Neovasc Announces First Quarter 2019 Financial Results

Friday, May 10, 2019 General News
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NEOVASC INC.

Consolidated Statements of Loss and Comprehensive Loss

For years ended March 31,

(Expressed in U.S. dollars) 

2019

2018

REVENUE

$

585,793

$

339,922

COST OF GOODS SOLD

(143,994)

(87,393)

GROSS PROFIT

441,799

252,529

EXPENSES

Selling expenses

368,233

286,938

General and administrative expenses

2,680,931

2,469,091

Product development and clinical trials expenses

4,239,963

3,999,391

7,289,127

6,755,420

OPERATING LOSS

(6,847,328)

(6,502,891)

OTHER (EXPENSE)/INCOME

Interest income

3,709

26,036

Impairment on right-of-use asset

(260,616)

-

Gain/(loss) on foreign exchange

20,518

(72,563)

Unrealized loss on derivative liability and convertible note

(781,621)

(4,337,049)

Realized loss on exercise of warrants and convertible note

(786,407)

(17,557,693)

Amortization of deferred loss

-

(27,382,735)

(1,804,417)

(48,324,003)

LOSS BEFORE TAX

(8,651,745)

(55,826,894)

Tax recovery/(expense)

36,370

(53,654)

LOSS FOR THE PERIOD

$

(8,615,375)

$

(55,880,548)

OTHER COMPREHENSIVE INCOME FOR THE PERIOD

Fair market value changes in convertible note due to changes in own credit risk

696,553

413,633

696,553

413,633

LOSS AND OTHER COMPREHENSIVE LOSS FOR THE PERIOD

$

(7,918,822)

$

(55,466,915)

LOSS PER SHARE

Basic and diluted loss per share

$

(0.21)

$

(0.38)



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