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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Know Labs Inc | AMEX:KNW | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.372 | 0 | 09:00:00 |
Know Labs, Inc. (NYSE American: KNW), an emerging developer of non-invasive medical diagnostic technology, today reported financial results for the first quarter ended December 31, 2023.
Financial Highlights:
As previously disclosed in its annual report on Form 10-K for the fiscal year ended September 30, 2023, which was filed with the Securities and Exchange Commission on December 19, 2023, the audit opinion contained a going concern qualification from the Company's independent registered public accounting firm. This announcement is being made solely to comply with the New York Stock Exchange's Company Guide Sections 401(h) and 610(b), which require separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2023 audited financial statements or to its 2023 annual report on Form 10-K.
Conference Call:
Know Labs will host an audio webcast to discuss its results and provide a business update today, February 14, 2024, at 4:30 pm ET (1:30 pm PT). The live webcast will be available on the Investors page of the Company’s website, www.knowlabs.co/investors, and a replay will be available for six months.
Participant Dial-In: 877-514-3621 / +1 215-268-9856
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=u3gcCI6A
A copy of the form 10-Q filed with the SEC can also be downloaded from the Company’s website.
Income Statement:
KNOW LABS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended, December 31, 2023 December 31, 2022 OPERATING EXPENSES- RESEARCH AND DEVELOPMENT EXPENSES $1,486,388
$
1,743,051
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
2,011,246
1,905,071
Total operating expenses
3,497,634
3,648,122
OPERATING LOSS
(3,497,634
)
(3,648,122
)
OTHER INCOME (EXPENSE), NET Interest income51,010
-
Interest expense
-
(227,170
)
Other (expense) income, net-
52,433
Total other income (expense), net
51,010
(174,737
)
LOSS BEFORE INCOME TAXES(3,446,624
)
(3,822,859
)
Income tax expense-
-
NET LOSS
(3,446,624
)
(3,822,859
)
Deemed dividends on Series C and D Preferred Stock(63,629
)
-
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $
(3,510,253
)
$(3,822,859
)
Basic and diluted loss per share $(0.04
)
$(0.08
)
Weighted average shares of common stock outstanding- basic and diluted81,094,007
48,187,339
Balance Sheet:
KNOW LABS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2023 9/30/2023 (1) ASSETS Unaudited CURRENT ASSETS: Cash and cash equivalents $4,821,477
$
8,023,716
Total current assets
4,821,477
8,023,716
PROPERTY AND EQUIPMENT, NET
75,298
81,325
OTHER ASSETS Other assets
18,767
15,766
Operating lease right-of-use asset
97,567
145,090
TOTAL ASSETS $
5,013,109
$
8,265,897
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable - trade $
627,058
$
1,292,861
Accrued expenses
95,952
94,062
Accrued expenses - related parties
196,241
218,334
Convertible notes payable, net
2,761,931
2,761,931
Current portion of operating lease right-of-use liability
106,038
154,797
Total current liabilities
3,787,220
4,521,985
COMMITMENTS AND CONTINGENCIES (Note 11)
-
-
STOCKHOLDERS' EQUITY Preferred stock - $0.001 par value, 5,000,000 shares authorized, Series C and D shares issued and outstanding as follows: Series C Convertible Preferred stock $0.001 par value, 30,000 shares authorized, 17,858 shares issued and outstanding at 12/31/2023 and 9/30/2023, respectively
1,790
1,790
Series D Convertible Preferred stock $0.001 par value, 20,000 shares authorized, 10,161 shares issued and outstanding at 12/31/2023 and 9/30/2023, respectively
1,015
1,015
Common stock - $0.001 par value, 200,000,000 shares authorized, 81,346,524 and 80,358,463 shares issued and outstanding at 12/31/2023 and 9/30/2023, respectively
81,347
80,358
Additional paid in capital
126,492,778
125,501,537
Accumulated deficit
(125,351,041
)
(121,840,788
)
Total stockholders' equity1,225,889
3,743,912
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
5,013,109
$
8,265,897
Cash Flow:
KNOW LABS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended, December 31, 2023 December 31, 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(3,446,624
)
$(3,822,859
)
Adjustments to reconcile net loss to net cash (used in) operating activities Depreciation and amortization18,724
103,160
Stock based compensation - stock option grants
699,246
744,640
Issuance of common stock for services
26,250
-
Amortization of operating lease right-of-use asset
47,523
44,404
Interest expense for extension of notes and warrants
-
206,994
Changes in operating assets and liabilities: Other long-term assets
(3,001
)
(1,998
)
Operating lease right-of-use liability(48,759
)
(45,732
)
Accounts payable - trade and accrued expenses(686,006
)
(146,026
)
NET CASH (USED IN) OPERATING ACTIVITIES(3,392,647
)
(2,917,417
)
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of research and development equipment(12,697
)
(10,846
)
NET CASH (USED IN) INVESTING ACTIVITIES:(12,697
)
(10,846
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock offering, net203,105
-
Proceeds from issuance of common stock for stock options exercise
-
2,343
Proceeds from issuance of common stock for warrant exercise
-
12,500
NET CASH PROVIDED BY FINANCING ACTIVITIES
203,105
14,843
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
(3,202,239
)
(2,913,420
)
CASH AND CASH EQUIVALENTS, beginning of period8,023,716
12,593,692
CASH AND CASH EQUIVALENTS, end of period $
4,821,477
$
9,680,272
Supplemental disclosures of cash flow information: Interest paid $
-
$
-
Taxes paid $
-
$
-
Supplemental disclosure of non-cash financing activity: Deemed dividends on Series C and D Preferred Stock $
63,629
$
-
About Know Labs, Inc.
Know Labs, Inc. is a public company whose shares trade on the NYSE American Exchange under the stock symbol “KNW.” The Company’s platform technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The technology can be integrated into a variety of wearable, mobile or bench-top form factors. This patented and patent-pending technology makes it possible to effectively identify and monitor analytes that could only previously be performed by invasive and/or expensive and time-consuming lab-based tests. The first application of the technology will be in a product marketed as a non-invasive glucose monitor. The device will provide the user with accessible and affordable real-time information on blood glucose levels. This product will require U.S. Food and Drug Administration clearance prior to its introduction to the market.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Know Labs, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of products. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Know Labs, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at www.knowlabs.co. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214439657/en/
For Know Labs Media Inquiries Contact: Matter Health Abby Mayo Knowlabs@matternow.com Ph. (617) 272-0592 Know Labs, Inc. Contact: Jordyn Hujar jordyn@knowlabs.co Ph. (206) 629-6414
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