Burcon NutraScience : Earnings Document

(In Canadian dollars)

March 31,

June 30, 2023

2023

ASSETS

Current assets

Cash

3,571,886

1,456,845

Amounts receivable (notes 5 and 6)

169,280

332,118

Prepaid expenses

126,266

75,902

3,867,432

1,864,865

Property and equipment, net of accumulated depreciation of

$4,490,614 (March 31, 2023 - $4,434,598)

945,312

983,924

Deferred development costs, net of accumulated amortization of

$632,253 (March 31, 2023 - $526,878) (note 6)

5,690,275

5,795,650

Goodwill

1,254,930

1,254,930

11,757,949

9,899,369

LIABILITIES

Current liabilities

Accounts payable and accrued liabilities

675,720

590,936

Lease liabilities

48,049

34,431

723,769

625,367

Secured loan (notes 4 and 11)

5,224,613

5,112,381

Lease liabilities

7,059

24,310

5,955,441

5,762,058

SHAREHOLDERS' EQUITY (note 7)

Capital stock

117,718,241

114,566,577

Contributed surplus

16,830,753

16,763,830

Options

7,381,835

7,279,559

Warrants

228,572

-

Restricted share units

155,496

127,651

Deficit

(136,512,389)

(134,600,306)

5,802,508

4,137,311

11,757,949

9,899,369

Going concern (note 1)

Subsequent events (note 16)

Approved by the Audit Committee of the Board of Directors

"Douglas Gilpin"

"Alfred Lau"

________________________________

_________________________________

Director

Director

2023

2022

REVENUE

Royalty income (note 6)

-

90,538

EXPENSES

Research and development (note 8)

936,370

1,248,277

General and administrative (note 9)

836,560

911,391

1,772,930

2,159,668

LOSS FROM OPERATIONS

(1,772,930)

(2,069,130)

INTEREST AND OTHER INCOME

27,379

116,018

SHARE OF LOSS IN MERIT FUNCTIONAL FOODS

CORPORATION (note 6)

-

(2,003,740)

INTEREST AND OTHER EXPENSE (note 4)

(130,974)

(40,762)

FOREIGN EXCHANGE (LOSS) GAIN

(35,558)

1,446

LOSS AND COMPREHENSIVE LOSS FOR THE

PERIOD

(1,912,083)

(3,996,168)

BASIC AND DILUTED LOSS PER SHARE (note 10)

(0.02)

(0.04)

Number of

Capital

Contributed

Options

Warrants

Restricted

Deficit

Total

fully paid

stock

surplus

share units

shareholders'

common

equity

shares

(unlimited

number of

common shares

without par

value)

Balance - March 31, 2022

108,728,742

114,566,577

15,863,592

7,041,049

-

12,078

(109,236,056)

28,247,240

Loss and comprehensive loss

-

-

-

-

-

-

(3,996,168)

(3,996,168)

for the period

Options forfeited

-

-

11,484

(11,484)

-

-

-

-

Stock-based compensation

-

-

-

247,396

-

22,553

-

269,949

Balance - June 30, 2022

108,728,742

114,566,577

15,875,076

7,276,961

-

34,631

(113,232,224)

24,521,021

Balance - March 31, 2023

108,728,742

114,566,577

16,763,830

7,279,559

-

127,651

(134,600,306)

4,137,311

Loss and comprehensive loss

-

-

-

-

-

-

(1,912,083)

(1,912,083)

for the period

Private placement

12,880,829

3,181,093

-

-

232,327

- -

-

3,413,420

Issue costs

-

(51,428)

-

-

(3,755)

-

-

(55,183)

Options forfeited

-

-

66,923

(66,923)

-

-

-

-

Restricted share units redeemed

45,520

21,999

-

-

-

(19,654)

-

2,345

Stock-based compensation

-

-

-

169,199

-

47,499

-

216,698

Balance - June 30, 2023

121,655,091

117,718,241

16,830,753

7,381,835

228,572

155,496

(136,512,389)

5,802,508