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Biotricity Inc., (BTCY) a leading provider of innovative medical technology solutions, has announced its financial results for the fiscal year ended March 31, 2023. The company reported a net loss of $18.7 million, reflecting the challenges faced during the year. However, Biotricity's revenue increased to $9.6 million, demonstrating growth in its core business. The company's consolidated balance sheets and statements of operations and comprehensive loss provide further details on its financial performance.
Financial Position: Consolidated Balance Sheets
Biotricity Inc.'s consolidated balance sheets as of March 31, 2023, and March 31, 2022, highlight the company's financial position. The balance sheets indicate the value of the company's assets, liabilities, and stockholders' deficiency.
As of March 31, 2023, Biotricity's total assets amounted to $6.5 million, compared to $16.7 million in the previous year. The current assets stood at $4.7 million, primarily composed of cash, accounts receivable, inventories, and deposits. The company's long-term assets, including deposits and property/equipment, accounted for $1.8 million.
On the liabilities side, Biotricity's total liabilities were reported at $26.4 million, while the stockholders' deficiency amounted to $19.8 million. The liabilities included accounts payable, short-term loans, derivative liabilities, and operating lease obligations. The stockholders' deficiency represents the accumulated deficit and comprehensive loss, partially offset by additional paid-in capital.
Revenue Growth: Consolidated Statements of Operations and Comprehensive Loss
Biotricity Inc.'s consolidated statements of operations and comprehensive loss for the fiscal year ended March 31, 2023, reveal the company's revenue and expenses.
During the year, Biotricity generated $9.6 million in revenue, marking an increase compared to $7.7 million in the previous fiscal year. The growth in revenue reflects the company's successful sales of its medical technology solutions.
However, Biotricity also incurred various operating expenses, including selling, general and administrative expenses, and research and development expenses. These expenses totaled $20.9 million, contributing to the net loss from operations of $15.4 million.
Other factors affecting Biotricity's financial performance included interest expense, accretion and amortization expenses, change in fair value of derivative liabilities, and loss upon convertible promissory notes conversion and redemption. These factors, combined with other expenses and income, led to a net loss before income taxes of $18.7 million.
Biotricity's Path Forward
Biotricity Inc. faced a challenging fiscal year 2023, reporting a net loss of $18.7 million. However, the company experienced revenue growth, reaching $9.6 million, indicating the market's positive response to its medical technology solutions.
Despite the financial challenges, Biotricity remains focused on its mission to provide innovative healthcare solutions. The company continues to invest in research and development, aiming to enhance its product offerings and expand its market reach. Biotricity's financial position, although reflecting a stockholders' deficiency, provides a foundation for future growth.
Biotricity's management is committed to addressing the factors that contributed to the net loss and implementing strategies to improve profitability.