$BRCNF

Burcon NutraScience Corp

CIK:0001158399|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - CAD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
REVENUE
Royalty income	$ 171,471	$ 8,646	$ 31,134
Research income	0	250,000	0
Total revenue	171,471	258,646	31,134
EXPENSES
Research and development	1,845,599	414,005	721,851
Intellectual property	1,447,847	785,957	846,137
General and administrative	4,275,603	3,654,142	2,186,273
EXPENSES	7,569,049	4,854,104	3,754,261
LOSS FROM OPERATIONS	(7,397,578)	(4,595,458)	(3,723,127)
INTEREST AND OTHER INCOME	434,496	446,765	247,918
MANAGEMENT FEE INCOME	114,435	342,469	364,210
GAIN ON DILUTION OF INVESTMENT IN MERIT FUNCTIONAL FOODS CORPORATION	961,164	6,384,942	0
SHARE OF LOSS IN MERIT FUNCTIONAL FOODS CORPORATION	(4,294,789)	(2,421,459)	(939,806)
INTEREST AND OTHER EXPENSE	(72,527)	(770,404)	(589,277)
FOREIGN EXCHANGE (LOSS) GAIN	(3,608)	(4,347)	2,153
LOSS ON DISPOSAL OF EQUIPMENT	0	0	(949)
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY	0	0	5,384
LOSS AND COMPREHENSIVE LOSS FOR THE YEAR	$ (10,258,407)	$ (617,492)	$ (4,633,494)
BASIC AND DILUTED LOSS PER SHARE	$ (0.09)	$ (0.01)	$ (0.06)

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
Consolidated Statements of Cash Flows - CAD ($)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year	$ (10,258,407)	$ (617,492)	$ (4,633,494)
Items not affecting cash
Amortization of property and equipment	156,036	123,234	37,290
Amortization of deferred development costs	105,375	0	0
Inventory expensed as research and development costs	132,186	0	0
Unrealized foreign exchange loss (gain)	548	4,474	(1,798)
Interest accretion	(343,503)	(307,875)	(144,343)
Finance income	(798)	(6,144)	0
Interest and other expense	72,527	770,403	589,277
Change in fair value of derivative liability	0	0	(5,384)
Loss on disposal of equipment	0	0	949
Financing expense	0	0	85,420
Gain on dilution of investment in Merit Functional Foods Corporation	(961,164)	(6,384,942)	0
Share of loss in Merit Functional Foods Corporation	4,294,789	2,421,459	939,806
Stock-based compensation expense	1,435,678	1,646,615	514,983
Cash flows from (used in) operations	(5,366,733)	(2,350,268)	(2,617,294)
Changes in non-cash working capital items
Amounts receivable	138,373	(6,467)	(205,643)
Inventory	287	(331)	(132,142)
Prepaid expenses	(139,620)	137,279	18,719
Accounts payable and accrued liabilities	(509,071)	190,487	39,806
Deferred revenue	0	(275,578)	275,578
Cash used in operating activities	(5,876,764)	(2,304,878)	(2,620,976)
Interest received	(36,741)	(155,973)	(79,812)
Interest paid	0	(572,097)	(672,195)
Net cash used in operating activities	(5,913,505)	(3,032,948)	(3,372,983)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	36,741	155,973	79,812
Investment in Merit Functional Foods Corporation	0	0	(13,000,000)
Development costs deferred	(1,217,089)	(1,978,217)	(1,467,076)
Acquisition of property and equipment	(51,512)	(894,529)	(101,187)
Cash flows from (used in) investing activities	(1,231,860)	(2,716,773)	(14,488,451)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of capital stock	272,024	5,025,608	25,752,074
Issue costs	0	(239,589)	(1,381,417)
Issue of warrants	0	0	1,780,752
Issue of convertible debentures	0	0	9,500,000
Short-term loan	0	0	250,000
Repayment of convertible note	0	0	(2,000,000)
Repayment of short-term loan	0	0	(1,500,000)
Lease liability	0	(90,153)	0
Lease payments	(97,946)	0	0
Cash flows from (used in) financing activities	174,078	4,695,866	32,401,409
FOREIGN EXCHANGE (LOSS) GAIN ON CASH AND CASH EQUIVALENTS	(548)	(4,474)	1,798
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(6,971,835)	(1,058,329)	14,541,773
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	13,972,659	15,030,988	489,215
CASH AND CASH EQUIVALENTS - END OF YEAR	$ 7,000,824	$ 13,972,659	$ 15,030,988

Consolidated Balance Sheets - CAD ($)	Mar. 31, 2022	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 7,000,824	$ 13,972,659
Restricted cash	122,707	0
Amounts receivable	200,342	338,715
Inventory	0	132,473
Prepaid expenses	291,621	154,757
Total current assets	7,615,494	14,598,604
Property and equipment	859,386	1,005,760
Deferred development costs - net of accumulated amortization of $105,375 (2021 - $nil)	6,217,153	4,463,748
Investment in and loan to Merit Functional Foods Corporation	13,402,774	16,401,703
Goodwill	1,254,930	1,254,930
Total assets	29,349,737	37,724,745
Current liabilities
Accounts payable and accrued liabilities	906,651	1,418,049
Lease liability	14,397	28,431
Deferred revenue	122,707	0
Total current liabilities	1,043,755	1,446,480
Lease liability	58,742	5,266
Total liabilities	1,102,497	1,451,746
SHAREHOLDERS’ EQUITY
Capital stock	114,566,577	114,106,836
Contributed surplus	15,863,592	14,058,654
Options	7,041,049	6,490,537
Restricted share units	12,078	0
Warrants	0	594,621
Deficit	(109,236,056)	(98,977,649)
Total equity	28,247,240	36,272,999
Total equity and liabilities	$ 29,349,737	$ 37,724,745