Elevai Labs Inc

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 September 30, 2024, and 2023

(Unaudited - Expressed in United States Dollars)

Condensed Consolidated Balance Sheets

(Unaudited - Expressed in United States dollar)

As of:	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash	$6,425,670	$3,326,851
Receivables, net	27,887	36,161
Prepaids and deposits	787,848	1,060,765
Inventory, net	986,421	495,667
Total Current Assets	8,227,826	4,919,444
Deposit	-	10,773
Property and equipment, net	52,528	53,119
Intangibles, net	2,823,530	-
Operating lease right-of-use asset	101,471	206,582
TOTAL ASSETS	$11,205,355	$5,189,918
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$1,216,191	$669,375
Customer deposits	39,583	36,693
Due to related parties	419,457	77,127
Current portion of consideration payable	350,000	-
Current portion of lease liability	103,309	145,000
Derivative liabilities	1,882	369,158
Total Current Liabilities	2,130,422	1,297,353
Consideration payable	519,711	-
Operating lease liability	-	65,489
TOTAL LIABILIITES	$2,650,133	$1,362,842
Commitments and Contingencies
EQUITY
Common stock, $0.0001 par value, 300,000,000 shares authorized; 49,376,039 and 17,329,615 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively	4,938	1,733
Additional paid-in capital	19,884,944	10,849,031
Accumulated other comprehensive income	228	202
Accumulated deficit	(11,334,888)	(7,023,890)
TOTAL EQUITY	8,555,222	3,827,076
TOTAL LIABILITIES AND EQUITY	$11,205,355	$5,189,918

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited - Expressed in United States dollar)

	Three months ended September 30, 2024	Three months ended September 30, 2023	Nine months ended September 30, 2024	Nine months ended September 30, 2023
Revenue	$527,478	554,654	1,747,570	1,014,004
Cost of sales	133,577	188,509	468,763	341,122
Gross profit	$393,901	366,145	1,278,807	672,882
Expenses
Depreciation and amortization	2,686	2,439	7,779	7,824
Marketing and promotion	94,514	99,709	1,209,041	316,436
Consulting fees	235,461	82,781	817,030	316,468
Office and administrative	553,808	664,922	2,096,372	1,628,931
Professional fees	249,889	143,654	587,954	450,384
Investor relations	36,862	9,100	141,484	84,820
Research and development	95,260	86,374	268,786	303,769
Foreign exchange (gain) loss	875	(3,113)	1,660	(480)
Travel and entertainment	44,383	65,830	160,612	250,000
Total Expenses	$1,313,738	1,151,696	5,290,718	3,358,152
Net loss before other income (expense)	$(919,837)	(785,551)	(4,011,911)	(2,685,270)
Other income (expense)
Change in fair value of derivative liabilities	65,474	8,192	367,277	(451,054)
Interest expense	(648,332)	(5,713)	(702,675)	(12,758)
Interest income	95	25	245	5,481
Other income	1,343	-	36,066	-
Net loss	$(1,501,257)	(783,047)	(4,310,998)	(3,143,601)
Other comprehensive income (loss)
Currency translation adjustment	(1,014)	387	26	762
Total comprehensive loss	$(1,502,271)	(782,660)	(4,310,972)	(3,142,839)
Basic and diluted loss per share	$(0.068)	(0.078)	(0.226)	(0.318)
Weighted average shares outstanding	22,159,118	10,023,002	19,105,176	9,900,744

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, July 1, 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
Private placement	-	-	-	-	-	-	129,998	13	389,984	-	-	389,997
Share-based compensation	-	-	-	-	-	-	-	-	161,480	-	-	161,480
Net loss for the period	-	-	-	-	-	-	-	-	-	(783,047)	-	(783,047)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	387	387
Balance, September 30, 2023	213,730	21	3,635,252	364	1,861,799	186	10,118,834	1,012	5,699,623	(5,865,974)	873	(163,895)
Balance, July 1, 2024	-	-	-	-	-	-	18,892,115	1,889	12,470,136	(9,833,631)	1,242	2,639,636
Issued and issuable for acquisition of intangible assets	-	-	-	-	-	-	612,500	62	(62)	-	-	-
Issued pursuant to public offering	-	-	-	-	-	-	28,571,425	2,857	7,042,143	-	-	7,045,000
Issued pursuant to Securities Purchase Agreement	-	-	-	-	-	-	1,299,999	130	325,689	-	-	325,819
Share-based compensation	-	-	-	-	-	-	-	-	47,038	-	-	47,038
Net loss for the period	-	-	-	-	-	-	-	-		(1,501,257)	-	(1,501,257)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	(1,014)	(1,014)
Balance, September 30, 2024	-	-	-	-	-	-	49,376,039	4,938	19,884,944	(11,334,888)	228	8,555,222

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	-	-	-	-	-	-	487,859	49	1,463,537	-	-	1,463,586
Exercise of stock options	-	-	-	-	-	-	62,500	6	37,494	-	-	37,500
Share-based compensation	-	-	-	-	-	-	-	-	346,548	-	-	346,548
Net loss for the period	-	-	-	-	-	-	-	-	-	(3,143,601)	-	(3,143,601)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	762	762
Balance, September 30, 2023	213,730	21	3,635,252	364	1,861,799	186	10,118,834	1,012	5,699,623	(5,865,974)	873	(163,895)
Balance, January 1, 2024	-	-	-	-	-	-	17,329,615	1,733	10,849,031	(7,023,890)	202	3,827,076
Issued and issuable for acquisition of intangible assets	-	-	-	-	-	-	2,175,000	218	1,610,560	-	-	1,610,778
Issued pursuant to public offering	-	-	-	-	-	-	28,571,425	2,857	7,042,143	-	-	7,045,000
Issued pursuant to Securities Purchase Agreement	-	-	-	-	-	-	1,299,999	130	325,689	-	-	325,819
Share-based compensation	-	-	-	-	-	-	-	-	57,521	-	-	57,521
Net loss for the period	-	-	-	-	-	-	-	-	-	(4,310,998)	-	(4,310,998)
Currency translation adjustment	-	-	-	-	-	-	-	-	-	-	26	26
Balance, September 30, 2024	-	-	-	-	-	-	49,376,039	4,938	19,884,944	(11,334,888)	228	8,555,222

Condensed Consolidated Statements of Cash Flows

For the Nine months ended September 30, 2024, and 2023

September 30, 2024 · September 30, 2023
Operating activities
Net loss	$(4,310,998)		$(3,143,601)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,715		8,737
Share-based compensation	57,521		346,548
Straight-line rent expense	(2,069)		(2,068)
Change in fair value of derivative liabilities	(367,277)		451,054
Non-cash interest expense on notes payable and consideration payable	671,578		-
R&D costs for intangible assets	61,019		-
Changes in operating assets and liabilities:
Receivables	8,266		4,507
Prepaid expenses and deposits	283,722		(138,636)
Inventory	(490,754)		(269,164)
Accounts payable and accrued liabilities	383,119		449,281
Customer deposits	2,890		44,681
Due to related parties	206,833		80,000
Cash flows used in operating activities	$(3,486,435)		$(2,168,661)
Investing activities
Purchase of equipment	(9,160)		(11,191)
Purchase of intangible assets	(162,320)		-
Cash flows used in investing activities	$(171,480)		$(11,191)
Financing activities
Net proceeds from issuance of common stock and warrants	6,993,059		1,463,586
Net proceeds from issuance of Notes	914,442		-
Repayment of Notes	(1,150,000)		-
Exercise of stock options	-		37,500
Cash flows provided by financing activities	$6,757,501		$1,501,086
Effect of exchange rate changes on cash	(767)		720
Increase (decrease) in cash	3,098,819		(678,046)
Cash, beginning of period	3,326,851		1,154,901
Cash, ending of period	$6,425,670		$476,855
Supplemental cash flow information:
Cash paid for interest	$23,248		$4,898
Cash paid for taxes	-		-
Non-cash Investing and Financing transactions:
Common stock issued and issuable on acquisition of intangible asset	$1,610,778	$	-

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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.