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0001892322
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2024-08-14
2024-08-14
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): August 14, 2024
HEARTCORE
ENTERPRISES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41272 |
|
87-0913420 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
1-2-33,
Higashigotanda, Shinagawa-ku, Tokyo, Japan
(Address
of principal executive offices)
+81-3-6409-6966
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under
any of the following provisions.
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
HTCR |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02. Results of Operations and Financial Condition.
On
August 14, 2024, HeartCore Enterprises, Inc. (the “Company”) issued a press release announcing its financial results for
the quarter ended June 30, 2024. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information contained in any website is not a part of this Current Report on Form 8-K.
The
information included in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that
section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the
“Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
HEARTCORE
ENTERPRISES, INC. |
|
|
Dated:
August 14, 2024 |
By: |
/s/
Sumitaka Yamamoto |
|
Name: |
Sumitaka
Yamamoto |
|
Title: |
Chief
Executive Officer |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
HeartCore
Reports Second Quarter 2024 Financial Results
NEW
YORK and TOKYO, August 14, 2024 (GLOBE NEWSWIRE) – HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the
Company”), a leading enterprise software and consulting services company based in Tokyo, reported financial results for the
second quarter ended June 30, 2024.
Second
Quarter 2024 and Recent Operational Highlights
|
● |
Partnered
with INCUDATA Corp. to enhance corporate digital marketing strategies |
|
● |
Announced
Go IPO Client, BloomZ, began trading on the Nasdaq Stock Exchange |
|
● |
Authorized
second dividend payment of $0.02 per share |
|
● |
Partnered
with Hitachi Systems, Ltd. to offer combined package of HeartCore CMS and GRED Web Security Assessment Cloud |
|
● |
Announced
and hosted seminar on U.S. exchange listing strategies for Japanese companies with Akerman LLP and Gateway Group |
|
● |
Sold
a Go IPO Client Warrant for $9 million that will be recognized as revenue when the client becomes a publicly listed company,
which is expected to occur in Fall 2024 |
|
● |
Disbursed
first dividend payment of $0.02 per share on May 3, 2024 |
|
● |
Expanded
partnership with Heart-Tech Health |
|
● |
Engaged
with Onside Content to develop AI-based content marketing evaluation and reporting index solution |
|
● |
Signed
14th Go IPO Client |
|
● |
Formed
an Artificial Intelligence Software Development Division |
Management
Commentary
“We
achieved significant strides in our Go IPO business, highlighted by the successful listing of one of our clients on the Nasdaq, which
is the first Japanese IPO since September 2023 and the third IPO since the inception of this business,” said HeartCore CEO Sumitaka
Kanno Yamamoto. “We are hopeful that this milestone marks the genesis of a second wave of Japanese IPOs, as the Go IPO pipeline
continues to show promising developments. Currently, we have three to four clients scheduled to go public by the end of the year. These
Go IPO deals are expected to be instrumental in our second-half performance, and with an optimistic outlook on the resurgence of Japanese
IPOs, we anticipate that our Go IPO business will play a key role in driving profitable returns in the upcoming quarter.”
“With
20% organic growth this quarter, and 30% organic growth expected for 2024, our software division continues to remain a stable growth
engine and reliable source of cash flow, serving as the lifeblood of HeartCore’s business operations. In addition, our strategic
partnerships with Hitachi Systems and INCUDATA Corp., two prominent Japanese IT companies, will further enhance and innovate our software
offerings, which will play a vital role in maintaining our 90% plus customer retention rate and separating ourselves from competitors.
I am very encouraged by every arm within our software umbrella, as each one is projected to be profitable and has proven to deliver immense
value to clients. The next few quarters look extremely bright for HeartCore; we look forward to sharing additional positive news around
our Go IPO initiatives and other general operational updates.”
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
Second
Quarter 2024 Financial Results
Revenues
were $4.1 million compared to $5.1 million in the same period last year. The decrease was primarily due to an approximate 10% depreciation
on the Japanese yen and a decrease in maintenance and supporting services, as the Company entered into a significant maintenance service
contract with an important customer in 2023. Additionally, although the organic software business has grown by more than 20%, the Company’s
subsidiary, Sigmaways recognized losses within its business, and one of the Company’s GO IPO clients has returned its fees after
discovering that it could not go public.
Gross
profit decreased to $0.8 million compared to $1.5 million in the same period last year. The decrease was primarily due to the aforementioned
reasons above.
Operating
expenses decreased to $2.3 million compared to $3.0 million in the same period last year. The improvement was primarily due to lower
selling and general and administrative expenses.
Net
loss was about $2.2 million or $(0.09) per diluted share compared to a net loss of $1.0 million or $(0.04) per diluted share, in the
same period last year.
As
of June 30, 2024, the Company had cash and cash equivalents of $3.8 million compared to $1.0 million on December 31, 2023.
Six-Months
2024 Financial Results
Revenues
were $9.1 million compared to $13.8 million in the same period last year. The decrease was primarily due to decreased revenues from Go
IPO consulting services, as the Company received warrants from two IPO consulting customers who successfully listed on the Nasdaq in
the same period last year, and a decrease in maintenance and supporting services, as the Company entered into a significant maintenance
service contract with an important customer in 2023. Additionally, although the organic software business has grown by more than 20%,
the Company’s subsidiary, Sigmaways recognized losses within its business, and one of the Company’s GO IPO clients has returned
its fees after discovering that it could not go public.
Gross
profit was $2.8 million compared to $7.1 million in the same period last year. The decrease was primarily due to the aforementioned reasons
above.
Operating
expenses decreased to $5.0 million compared to $6.3 million in the same period last year. The decrease was primarily due to lower selling
and general and administrative expenses.
Net
loss was about $3.7 million or $(0.16) per diluted share compared to a net income of $0.8 million or $0.05 per diluted share, in the
same period last year.
About
HeartCore Enterprises, Inc.
Headquartered
in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as
a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow
enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience
management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations,
which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business
that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of
enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional
information about the Company’s products and services is available at and https://heartcore-enterprises.com/.
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended, or the Private Securities Litigation Reform Act of 1995. All statements other
than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements
can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,”
“potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties,
and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking
statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission.
Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other
factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and
levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect
to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations,
growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even
if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated
by reference herein.
HeartCore
Investor Relations Contact:
Gateway
Group, Inc.
Matt
Glover and John Yi
HTCR@gateway-grp.com
(949)
574-3860
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
HeartCore
Enterprises, Inc.
Consolidated
Balance Sheets
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,806,349 | | |
$ | 1,012,479 | |
Accounts receivable | |
| 2,440,872 | | |
| 2,623,682 | |
Investments in marketable securities | |
| 435,498 | | |
| 642,348 | |
Investment in equity securities | |
| - | | |
| 300,000 | |
Prepaid expenses | |
| 3,877,454 | | |
| 536,865 | |
Current portion of long-term note receivable | |
| 100,000 | | |
| 100,000 | |
Due from related party | |
| 40,495 | | |
| 44,758 | |
Other current assets | |
| 199,221 | | |
| 234,761 | |
Total current assets | |
| 10,899,889 | | |
| 5,494,893 | |
| |
| | | |
| | |
Non-current assets: | |
| | | |
| | |
Accounts receivable, non-current | |
| 640,197 | | |
| - | |
Property and equipment, net | |
| 640,787 | | |
| 763,730 | |
Operating lease right-of-use assets | |
| 2,106,466 | | |
| 2,467,889 | |
Intangible asset, net | |
| 4,196,875 | | |
| 4,515,625 | |
Goodwill | |
| 3,276,441 | | |
| 3,276,441 | |
Long-term investment in SAFE | |
| 350,000 | | |
| - | |
Long-term investment in equity securities | |
| 300,000 | | |
| - | |
Long-term investment in warrants | |
| 543,120 | | |
| 2,004,308 | |
Long-term note receivable | |
| 200,000 | | |
| 200,000 | |
Deferred tax assets | |
| 395,743 | | |
| 369,436 | |
Security deposits | |
| 310,833 | | |
| 348,428 | |
Long-term loan receivable from related party | |
| 145,274 | | |
| 182,946 | |
Other non-current assets | |
| 70,309 | | |
| 71 | |
Total non-current assets | |
| 13,176,045 | | |
| 14,128,874 | |
| |
| - | | |
| | |
Total assets | |
$ | 24,075,934 | | |
$ | 19,623,767 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,757,545 | | |
$ | 1,757,038 | |
Accounts payable and accrued expenses - related party | |
| 21,579 | | |
| - | |
Accrued payroll and other employee costs | |
| 628,136 | | |
| 723,305 | |
Due to related party | |
| 140 | | |
| 1,476 | |
Short-term debt | |
| - | | |
| 135,937 | |
Current portion of long-term debts | |
| 508,729 | | |
| 371,783 | |
Insurance premium financing | |
| 112,488 | | |
| - | |
Factoring liability | |
| 320,759 | | |
| 562,767 | |
Operating lease liabilities, current | |
| 358,377 | | |
| 396,535 | |
Finance lease liabilities, current | |
| 15,992 | | |
| 17,445 | |
Income tax payables | |
| 1,142 | | |
| 162,689 | |
Deferred revenue | |
| 2,207,420 | | |
| 2,166,175 | |
Other current liabilities | |
| 9,261,012 | | |
| 216,405 | |
Total current liabilities | |
| 15,193,319 | | |
| 6,511,555 | |
| |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | |
Long-term debts | |
| 1,403,569 | | |
| 1,770,352 | |
Operating lease liabilities, non-current | |
| 1,804,967 | | |
| 2,135,160 | |
Finance lease liabilities, non-current | |
| 52,055 | | |
| 66,779 | |
Deferred tax liabilities | |
| 1,175,125 | | |
| 1,264,375 | |
Other non-current liabilities | |
| 685,364 | | |
| 208,732 | |
Total non-current liabilities | |
| 5,121,080 | | |
| 5,445,398 | |
| |
| | | |
| | |
Total liabilities | |
| 20,314,399 | | |
| 11,956,953 | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Preferred shares ($0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023) | |
| - | | |
| - | |
Common shares ($0.0001 par value, 200,000,000 shares authorized; 20,864,144 and 20,842,690 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) | |
| 2,085 | | |
| 2,083 | |
Additional paid-in capital | |
| 19,325,270 | | |
| 19,594,801 | |
Accumulated deficit | |
| (18,047,919 | ) | |
| (14,763,469 | ) |
Accumulated other comprehensive income | |
| 325,857 | | |
| 331,881 | |
Total HeartCore Enterprises, Inc. shareholders’ equity | |
| 1,605,293 | | |
| 5,165,296 | |
Non-controlling interests | |
| 2,156,242 | | |
| 2,501,518 | |
Total shareholders’ equity | |
| 3,761,535 | | |
| 7,666,814 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 24,075,934 | | |
$ | 19,623,767 | |
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
HeartCore
Enterprises, Inc.
Unaudited
Consolidated Statements of Operations and Comprehensive Income (Loss)
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 9,113,120 | | |
$ | 13,829,523 | |
Cost of revenues | |
| 6,275,050 | | |
| 6,688,004 | |
Gross profit | |
| 2,838,070 | | |
| 7,141,519 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling expenses | |
| 399,115 | | |
| 1,056,704 | |
General and administrative expenses | |
| 4,428,712 | | |
| 5,133,094 | |
Research and development expenses | |
| 200,402 | | |
| 119,232 | |
Total operating expenses | |
| 5,028,229 | | |
| 6,309,030 | |
| |
| | | |
| | |
Income (loss) from operations | |
| (2,190,159 | ) | |
| 832,489 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Changes in fair value of investments in marketable securities | |
| (430,331 | ) | |
| (229,022 | ) |
Changes in fair value of investments in warrants | |
| (1,237,707 | ) | |
| 166,107 | |
Interest income | |
| 4,624 | | |
| 50,270 | |
Interest expenses | |
| (73,701 | ) | |
| (82,454 | ) |
Other income | |
| 134,874 | | |
| 124,001 | |
Other expenses | |
| (49,050 | ) | |
| (36,754 | ) |
Total other expenses | |
| (1,651,291 | ) | |
| (7,852 | ) |
| |
| | | |
| | |
Income (loss) before income tax provision | |
| (3,841,450 | ) | |
| 824,637 | |
| |
| | | |
| | |
Income tax expense (benefit) | |
| (152,330 | ) | |
| 39,446 | |
| |
| | | |
| | |
Net income (loss) | |
| (3,689,120 | ) | |
| 785,191 | |
Less: net loss attributable to non-controlling interests | |
| (404,670 | ) | |
| (185,298 | ) |
Net income (loss) attributable to HeartCore Enterprises, Inc. | |
$ | (3,284,450 | ) | |
$ | 970,489 | |
| |
| | | |
| | |
Other comprehensive income (loss): | |
| | | |
| | |
Foreign currency translation adjustment | |
| (13,825 | ) | |
| 5,499 | |
| |
| | | |
| | |
Total comprehensive income (loss) | |
| (3,702,945 | ) | |
| 790,690 | |
Less: comprehensive loss attributable to non-controlling interests | |
| (412,471 | ) | |
| (187,258 | ) |
Comprehensive income (loss) attributable to HeartCore Enterprises, Inc. | |
$ | (3,290,474 | ) | |
$ | 977,948 | |
| |
| | | |
| | |
Net income (loss) per common share attributable to HeartCore Enterprises, Inc. | |
| | | |
| | |
Basic | |
$ | (0.16 | ) | |
$ | 0.05 | |
Diluted | |
$ | (0.16 | ) | |
$ | 0.05 | |
| |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | |
Basic | |
| 20,859,429 | | |
| 19,959,333 | |
Diluted | |
| 20,859,429 | | |
| 19,959,333 | |
![](https://www.sec.gov/Archives/edgar/data/1892322/000149315224031893/ex99-1_001.jpg)
HeartCore
Enterprises, Inc.
Unaudited
Consolidated Statements of Cash Flows
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities | |
| | | |
| | |
Net income (loss) | |
$ | (3,689,120 | ) | |
$ | 785,191 | |
Adjustments to reconcile net income (loss) to net cash flows used in operating
activities: | |
| | | |
| | |
Depreciation and amortization expenses | |
| 374,946 | | |
| 306,097 | |
Amortization of debt issuance costs | |
| 2,296 | | |
| 1,316 | |
Non-cash lease expense | |
| 182,546 | | |
| 155,301 | |
Gain on termination of lease | |
| (469 | ) | |
| - | |
Deferred income taxes | |
| (153,531 | ) | |
| (75,240 | ) |
Stock-based compensation | |
| 147,754 | | |
| 1,094,393 | |
Warrants received as noncash consideration | |
| - | | |
| (4,009,335 | ) |
Changes in fair value of investments in marketable securities | |
| 430,331 | | |
| 229,022 | |
Changes in fair value of investment in warrants | |
| 1,237,707 | | |
| (166,107 | ) |
Loss on disposal of property and equipment | |
| 1,894 | | |
| - | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (548,402 | ) | |
| (596,312 | ) |
Prepaid expenses | |
| 158,110 | | |
| 1,245 | |
Other assets | |
| (7,526 | ) | |
| 23,277 | |
Accounts payable and accrued expenses | |
| 272,375 | | |
| (8,359 | ) |
Accounts payable and accrued expenses - related party | |
| 21,956 | | |
| - | |
Accrued payroll and other employee costs | |
| (278,361 | ) | |
| 124 | |
Due to related party | |
| (1,246 | ) | |
| 4,214 | |
Operating lease liabilities | |
| (183,047 | ) | |
| (147,035 | ) |
Income tax payables | |
| (152,697 | ) | |
| 106,625 | |
Deferred revenue | |
| 165,073 | | |
| 810,639 | |
Other liabilities | |
| 558,667 | | |
| 116,382 | |
Net cash flows used in operating activities | |
| (1,460,744 | ) | |
| (1,368,562 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchases of property and equipment | |
| (4,134 | ) | |
| (180,451 | ) |
Prepayment for property and equipment | |
| (35,209 | ) | |
| - | |
Advance on note receivable | |
| - | | |
| (300,000 | ) |
Purchase of long-term investment in SAFE | |
| (350,000 | ) | |
| - | |
Net proceeds from sale of warrants | |
| 5,640,000 | | |
| | |
Repayment of loan provided to related party | |
| 21,166 | | |
| 23,715 | |
Payment for acquisition of subsidiary, net of cash acquired | |
| - | | |
| (724,910 | ) |
Net cash flows provided by (used in) investing activities | |
| 5,271,823 | | |
| (1,181,646 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Payments for finance leases | |
| (8,526 | ) | |
| (11,243 | ) |
Proceeds from short-term debt | |
| 68,138 | | |
| - | |
Repayment of short-term and long-term debts | |
| (281,451 | ) | |
| (411,923 | ) |
Repayment of insurance premium financing | |
| (60,201 | ) | |
| (149,250 | ) |
Net proceeds from factoring arrangement | |
| - | | |
| 328,967 | |
Net repayment of factoring arrangement | |
| (242,008 | ) | |
| - | |
Payments for debt issuance costs | |
| - | | |
| (448 | ) |
Distribution of dividends | |
| (417,283 | ) | |
| | |
Capital contribution from non-controlling shareholder | |
| 67,195 | | |
| - | |
Net cash flows used in financing activities | |
| (874,136 | ) | |
| (243,897 | ) |
| |
| | | |
| | |
Effect of exchange rate changes | |
| (143,073 | ) | |
| (144,480 | ) |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| 2,793,870 | | |
| (2,938,585 | ) |
| |
| | | |
| | |
Cash and cash equivalents - beginning of the period | |
| 1,012,479 | | |
| 7,177,326 | |
| |
| | | |
| | |
Cash and cash equivalents - end of the period | |
$ | 3,806,349 | | |
$ | 4,238,741 | |
| |
| | | |
| | |
Supplemental cash flow disclosures: | |
| | | |
| | |
Interest paid | |
$ | 74,063 | | |
$ | 40,083 | |
Income taxes paid | |
$ | 117,524 | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing transactions | |
| | | |
| | |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
$ | 125,735 | | |
$ | - | |
Insurance premium financing | |
$ | 172,689 | | |
$ | 389,035 | |
Liabilities assumed in connection with purchase of property and equipment | |
$ | - | | |
$ | 2,199 | |
Common shares issued for acquisition of subsidiary | |
$ | - | | |
$ | 3,150,000 | |
Warrants converted to marketable securities | |
$ | 223,481 | | |
$ | 1,257,868 | |
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