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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nemaura Medical Inc | NASDAQ:NMRD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1053 | 0.11 | 0.13 | 0 | 01:00:00 |
Nemaura Medical Inc.
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(Exact name of small business issuer as specified in its charter)
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NEVADA
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46-5027260
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Tax. I.D. No.)
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Advanced Technology Innovation Centre,
Loughborough University Science and Enterprise Parks,
5 Oakwood Drive,
Loughborough, Leicestershire
LE11 3QF
United Kingdom
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(Address of Principal Executive Offices)
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+ 00 44 1509 222912
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(Registrant’s Telephone Number, Including Area Code)
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Large accelerated filer
☐
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Accelerated filer
☑
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Non-accelerated filer
☐
(Do not check if a smaller reporting company)
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Smaller reporting company
☐
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Emerging growth company
☑
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Page
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PART I: FINANCIAL INFORMATION
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3
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ITEM 1
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INTERIM FINANCIAL STATEMENTS
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3
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Condensed Consolidated Balance Sheets as of June 30, 2017 (unaudited) and March 31, 2017
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3
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Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended June 30, 2017 and 2016 (unaudited)
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4
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Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2017 and 2016 (unaudited)
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5
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Notes to Condensed Consolidated Financial Statements (unaudited)
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6
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ITEM 2
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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10
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ITEM 3
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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13
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ITEM 4
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CONTROLS AND PROCEDURES
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13
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PART II: OTHER INFORMATION
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16
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ITEM 1
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LEGAL PROCEEDINGS
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16
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ITEM 1A
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RISK FACTORS
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16
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ITEM 2
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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16
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ITEM 3
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DEFAULTS UPON SENIOR SECURITIES
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16
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ITEM 4
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MINE SAFETY DISCLOSURES
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16
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ITEM 5
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OTHER INFORMATION
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16
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ITEM 6
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EXHIBITS
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16
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SIGNATURES
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17
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NEMAURA MEDICAL INC.
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Condensed Consolidated Balance Sheets
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As of June 30,
2017
($)
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As of March 31,
2017
($)
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|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash
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1,284,443
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911,359
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||||||
Fixed rate cash account
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1,294,900
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1,867,950
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||||||
Prepaid expenses and other receivables
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65,751
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51,086
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||||||
Total Current Assets
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2,645,094
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2,830,395
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Other Assets:
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||||||||
Property and equipment, net
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8,476
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9,161
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Intangible assets, net of accumulated amortization
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220,384
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203,800
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228,860
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212,961
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|||||||
Long Term Assets:
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||||||||
Fixed rate cash account
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4,532,150
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4,358,550
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Total assets
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7,406,104
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7,401,906
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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97,275
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77,530
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Liability due to related party
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812,229
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687,609
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Other liabilities and accrued expenses
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137,348
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87,232
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Total current liabilities
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1,046,852
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852,371
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Deferred revenue
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1,197,784
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1,183,035
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1,197,784
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1,183,035
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Total liabilities
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2,244,636
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2,035,406
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Commitments and contingencies:
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Stockholders’ Equity:
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Common stock, $0.001 par value,
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420,000,000 shares authorized and 205,000,000
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||||||||
shares issued and outstanding
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205,000
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205,000
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Additional paid in capital
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12,919,672
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12,919,672
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Accumulated deficit
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(7,560,420
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)
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(7,152,633
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)
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Accumulated other comprehensive (loss)/income
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(402,784
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)
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(605,539
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)
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Total stockholders’ equity
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5,161,468
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5,366,500
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Total liabilities and stockholders’ equity
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7,406,104
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7,401,906
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NEMAURA MEDICAL INC.
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Condensed Consolidated Statements Of Comprehensive Income/(Loss)
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(Unaudited)
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Three Months Ended June 30,
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2017
($)
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2016
($)
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Revenue:
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-
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-
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Total revenue
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-
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-
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Operating Expenses:
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Research and development
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149,198
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306,081
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General and administrative
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268,122
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188,102
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Total operating expenses
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417,320
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494,183
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Loss from operations
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(417,320
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)
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(494,183
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)
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Interest income
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9,533
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-
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Net loss
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(407,787
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)
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(494,183
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)
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Other comprehensive income:
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Foreign currency translation adjustment
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202,755
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(530,015
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)
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Comprehensive loss
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(205,032
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)
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(1,024,198
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)
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Loss per share
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||||||||
Basic and diluted
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*
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*
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Weighted average number of shares outstanding
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205,000,000
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205,000,000
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NEMAURA MEDICAL INC.
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Condensed Consolidated Statements of Cash Flows
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(Unaudited)
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Three Months Ended
June 30, |
||||||||
2017
($)
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2016
($)
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Cash Flows From Operating Activities:
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||||||||
Net Loss
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(407,787
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)
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(494,183
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation and amortization
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5,069
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4,917
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Changes in assets and liabilities:
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||||||||
Prepaid expenses and other receivables
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(13,014
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)
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34,573
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Accounts payable
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17,949
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41,876
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Liability due to related party
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95,617
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193,419
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Other liabilities and accrued expenses
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14,200
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-
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Net cash used in operating activities
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(287,966
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)
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(219,398
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)
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Cash Flows From Investing Activities:
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Purchase of intangible assets
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(12,358
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)
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(34,769
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)
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Fixed rate savings account
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647,450
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-
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Net cash provided by (used in) investing activities
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635,092
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(34,769
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)
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Net increase (decrease) in cash
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347,126
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(254,167
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)
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Effect of exchange rate changes on cash
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25,958
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(655,649
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)
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Cash at beginning of period
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911,359
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9,403,965
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Cash at end of period
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1,284,443
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8,494,149
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(a)
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Basis of presentation:
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(a) |
Cash and cash equivalents
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(b) |
Fixed rate cash accounts:
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(c)
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Fair value of financial instruments
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(d)
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Property and equipment
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(e)
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Intangible assets
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(f)
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Revenue Recognition
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(g)
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Research and development expenses
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(h)
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Income taxes
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(i) |
Earnings per share
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(j)
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Use of estimates
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(k)
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Foreign currency translation
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(l)
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Recent accounting pronouncements
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(m)
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Risks and Uncertainties
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Three Months Ended
June 30, 2017
(unaudited)
($)
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Three Months Ended
June 30, 2016
(unaudited)
($)
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|||||||
Balance due from (to) Pharma and NDM at beginning of period
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(687,609
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)
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(494,145
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)
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Amounts invoiced by Pharma to DDL and TCL (1)
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(95,617
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)
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(209,444
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)
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Amounts invoiced by DDL to Pharma
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-
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16,025
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||||||
Foreign exchange differences
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(29,003
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)
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41,667
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|||||
Balance due to Pharma and NDM at end of the period
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(812,229
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)
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(645,897
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)
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•
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Our size has prevented us from being able to employ sufficient resources to enable us to have an adequate level of supervision and segregation of duties within our internal control system.
This has resulted in a number of internal control deficiencies. Specifically,
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•
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there is a lack of segregation of duties in the processing of financial transactions which could result in inappropriate initiation, processing and review of transactions and the financial reporting of such transactions whether due to errors or fraud;
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•
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there is a lack of review and approval of journal entries which could result in the improper initiation and reporting of transactions; and
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•
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there is a lack of access controls and documentation over the Company’s IT applications which could result in the improper initiation and reporting of significant transactions.
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•
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Management has identified that there is a lack of adequate financial expertise related to the assessment of complex transactions and a lack of adequate resources to review out of the ordinary transactions and arrangements of the Company
. This could result in the improper reporting of significant transactions or arrangements.
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•
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Related party transactions.
Specifically, there are limited policies and procedures to ensure that financial statement disclosures reconcile fully to the underlying accounting records and that Board approval of these transactions is not documented.
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•
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Assembling a team from our finance department to be responsible for the preparation of financial statements under U.S. Securities laws, including hiring additional qualified personnel such as a CFO with US listed company experience.
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•
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In assembling this team, the Company will put in place controls to segregate duties in the processing of key transactions, controls to ensure the review and approval of journal entries and controls to ensure that access to IT systems is limited to authorized users and adequately documented based on the applications and their functions within the organization.
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•
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Engaging a third party consulting firm to assist in assessing, designing, implementing, and monitoring controls related to financial statement preparation, IT general controls, journal entries, and significant operating processes.
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•
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Organizing regular training sessions on US GAAP for our finance department in the form of workshops, seminars and newsletters as well as requiring our finance personnel to participate in annual in-house or public US GAAP training courses; and
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•
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Implementing stronger internal controls and processes over related party transactions including segregating reviews and approvals, as well as continuing efforts to reduce the amount and volume of related party transactions; and
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•
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Establishing an audit committee with an "audit committee financial expert" within the definition of the applicable Securities and Exchange Commission. The committee will be helped by an outsourced internal audit department to review our internal control processes, policies and procedures to ensure compliance with the Sarbanes-Oxley Act.
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Exhibit No.
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Document Description
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31.1
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Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2
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Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.1
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Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.2
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Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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101
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Interactive Data Files (1)
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NEMAURA MEDICAL INC.
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Dated: August 8, 2017
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/s/ Dewan F H Chowdhury
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Dewan F H Chowdhury
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Chief Executive Officer (Principal Executive Officer)
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Dated: August 8, 2017
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/s/ Iain S Anderson
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Iain S. Anderson
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Chief Financial Officer (Principal Financial Officer)
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Exhibit No.
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Document Description
|
31.1
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Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2
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Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
1 Year Nemaura Medical Chart |
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