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Novoheart Holdings Inc. (NVH.V)

TSXV - TSXV Delayed Price. Currency in CAD
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0.51000.0000 (0.00%)
At close: 9:30AM EDT
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Previous Close0.5100
Open0.5100
Bid0.5100 x 0
Ask0.5200 x 0
Day's Range0.5100 - 0.5100
52 Week Range0.2400 - 0.7200
Volume1,000
Avg. Volume15,519
Market Cap96.207M
Beta (5Y Monthly)1.51
PE Ratio (TTM)N/A
EPS (TTM)-0.0380
Earnings DateMay 19, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug. 17, 2011
1y Target EstN/A
  • GlobeNewswire

    Novoheart Holdings Inc. Enters into Definitive Agreements for Going-Private Transaction

    VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Novoheart Holdings Inc. (“Novoheart” or the “Company”) (TSXV: NVH) announces that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Novomed Limited (the “Purchaser”), a company controlled by Prof. Ronald Li, CEO and a director of the Company, pursuant to which the Purchaser will acquire all of the issued and outstanding common shares of Novoheart (“Novoheart Shares”), other than those Novoheart Shares currently owned by certain shareholders who have entered into rollover, voting and support agreements (the “Rollover Agreements”) with the Purchaser (the “Rollover Shareholders”), for cash consideration of C$0.53 per Novoheart Share (the “Transaction”) by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). The cash consideration price represents a 47.2% premium to the closing price of the Novoheart Shares on the TSX Venture Exchange (“TSXV”) on September 15, 2020. As contemplated in the Arrangement Agreement, prior to the completion of the Arrangement, Prof. Ronald Li and the Rollover Shareholders have agreed to transfer certain Novoheart Shares they own to the Purchaser in exchange for shares of the Purchaser, pursuant to the Rollover Agreements entered into with the Purchaser. Prof. Ronald Li currently owns or controls a total of 77,177,600 Novoheart Shares, representing in aggregate approximately 40.91% of the currently issued and outstanding Novoheart Shares. The Rollover Shareholders (including the 77,177,600 Novoheart Shares owned or controlled by Prof. Ronald Li), as group, own or control a total of 164,868,038 Novoheart Shares, representing in aggregate approximately 87.40% of the currently issued and outstanding Novoheart Shares.The board of directors of Novoheart (the “Board”) formed a committee of independent directors (the “Special Committee”) to, among other things, review and evaluate the terms of the proposed Transaction and consider potential alternatives to enhance shareholder value, and to make a recommendation to the Board in respect of the Transaction and other related matters. KPMG LLP, the financial advisor to the Special Committee, has provided an oral fairness opinion (to be supplemented by a written report) (the “Fairness Opinion”) that in its opinion, and based upon and subject to certain assumptions and limitations, the consideration to be received by holders of Novoheart Shares (other than the Rollover Shareholders with respect to the Novoheart Shares) (the “Shareholders”) pursuant to the Transaction is fair, from a financial point of view, to such Shareholders.Following a review and analysis of the Transaction and the consideration of other alternatives, the Fairness Opinion and the recommendations of the Special Committee, the Board, after consulting with its financial and legal advisors, unanimously determined that the consideration to be received by the Shareholders pursuant to the Transaction is fair to such Shareholders and that the Transaction is in the best interests of Novoheart. The Board has approved the terms of the Transaction and unanimously recommends that all Shareholders vote in favour of the Transaction at the special Shareholders’ meeting to be called to consider the Transaction (the “Special Meeting”).In connection with the Arrangement Agreement, the Rollover Shareholders (which includes certain directors and officers of the Company), who in the aggregate own 164,868,038 Novoheart Shares representing 87.40% of the issued and outstanding Novoheart Shares, based on 188,640,774 Novoheart Shares outstanding, have entered into customary voting agreements to vote in favour of the Arrangement through their Rollover Agreements.The Arrangement and ApprovalsPursuant to the Arrangement, each Shareholder will receive cash consideration of $0.53 (the “Consideration”) for each Novoheart Share held. All currently outstanding stock options to purchase Novoheart Shares (“Options”) will be deemed to be unconditionally vested and exercisable and be deemed to be assigned, transferred and disposed of to the Company in exchange for a cash payment from the Company equal to the amount (if any) by which the Consideration exceeds the exercise price per Novoheart Share issuable pursuant to the Options. The Options shall subsequently be immediately cancelled pursuant to the Arrangement.The Transaction contains customary deal protection provisions which, among other matters, restrict Novoheart from soliciting, assisting, initiating, knowingly encouraging or facilitating any inquiry, proposal, or offer concerning alternative acquisition proposals. However, the Transaction permits Novoheart to respond to unsolicited written acquisition proposals under certain circumstances which include where such acquisition proposal constitutes or could reasonably constitute or lead to a “superior proposal” (as defined in the Arrangement Agreement). The Purchaser has the right to match any competing proposal for Novoheart in the event a superior proposal is made. No termination fee is payable by Novoheart should the Purchaser elect not to match such competing proposal and Novoheart elect to pursue such proposalThe Transaction is subject to customary approvals, including, but not limited to, the approval of at least 66⅔% of the votes cast in person or by proxy at the Special Meeting, and the approval of a “majority of the minority” of the Shareholders being a majority of the votes cast in person or by proxy at the Special Meeting excluding shareholders whose votes may not be included in determining if minority approval is obtained pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Special Meeting is expected to be held on or before November 20, 2020.Closing of the Transaction is also subject to the satisfaction of a number of conditions customary for transactions of this nature, including the receipt of certain regulatory, court and stock exchange approvals.Further information regarding the Arrangement will be contained in the information circular that Novoheart will prepare, file and send to each Shareholder in connection with the Special Meeting.Following closing of the Transaction, the Company will apply to have the Novoheart Shares de-listed from the TSXV.A copy of the Arrangement Agreement will be filed on Novoheart’s SEDAR profile and will be available for viewing at www.sedar.com.AdvisorsBlake, Cassels & Graydon LLP is acting as legal counsel to Novoheart. Farris LLP is acting as legal counsel to the Special Committee. Borden Ladner Gervais LLP is acting as legal counsel to the Purchaser.About Novoheart Holdings Inc.Novoheart is a global stem cell biotechnology company that pioneers an array of next-generation human heart tissue prototypes. It is the first company in the world to have engineered miniature living human heart pumps that can revolutionize drug discovery, helping to save time and money for developing new therapeutics. Also known as 'human heart-in-a-jar', Novoheart’s bio-artificial human heart constructs are created using state-of-the-art and proprietary stem cell and bioengineering approaches and are utilized by drug developers for accurate preclinical testing as to the effectiveness and safety of new drugs, maximizing the successes in drug discovery while minimizing costs and harm caused to patients. With the acquisition of Xellera Therapeutics Limited for manufacturing Good Manufacturing Product (GMP)-grade clinical materials, Novoheart is now developing gene- and cell-based therapies as well as other next-generation therapeutics for cardiac repair or regeneration.Common shares of Novoheart are traded on the TSXV under the symbol “NVH”.Additional Information and Where to Find ItIn connection with the Transaction, Novoheart will file a proxy statement and information circular with the securities commissions in Canada. Shareholders are advised to read the proxy statement and information circular when they are available because they will contain important information. Shareholders will be able to obtain free copies of the proxy statement and information circular when available and other relevant documents from SEDAR at www.sedar.com, or from the Company’s website at www.novoheart.com.For further information, please contact:Novoheart Holdings Inc.: Novoheart Holdings Inc. Suite 2600, 595 Burrard Street Vancouver, British Columbia V7X 1L3Ronald Li Chief Executive Officer(604) 398-3170 info@novoheart.comForward-Looking StatementsInformation set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Examples of forward-looking statements in this press release include statements regarding the Transaction, the ability of the Company to consummate the Arrangement on the terms of the Arrangement Agreement, de-listing from the TSXV, the anticipated timing for holding the Special Meeting and the receipt of necessary approvals including court, shareholder, stock exchange, regulatory and other third party approvals. These statements are only predictions based on the Company’s current expectations and projections about future events. Although the Company believes the expectations reflected in such forward-looking statements, and the assumptions upon which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Such assumptions include assumptions as to the time required to prepare and mail shareholder meeting materials, including the management proxy circular of the Company, the ability of the parties to receive, in a timely manner, the necessary shareholder, court, stock exchange and regulatory approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. Although we believe the expectations reflected in such forward-looking statements, and the assumptions upon which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct and if such expectations are not met, our business may suffer.By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the conditions to completion of the Arrangement will not be satisfied, including approval by Shareholders, court approval, an event, change or other circumstance that could give rise to the termination of the Arrangement Agreement will occur, the retention of employees and other personnel will be adversely affected by uncertainty surrounding the Arrangement and the risks identified in the Company’s annual information form for the year ended December 31, 2019 or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

  • GlobeNewswire

    Novoheart Holdings Inc. Reports Second Quarter 2020 Financial Results

    VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Novoheart Holdings Inc. (“Novoheart” or the “Company”) reports financial results for the three and six months ended June 30, 2020. Amounts, unless specified otherwise, are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards (IFRS). Business Highlights: * Patent application filed on next-generation “human heart-in-a-jar” bioreactor * Successful completion of a commercial contract with a top-20 pharmaceutical company * Assessed the cardiac safety of a proposed COVID-19 treatment * Soft opening of Novoheart’s newly renovated research lab and office in Hong Kong * Awarded the outstanding Biomedical Technology Award in the 2020 CAPITAL Outstanding Enterprise AwardsPatent application filed on next-generation “human heart-in-a-jar” bioreactorIn June 2020, the Company filed a US Provisional patent application on a next-generation bioreactor for the “human heart-in-a-jar” with multiple important new features that were not available in previous versions. With the new design, this next-generation bioreactor will provide finer control of mini-heart chamber properties, crucial for human models of cardiac diseases. The additional disease modelling capabilities will attract drug developers given the industry-wide demand for a reliable, human-specific model to test the safety and efficacy of new therapeutic candidates.   Successful completion of a commercial contract with a top-20 pharmaceutical company In April 2020, Novoheart completed its commercial agreement with a top-20 pharmaceutical company utilizing the company’s human ventricular Cardiac Tissue Strips (hvCTS) to study the effects of blinded drugs on cardiac contractility.Assessed the cardiac safety of a proposed COVID-19 treatment on cardiac contractility and arrhythmogenicityNovoheart completed a study in May 2020 using our human engineered cardiac constructs to investigate the effects of hydroxychloroquine and azithromycin on contractility and arrhythmogenicity in human hearts. Our engineered cardiac constructs provided a useful platform for screening cardiac safety and efficacy when developing therapeutics against COVID-19.Soft opening of Novoheart’s newly renovated research lab and office in Hong KongOn June 22, 2020, the Company had its soft launch opening of the newly renovated research lab and office in Hong Kong. The site houses the Company’s state-of-the-art research facility with a bigger office and laboratory. The facility will provide much-needed space to accommodate our growth and enables us to hire additional talent to continue to provide industry-leading service to our global clients. Awarded the outstanding Biomedical Technology Award in the 2020 CAPITAL Outstanding Enterprise Awards The CAPITAL Outstanding Enterprise Awards are one of the most recognized enterprise awards in Hong Kong, with the aim to acknowledge enterprises which have outstanding performance and achievement during the year. Novoheart was delighted that its revolutionary technologies had earned recognition among the Hong Kong business community.Financial Results for the three and six months ended June 30, 2020The Company recorded a net loss after tax of $1,901,944 (loss per share of $0.01) for the three months ended June 30, 2020 compared to a net loss after tax of $2,582,062 (loss per share of $0.03) for the three months ended June 30, 2019. On a year-to-date basis, the Company recorded a net loss of $4,738,984 (loss per share of $0.03) for the six months ended June 30, 2020 compare to a net loss of $3,761,260 (loss per share of $0.04) for the six months ended June 30, 2019.Revenue and Cost of SalesFor the three months ended June 30, 2020, the Company recorded revenue of $39,662 and cost of sales of $17,683 compared to revenue of $51,821 and cost of sales of $24,620 for the three months ended June 30, 2019. The Company recorded revenue of $49,782 and cost of sales of $21,537 for the six months ended June 30, 2020 compared to revenue of $159,776 and cost of sales of $73,743 for the six months ended June 30, 2019. Starting in March 2020, COVID-19 has a global impact which impacted a number of the Company’s partners. The impact continued to be felt by Novoheart and its partners throughout Q2 2020, causing delays in communication and contract execution.Operating ExpensesOperating expenses decreased from $2,611,560 for the three months ended June 30, 2019 to $2,411,107 for the three months ended June 30, 2020. The decrease in operating expenses primarily relates to depreciation expense, share-based compensation expense, general and administration expense, and marketing expense. The decrease was offset by increases in research and development expense, and intellectual and patent expenses.During the three months ended June 30, 2020, depreciation expense decreased due to the write-off of leasehold improvements capitalized in Phase 3 of Hong Kong Science Park; previously capitalized leasehold improvements were removed in order to convert the space into a GMP facility. Share-based compensation expense decreased because most of the Company’s options were vested and recognized in previous periods. General and administrative expenses decreased mainly due to expenses incurred in the comparative quarter which were not in the current quarter; specifically, bonuses to personnel and professional fees related to the acquisition of Xellera Therapeutics Limited (the “Acquisition”) in June 2019. Marketing expenses decreased primarily due to the termination of the Company’s former Senior Vice President of Commercial Operations.For the three months ended June 30, 2020 research and development expenses increased primarily due to the expansion of the Company’s scientific team and the Acquisition which was completed in June 2019. Intellectual property and patent expense increased due to filing of new patents as well as licensing agreements signed with Harvard University effective November 2019.Operating expenses increased from $4,351,365 for the six months ended June 30, 2019 to $5,059,344 for the six months ended June 30, 2020. The increases in operating expenses is primarily related to general and administrative expense, research and development, and intellectual and patent expenses as compared to the six months ended June 30, 2019. The increase was offset by decreases in depreciation expense, share-based compensation expense, and marketing expense.The increase in general and administrative expense for the six months ended June 30, 2020 is primarily due to increases in occupancy cost as a result of the lab and office expense and build-out of the GMP facility. Research and development expense and intellectual property and patent expense increased during the six months ended June 30, 2020 for the same reasons noted above for the three months ended June 30, 2020.The primary reasons for decreases in depreciation expense, share-based compensation expense, and marketing expenses for the six months ended June 30, 2020 are the same reasons noted above for the three months ended June 30, 2020.Liquidity and Outstanding Share Capital As at June 30, 2020, the Company had cash and cash equivalents of $13,236,527. As at August 31, 2020, there were 188,640,774 common shares issued and outstanding, and 8,272,373 common shares issuable upon the exercise of outstanding stock options at an exercise price range from $0.32 to $0.50 per share.Departure of Chief Scientific Officer of Xellera Therapeutics LimitedDuring Q2 2020, Dr. Roger Hajjar resigned as Chief Scientific Officer of Xellera Therapeutics Limited to take up a position with a private equity-owned business focusing on clinical research. Dr. Hajjar as CSO of XT contributed significantly to the directions of clinical translation during the early planning stage, particularly in the space of gene therapy, as the foundation of XT. In the coming months, the focus will be on the build out and regulatory licenses. Any scientific matters will be shared by the cofounders Drs. Godfrey Chan and Ronald Li with inputs from the Scientific Advisory Board co-chairs Drs. Marc Turner and Paul Tam. The Company would like to thank Dr. Hajjar for his contributions during his tenure and wishes him success in the future.Departure of Chief Research Development Officer of NovoheartEffective July 31, 2020, Dr. Bernard Fermini, the Company’s Chief Research & Development Officer, tenured his resignation. Dr. Fermini was recruited to assist the Scientific Co-Founders Drs. Kevin Costa and Ronald Li in research and development. His responsibilities have been transitioned to and handled in part by Drs. Costa and Li who are also the Company’s Chief Scientific Officer and Chief Executive Officer, respectively. The Company would like to thank Dr. Fermini for his contributions while serving as Chief Research & Development Officer.ABOUT NOVOHEART HOLDINGS INC.Novoheart is a global stem cell biotechnology company that pioneers an array of next-generation human heart tissue prototypes. It is the first company in the world to have engineered miniature living human heart pumps that can revolutionize drug discovery, helping to save time and money for developing new therapeutics. Also known as 'human heart-in-a-jar', Novoheart’s bio-artificial human heart constructs are created using state-of-the-art and proprietary stem cell and bioengineering approaches and are utilized by drug developers for accurate preclinical testing as to the effectiveness and safety of new drugs, maximizing the successes in drug discovery while minimizing costs and harm caused to patients. With the acquisition of Xellera Therapeutics Limited for manufacturing Good Manufacturing Product (GMP)-grade clinical materials, Novoheart is now developing gene- and cell-based therapies as well as other next-generation therapeutics for cardiac repair or regeneration.Common shares of Novoheart are traded on the TSX Venture Exchange under the symbol “NVH”.For further information please contact:Novoheart Holdings Inc. Suite 2600, 595 Burrard Street Vancouver, British Columbia V7X 1L3Ronald Li Chief Executive Officer(604) 398-3170 info@novoheart.comCautionary Note Regarding Forward-Looking StatementsInformation set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company’s future plans, its goals and expectations, and the potential applications its MyHeart™ platform are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the management discussion and analysis section of Novoheart Holdings Inc.’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. NOVOHEART HOLDINGS INC. Condensed Consolidated Interim Statements of Financial Position (unaudited) (Expressed in Canadian dollars)   June 30, 2020  December 31, 2019         ASSETS             Current      Cash and cash equivalents $13,236,527 $12,167,583  Pledged bank deposit  -  5,004,000  Accounts and other receivables  82,236  317,819  Prepaid expenses and deposits  311,392  475,638     13,630,155  17,965,040         Property and equipment, net  691,083  532,589  Right-of-use assets  6,570,247  6,996,852  Intangible assets, net  199,599  231,052  Construction in progress  774,800  -  Goodwill  8,806,998  8,806,998           $30,672,882 $34,532,531         LIABILITIES AND SHAREHOLDERS' EQUITY           Current     Accounts payable and accrued liabilities $833,339 $921,672  Lease liabilities – current  1,298,489  1,124,678  Contract liabilities  34,130  22,549  Deferred government grants  58,265  8,253  Due to related parties  -  32,835     2,224,223  2,109,987         Lease liabilities – non-current  5,036,241  5,555,838  Restoration provision  476,323  451,937  Long-term license payable  -  24,238            7,736,787  8,142,000         Shareholders' Equity      Share capital  52,179,118  52,179,118  Contributed surplus  2,237,675  1,888,156  Accumulated other comprehensive income  1,247,656  312,627  Accumulated deficit  (32,728,354) (27,989,370)    22,936,095  26,390,531           $30,672,882 $34,532,531  NOVOHEART HOLDINGS INC.Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (unaudited) (Expressed in Canadian dollars, except number of common shares)                           Three months ended                            Six months ended    June 30,  2020  June 30,  2019  June 30,  2020  June 30,  2019          Revenue $             39,662 $             51,821 $            49,782 $              159,776  Cost of sales  17,683  24,620  21,537  73,743     21,979  27,201  28,245  86,033  OPERATING EXPENSES       Research and development  773,233  709,039  1,498,650  1,241,717  Intellectual property and patent  151,820  105,731  305,591  168,124  General and administrative  1,160,648  1,235,148  2,445,491  1,812,283  Marketing  134,775  175,221  280,443  342,486  Share-based compensation  140,094  216,244  349,519  448,351  Depreciation and amortization  50,537  170,177  179,650  338,404     2,411,107  2,611,560  5,059,344  4,351,365  LOSS FROM OPERATIONS  (2,389,128) (2,584,359) (5,031,099) (4,265,332)         Government grants  351,111  79,602  405,352  543,929  Other income  260,283  223  335,841  410  Loss on disposal  (3,149) -  (188,841) -  Finance expense  (117,659) (11,218) (225,564) (11,667) Foreign exchange (loss) / gain  (3,402) (36,772) (500) 938     487,184  31,835  326,288  533,610          NET LOSS FOR THE PERIOD BEFORE TAX        (1,901,944)         (2,552,524)         (4,704,811)         (3,731,722)         Tax expense  3,794  29,538  34,173  29,538          NET LOSS FOR THE PERIOD  (1,905,738) (2,582,062) (4,738,984) (3,761,260)         OTHER COMPREHENSIVE (LOSS) INCOME       Foreign currency translation adjustment  (618,616) 66,393  935,029  29,957          COMPREHENSIVE LOSS FOR THE PERIOD $     (2,524,354)$     (2,515,669)$     (3,803,955)$     (3,731,303)         Loss per share – Basic and Diluted $(0.01)$              (0.03)$             (0.03)$              (0.04)                 Weighted average number of shares outstanding – basic and diluted $188,640,774  97,438,816  188,640,774  96,014,445         NOVOHEART HOLDINGS INC.Condensed Consolidated Interim Statements of Cash Flows (unaudited) (Expressed in Canadian dollars)                                     For the six months ended  June 30, 2020  June 30, 2019       CASH FLOWS FROM OPERATING ACTIVITIES    Net loss for the period after taxes $   (4,738,984)$   (3,761,260) Items not affecting cash:    Share-based compensation  349,519  448,351  Lease liabilities interests  225,564  -  Amortization of right-of-use assets  804,591  -  Depreciation and amortization  179,650  338,404  Loss on disposal  188,841  -  Reduction on lease liabilities due to rent concessions  (214,113) -     (3,204,932) (2,974,505) Changes in non-cash working capital items:    Decrease in accounts and other receivables  252,814  357,126  Decrease / (increase) in prepaid expenses and deposits  182,733  (184,845) (Decrease) / increase in accounts payable and accrued liabilities  (120,878) 411,158  Decrease in due to related parties  (34,614) (2,231) Decrease in other long-term liabilities  (25,560) (39,256) Increase / (decrease) in deferred government grants  49,595  (11,398) Increase in contract liabilities  7,917  475,590     312,007  1,006,144            Net cash used in operating activities  (2,892,925) (1,968,361)      CASH FLOWS FROM INVESTING ACTIVITIES    Acquisition of equipment  (454,376) (47,270) Acquisition of construction in progress  (775,240) -  Cash acquired from acquisition of subsidiary  -  22,692,695  Decrease / (increase) in pledged bank deposit  5,004,000  (5,028,000)      Net cash generated from investing activities  3,774,384  17,617,425       CASH FLOWS FROM FINANCING ACTIVITIES    Proceeds from loans  -  1,688,417  Payment of lease liabilities and interests  (718,100) -       Net cash (used in) / generated from financing activities  (718,100) 1,688,417       Changes in cash and cash equivalents during the period    163,359    17,337,481       Effect of exchange rate changes on cash held in a foreign currency    905,585    141,742  Cash and cash equivalents, beginning of period  12,167,583  666,494       Cash and cash equivalents, end of period  13,236,527  18,145,717

  • We're Keeping An Eye On Novoheart Holdings's (CVE:NVH) Cash Burn Rate
    Simply Wall St.

    We're Keeping An Eye On Novoheart Holdings's (CVE:NVH) Cash Burn Rate

    Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...