
|
|
|
|
|
|
|
|
COST OF SALES |
78,446 |
|
65,263 |
|
133,505 |
|
146,879 |
|
|
|
|
|
|
|
|
GROSS PROFIT |
111,920 |
|
92,779 |
|
176,289 |
|
214,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Selling, general and
administrative |
243,241 |
|
440,962 |
|
597,568 |
|
867,792 |
Research and development costs |
- |
|
- |
|
- |
|
6,410 |
Interest accretion on convertible
debentures |
3,144 |
|
- |
|
6,288 |
|
- |
Interest on demand loans and
convertible debentures |
35,588 |
|
- |
|
64,461 |
|
- |
Foreign exchange loss (gain) |
(4,268) |
|
6,164 |
|
(2,556) |
|
2,383 |
Depreciation of property, plant and
equipment |
2,522 |
|
2,057 |
|
4,371 |
|
4,040 |
Amortization of intangible assets |
6,500 |
|
8,500 |
|
13,000 |
|
17,000 |
Loss on debt settlement with common
shares |
- |
|
- |
|
16,634 |
|
39,402 |
|
286,727 |
|
457,683 |
|
699,766 |
|
937,027 |
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS |
(174,807) |
|
(364,904) |
|
(523,477) |
|
(722,693) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
per common shares - basic
and diluted |
(0.01) |
|
(0.01) |
|
(0.02) |
|
(0.02) |
|
|
|
|
|
|
|
|
Weighted average
number of Common Shares
outstanding - basic and fully diluted |
41,345,511 |
|
36,341,513 |
|
40,651,558 |
|
36,022,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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The
accompanying notes are an integral part of these consolidated
financial statements. |
NOTICE TO READER: These unaudited interim financial
statements have not been reviewed by the Company's Auditors
MEDX HEALTH
CORP. |
|
|
|
|
Consolidated Statement of Cash Flows
For the Three and Six Month periods ended June 30, 2013 and
2012 |
|
|
|
|
|
|
(Expressed in Canadian
dollars) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Three months ended |
Six months ended |
|
|
Jun 30,
2013 |
Jun 30,
2012 |
Jun 30,
2013 |
Jun 30,
2012 |
|
|
$ |
$ |
$ |
$ |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
Comprehensive
loss |
(174,807) |
(364,904) |
(523,477) |
(722,693) |
|
|
|
|
|
|
|
Adjustments for
non-cash items: |
|
|
|
|
|
|
Depreciation of
property, plant and equipment |
2,522 |
2,057 |
4,371 |
4,040 |
|
|
Amortization of
intangible assets |
6,500 |
8,500 |
13,000 |
17,000 |
|
|
Foreign exchange
gain |
(4,268) |
- |
(2,556) |
- |
|
|
Loss on debt
settlement with common shares |
- |
- |
16,634 |
39,402 |
|
|
Interest accretion on
convertible debentures |
3,144 |
3,144 |
6,288 |
6,288 |
|
|
Accrued interest on demand loans and convertible
debentures |
35,588 |
30,694 |
64,461 |
61,124 |
|
|
Trade debt settled
with common shares |
- |
- |
100,000 |
98,506 |
|
|
Net
change in non-cash operating working capital
items |
|
|
|
|
|
|
|
Trade and other receivables |
(30,084) |
1,200 |
17,622 |
40,543 |
|
|
|
Inventory |
(17,003) |
4,267 |
(24,059) |
14,828 |
|
|
|
Prepaid expenses and deposits |
(942) |
(5,925) |
867 |
(17,380) |
|
|
|
Deferred revenue |
- |
(6,925) |
- |
(13,850) |
|
|
|
Trade payables and other
payables |
44,037 |
304,588 |
181,633 |
427,590 |
Cash flow (used in)
from operating activities |
(135,313) |
(23,304) |
(145,216) |
(44,602) |
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
Purchases of property,
plant and equipment |
(13,415) |
(1,493) |
(13,415) |
(5,380) |
|
Purchase of intangible
assets |
- |
6,227 |
- |
(21,972) |
Cash flow used in
investing activities |
(13,415) |
4,734 |
(13,415) |
(27,351) |
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
Proceeds from other
loans |
150,000 |
23,165 |
150,000 |
23,165 |
Cash flow used in
financing activities |
150,000 |
23,165 |
150,000 |
23,165 |
NET INCREASE
(DECREASE) IN CASH |
1,272 |
4,595 |
(8,631) |
(48,788) |
|
Cash, beginning of
period |
6,148 |
5,322 |
16,051 |
58,705 |
CASH, END OF
PERIOD |
7,420 |
9,917 |
7,420 |
9,917 |
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of these consolidated financial
statements. |
|
NOTICE TO READER: These unaudited interim financial
statements have not been reviewed by the Company's Auditors
MEDX HEALTH CORP. |
|
|
|
|
|
|
|
Consolidated
Statements of Changes in Shareholders' Deficiency
For the Three and Six Month periods ended June 30, 2013 and
2012
(Expressed in Canadian Dollars)
(Unaudited) |
|
|
|
|
|
|
|
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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 |
1,794,365 |
116,634 |
- |
- |
- |
- |
116,634 |
Comprehensive loss |
- |
- |
- |
- |
- |
(523,477) |
(523,477) |
|
|
|
|
|
|
|
|
Balance, June 30, 2013 |
41,345,511 |
12,693,913 |
16,906 |
1,388,124 |
1,171,224 |
(20,137,115) |
(4,866,948) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of these consolidated financial
statements. |
NOTICE TO READER: These unaudited interim financial
statements have not been reviewed by the Company's Auditors
SOURCE MedX Health Corp.