Elevai Labs Inc

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

About 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.

Jun 30, 2024 · Filed Aug 14, 2024

ELAB$1.69+7.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Condensed Consolidated Financial Statements of

For the quarterly periods ended June 30, 2024, and 2023

(Unaudited - Expressed in United States Dollars)

Condensed Consolidated Balance Sheets

(Unaudited - Expressed in United States dollar)

As of:	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash	$100,034	$3,326,851
Receivables, net	29,070	36,161
Prepaids and deposits	923,444	1,060,765
Inventory, net	978,548	495,667
Total Current Assets	2,031,096	4,919,444
Deposit	10,773	10,773
Property and equipment, net	55,751	53,119
Intangibles, net	2,845,066	-
Operating lease right-of-use asset	137,535	206,582
TOTAL ASSETS	$5,080,221	$5,189,918
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$1,181,441	$669,375
Customer deposits	24,314	36,693
Due to related parties	173,648	77,127
Current portion of consideration payable	348,403	-
Current portion of lease liability	140,063	145,000
Derivative liabilities	67,355	369,158
Total Current Liabilities	1,935,224	1,297,353
Consideration payable	505,361	-
Operating lease liability	-	65,489
TOTAL LIABILIITES	$2,440,585	$1,362,842
Commitments and Contingencies
EQUITY
Common stock, $0.0001 par value, 300,000,000 shares authorized; 18,892,115 and 17,329,615 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively	1,889	1,733
Additional paid-in capital	12,470,136	10,849,031
Accumulated other comprehensive income	1,242	202
Accumulated deficit	(9,833,631)	(7,023,890)
TOTAL EQUITY	2,639,636	3,827,076
TOTAL LIABILITIES AND EQUITY	$5,080,221	$5,189,918

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited - Expressed in United States dollar)

	Three months ended June 30, 2024	Three months ended June 30, 2023	Six months ended June 30, 2024	Six months ended June 30, 2023
Revenue	$605,529	316,530	1,220,092	459,350
Cost of sales	166,275	108,180	335,186	152,613
Gross profit	$439,254	208,350	884,906	306,737
Expenses
Depreciation and amortization	2,709	2,888	5,093	5,385
Marketing and promotion	721,489	114,051	1,114,527	216,727
Consulting fees	185,443	149,723	581,569	233,687
Office and administrative	663,956	529,950	1,542,564	964,009
Professional fees	158,143	168,933	338,065	306,730
Investor relations	6,377	37,452	104,622	75,720
Research and development	52,385	133,654	173,526	217,395
Foreign exchange (gain) loss	244	2,374	785	2,633
Travel and entertainment	57,121	122,655	116,229	184,170
Total Expenses	$1,847,867	1,261,680	3,976,980	2,206,456
Net loss before other income (expense)	$(1,408,613)	(1,053,330)	(3,092,074)	(1,899,719)
Other income (expense)
Change in fair value of derivative liabilities	26,864	(222,468)	301,803	(459,246)
Interest expense	(30,806)	(4,409)	(54,343)	(7,045)
Interest income	64	349	150	5,456
Other income	-	-	34,723	-
Net loss	$(1,412,491)	(1,279,858)	(2,809,741)	(2,360,554)
Other comprehensive income (loss)
Currency translation adjustment	(141)	262	1,040	375
Total comprehensive loss	$(1,412,632)	(1,279,596)	(2,808,701)	(2,360,179)
Basic and diluted loss per share	$(0.08)	(0.128)	(0.158)	(0.240)
Weighted average shares outstanding	18,298,572	9,976,725	17,814,093	9,838,599

Condensed Consolidated Statements of Changes in Stockholders’ Equity

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, April 1, 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
Private placement	-	-	-	-	-	-	107,861	11	323,578	-	-	323,589
Share-based compensation	-	-	-	-	-	-	-	-	109,907	-	-	109,907
Net loss for the period	-	-	-	-	-	-	-	-	-	(1,279,858)	-	(1,279,858)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	262	262
Balance, June 30, 2023	213,730	21	3,635,252	364	1,861,799	186	9,988,836	999	5,148,159	(5,082,927)	486	67,288
Balance, April 1, 2024	-	-	-	-	-	-	17,329,615	1,733	10,904,370	(8,421,140)	1,383	2,486,346
Issued for acquisition of intangible assets	-	-	-	-	-	-	1,562,500	156	772,247	-	-	772,403
Obligation to issue stock for acquisition of intangible assets	-	-	-	-	-	-	-	-	838,374	-	-	838,374
Share-based compensation	-	-	-	-	-	-	-	-	(44,855)	-	-	(44,855)
Net loss for the period	-	-	-	-	-	-	-	-		(1,412,491)	-	(1,412,491)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	(141)	(141)
Balance, June 30, 2024	-	-	-	-	-	-	18,892,115	1,889	12,470,136	(9,833,631)	1,242	2,639,636

Condensed Consolidated Statements of Changes in Stockholders’ Equity

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	-	-	-	-	-	-	357,861	36	1,073,553	-	-	1,073,589
Exercise of stock options	-	-	-	-	-	-	62,500	6	37,494	-	-	37,500
Share-based compensation	-	-	-	-	-	-	-	-	185,068	-	-	185,068
Net loss for the period	-	-	-	-	-	-	-	-	-	(2,360,554)	-	(2,360,554)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	375	375
Balance, June 30, 2023	213,730	21	3,635,252	364	1,861,799	186	9,988,836	999	5,148,159	(5,082,927)	486	67,288
Balance, January 1, 2024	-	-	-	-	-	-	17,329,615	1,733	10,849,031	(7,023,890)	202	3,827,076
Issued for acquisition of intangible assets							1,562,500	156	772,247	-	-	772,403
Obligation to issue stock for acquisition of intangible assets	-	-	-	-	-	-	-	-	838,374	-	-	838,374
Share-based compensation	-	-	-	-	-	-	-	-	10,484	-	-	10,484
Net loss for the period	-	-	-	-	-	-	-	-	-	(2,809,741)	-	(2,809,741)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	1,040	1,040
Balance, June 30, 2024	-	-	-	-	-	-	18,892,115	1,889	12,470,136	(9,833,631)	1,242	2,639,636

Condensed Consolidated Statements of Cash Flows

For the Six months ended June 30, 2024, and 2023

June 30, 2024 · June 30, 2023
Operating activities
Net loss		$(2,809,741)		$(2,360,554)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		45,960		5,825
Share-based compensation		10,484		185,068
Straight-line rent expense		(1,379)		(1,378)
Change in fair value of derivative liabilities		(301,803)		459,246
Non-cash interest expense		42,312		-
R&D costs for intangible assets		39,483		-
Changes in operating assets and liabilities:
Receivables		6,958		(21,480)
Prepaid expenses and deposits		137,295		(183,518)
Inventory		(482,881)		(247,718)
Accounts payable and accrued liabilities		210,111		375,053
Customer deposits		(12,379)		75,194
Due to related parties		50,306		60,000
Cash flows used in operating activities		$(3,104,757)		$(1,654,262)
Investing activities
Purchase of equipment		(9,160)		(11,191)
Purchase of intangible assets		(112,320)		-
Cash flows used in investing activities		$(121,480)		$(11,191)
Financing activities
Exercise of stock options		-		37,500
Proceeds from issuance of common stock and warrants		-		1,073,589
Cash flows provided by financing activities	$	-		$1,111,089
Effect of exchange rate changes on cash		(580)		728
Decrease in cash		(3,226,817)		(553,636)
Cash, beginning of period		3,326,851		1,154,901
Cash, ending of period		$100,034		$601,265
Supplemental cash flow information:
Cash paid for interest		$11,104		$4,898
Cash paid for taxes		-		-
Non-cash Investing and Financing transactions:
Common stock issued and issuable on acquisition of intangible asset		$772,247	$	-
Obligation to issue stock for acquisition of intangible assets		$838,374	$	-

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.