Elevai Labs Inc
For the period ended Mar 31, 2024. Filed May 15, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
(Expressed in United States Dollars)
Condensed Consolidated Balance Sheets
(Expressed in United States dollar)
| As of: | March 31, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash | $943,797 | $3,326,851 |
| Receivables, net | 54,205 | 36,161 |
| Prepaids and deposits | 1,197,687 | 1,060,765 |
| Inventory, net | 945,064 | 495,667 |
| Total Current Assets | 3,140,753 | 4,919,444 |
| Deposit | 10,773 | 10,773 |
| Property and equipment, net | 59,003 | 53,119 |
| Intangibles, net | 843,505 | - |
| Operating lease right-of-use asset | 172,562 | 206,582 |
| TOTAL ASSETS | $4,226,596 | $5,189,918 |
| LIABILITIES | ||
| Current Liabilities | ||
| Accounts payable and accrued liabilities | $528,822 | $669,375 |
| Customer deposits | 35,148 | 36,693 |
| Due to related parties | 75,836 | 77,127 |
| Current portion of consideration payable | 338,889 | - |
| Current portion of lease liability | 149,208 | 145,000 |
| Derivative liabilities | 94,219 | 369,158 |
| Total Current Liabilities | 1,222,122 | 1,297,353 |
| Consideration payable | 491,557 | - |
| Operating lease liability | 26,571 | 65,489 |
| TOTAL LIABILIITES | $1,740,250 | $1,362,842 |
| Commitments and Contingencies | ||
| EQUITY | ||
| Common stock, $0.0001 par value, 300,000,000 shares authorized; 17,329,615 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively | 1,733 | 1,733 |
| Additional paid-in capital | 10,904,370 | 10,849,031 |
| Accumulated other comprehensive income | 1,383 | 202 |
| Accumulated deficit | (8,421,140) | (7,023,890) |
| TOTAL EQUITY | 2,486,346 | 3,827,076 |
| TOTAL LIABILITIES AND EQUITY | $4,226,596 | $5,189,918 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Expressed in United States dollar)
| Three months ended March 31, 2024 | Three months ended March 31, 2023 | |
|---|---|---|
| Revenue | $614,563 | 142,820 |
| Cost of sales | 168,911 | 44,433 |
| Gross profit | $445,652 | 98,387 |
| Expenses | ||
| Depreciation and amortization | 20,331 | 2,497 |
| Marketing and promotion | 393,038 | 102,676 |
| Consulting fees | 396,126 | 83,964 |
| Office and administrative | 878,608 | 434,059 |
| Professional fees | 179,922 | 137,797 |
| Investor relations | 98,245 | 38,268 |
| Research and development | 103,194 | 83,741 |
| Foreign exchange (gain) loss | 541 | 259 |
| Travel and entertainment | 59,108 | 61,515 |
| Total Expenses | $2,129,113 | 944,776 |
| Net loss before other income (expense) | $(1,683,461) | (846,389) |
| Other income (expense) | ||
| Change in fair value of derivative liabilities | 274,939 | (236,778) |
| Interest income | 86 | 5,107 |
| Interest expense | (23,537) | (2,636) |
| Other income | 34,723 | - |
| Net loss | $(1,397,250) | (1,080,696) |
| Other comprehensive income (loss) | ||
| Currency translation adjustment | 1,181 | 113 |
| Total comprehensive loss | $(1,396,069) | (1,080,583) |
| Basic and diluted loss per share | $(0.081) | (0.111) |
| Weighted average shares outstanding | 17,329,615 | 9,707,364 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Expressed in United States dollars)
| Series seed 1 preferred stock · Series seed 2 preferred stock · Series A preferred stock · Common Stock · Additional · Accumulated other | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | paid-in capital | Accumulated deficit | comprehensive income | Total | |
| # | $ | # | $ | # | $ | # | $ | $ | $ | $ | $ | |
| Balance, January 1, 2023 | 213,730 | 21 | 3,635,252 | 364 | 1,861,799 | 186 | 9,568,475 | 957 | 3,852,044 | (2,722,373) | 111 | 1,131,310 |
| Private placement | - | - | - | - | - | - | 250,000 | 25 | 749,975 | - | - | 750,000 |
| Exercise of stock options | - | - | - | - | - | - | 62,500 | 6 | 37,494 | - | - | 37,500 |
| Share-based compensation | - | - | - | - | - | - | - | - | 75,161 | - | - | 75,161 |
| Net loss for the period | - | - | - | - | - | - | - | - | - | (1,080,696) | - | (1,080,696) |
| Currency translation adjustment | - | - | - | - | - | - | - | - | - | - | 113 | 113 |
| Balance, March 31, 2023 | 213,730 | 21 | 3,635,252 | 364 | 1,861,799 | 186 | 9,880,975 | 988 | 4,714,674 | (3,803,069) | 224 | 913,388 |
| Balance, January 1, 2024 | - | - | - | - | - | - | 17,329,615 | 1,733 | 10,849,031 | (7,023,890) | 202 | 3,827,076 |
| Share-based compensation | - | - | - | - | - | - | - | - | 55,339 | - | - | 55,339 |
| Net loss for the period | - | - | - | - | - | - | - | - | - | (1,397,250) | - | (1,397,250) |
| Currency translation adjustment | - | - | - | - | - | - | - | - | - | - | 1,181 | 1,181 |
| Balance, March 31, 2024 | - | - | - | - | - | - | 17,329,615 | 1,733 | 10,904,370 | (8,421,140) | 1,383 | 2,486,346 |
The accompanying notes are an integral part of these condensed consolidated financial statements
Condensed Consolidated Statements of Cash Flows
(Expressed in United States dollars)
| March 31, 2024 · March 31, 2023 | |||
|---|---|---|---|
| Operating activities | |||
| Net loss | $(1,397,250) | $(1,080,696) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 21,188 | 2,912 | |
| Share-based compensation | 55,339 | 75,161 | |
| Straight-line rent expense | (690) | (689) | |
| Change in fair value of derivative liabilities | (274,939) | 236,778 | |
| Non-cash interest expense | 18,994 | - | |
| Changes in operating assets and liabilities: | |||
| Receivables | (18,119) | (33,253) | |
| Prepaid expenses and deposits | (136,951) | (222,404) | |
| Inventory | (449,397) | (83,363) | |
| Accounts payable and accrued liabilities | (140,698) | 130,484 | |
| Customer deposits | (1,545) | 59,564 | |
| Due to related parties | - | 30,000 | |
| Cash flows used in operating activities | $(2,324,068) | $(885,506) | |
| Investing activities | |||
| Purchase of equipment | (9,160) | (11,191) | |
| Purchase of intangible assets | (50,000) | - | |
| Cash flows used in investing activities | $(59,160) | $(11,191) | |
| Financing activities | |||
| Exercise of stock options | - | 37,500 | |
| Proceeds from issuance of common stock and warrants | - | 750,000 | |
| Cash flows provided by financing activities | $ | - | $787,500 |
| Effect of exchange rate changes on cash | 174 | 141 | |
| Decrease in cash | (2,383,054) | (109,056) | |
| Cash, beginning of period | 3,326,851 | 1,154,901 | |
| Cash, ending of period | $943,797 | $1,045,845 | |
| Supplemental cash flow information: | |||
| Cash paid for interest | $4,542 | $2,636 | |
| Cash paid for taxes | - | - | |
The accompanying notes are an integral part of these condensed consolidated financial statements
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.