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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, 2018 (unaudited) and March 31, 2018
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3
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Condensed
Consolidated Statements of Comprehensive Loss for the Three Months Ended June 30, 2018 and 2017 (unaudited)
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4
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Condensed
Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2018 and 2017 (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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12
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ITEM 3
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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15
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ITEM 4
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CONTROLS AND PROCEDURES
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15
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PART II: OTHER INFORMATION
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17
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ITEM 1
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LEGAL PROCEEDINGS
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17
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ITEM 1A
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RISK FACTORS
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17
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ITEM 2
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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17
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ITEM 3
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DEFAULTS UPON SENIOR SECURITIES
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17
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ITEM 4
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MINE SAFETY DISCLOSURES
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17
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ITEM 5
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OTHER INFORMATION
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17
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ITEM 6
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EXHIBITS
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17
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SIGNATURES
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18
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NEMAURA MEDICAL INC.
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Condensed Consolidated Balance Sheets
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As of June 30,
2018
($)
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As of March 31,
2018
($)
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|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
Current Assets:
|
||||||||
Cash
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319,992
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822,335
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||||||
Fixed rate cash account
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4,621,050
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4,911,551
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||||||
Prepaid expenses and other receivables
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304,727
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187,139
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||||||
Accrued interest receivable
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81,585
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77,508
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||||||
Total current assets
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5,327,354
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5,998,533
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||||||
Other Assets:
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||||||||
Property and equipment, net
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4,358
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5,770
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||||||
Intangible assets, net of accumulated amortization
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240,352
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251,099
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||||||
244,710
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256,869
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|||||||
Total assets
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5,572,064
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6,255,402
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||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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140,905
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49,912
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||||||
Liability due to related party
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757,549
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613,818
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||||||
Other liabilities and accrued expenses
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240,111
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77,414
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||||||
Deferred revenue
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66,015
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70,165
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||||||
Total current liabilities
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1,204,580
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811,309
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Deferred revenue
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1,254,285
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1,333,128
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||||||
Total liabilities
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2,458,865
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2,144,437
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Commitments and contingencies:
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||||||||
Stockholders’ Equity:
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||||||||
Convertible Series A preferred stock, $0.001 par value, 200,000 shares authorized; zero and 137,324 outstanding at June 30, 2018 and March 31, 2018, respectively.
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-
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137
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||||||
Common stock, $0.001 par value,
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||||||||
420,000,000 shares authorized; 205,000,000 and 67,676,000
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||||||||
shares issued and outstanding at June 30, 2018 and March 31, 2018, respectively.
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205,000
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67,676
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||||||
Additional paid in capital
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12,919,672
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13,056,859
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||||||
Accumulated deficit
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(9,736,239
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)
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(8,973,082
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)
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Accumulated other comprehensive loss
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(275,234
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)
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(40,625
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)
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Total stockholders’ equity
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3,113,199
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4,110,965
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||||||
Total liabilities and stockholders’ equity
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5,572,064
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6,255,402
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NEMAURA MEDICAL INC.
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Condensed Consolidated Statements of Comprehensive Loss
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(Unaudited)
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Three Months Ended June 30,
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||||||||
2018
($)
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2017
($)
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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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429,539
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149,198
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General and administrative
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342,424
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268,122
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Total operating expenses
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771,963
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417,320
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||||||
Loss from operations
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(771,963
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)
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(417,320
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)
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Interest income
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8,809
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9,533
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||||||
Net loss
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(763,154
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)
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(407,787
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)
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Other comprehensive income/(loss):
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||||||||
Foreign currency translation adjustment
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(234,609
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)
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202,755
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|||||
Comprehensive loss
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(997,763
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)
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(205,032
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)
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Loss per share
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||||||||
Basic and diluted
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(0.01
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)
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*
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|||||
Weighted average number of shares outstanding
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105,821,556
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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, |
||||||||
2018
($)
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2017
($)
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|||||||
Cash Flows From Operating Activities:
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||||||||
Net Loss
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(763,154
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)
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(407,787
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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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6,776
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5,069
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||||||
Changes in assets and liabilities:
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||||||||
Prepaid expenses and other receivables
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(119,909
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)
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(13,014
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)
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Accounts payable
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92,470
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17,949
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||||||
Liability due to related party
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199,193
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95,617
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||||||
Other liabilities and accrued expenses
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152,976
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14,200
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||||||
Accrued interest receivable
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(8,809
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)
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-
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|||||
Net cash used in operating activities
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(440,457
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)
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(287,966
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)
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Cash Flows From Investing Activities:
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||||||||
Capitalized patent costs
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(9,865
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)
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(12,358
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)
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Fixed rate savings account
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-
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647,450
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||||||
Net cash provided by (used in) investing activities
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(9,865
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)
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635,092
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|||||
Net increase (decrease) in cash
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(450,322
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)
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347,126
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|||||
Effect of exchange rate changes on cash
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(52,021
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)
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25,958
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|||||
Cash at beginning of period
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822,335
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911,359
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||||||
Cash at end of period
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319,992
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1,284,443
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||||||
Supplemental disclosure of non-cash financing activities:
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||||||||
Conversion of Series A preferred stock to common stock
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137,324
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-
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(a) |
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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Three Months Ended
June 30, 2018
(unaudited)
($)
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Three Months Ended
June 30, 2017
(unaudited)
($)
|
|||||||
Balance due from (to) Pharma and NDM at beginning of period
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(613,818
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)
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(687,609
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)
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||||
Amounts invoiced by Pharma to DDL and TCL (1)
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(521,085
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)
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(95,617
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)
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||||
Amounts repaid by DDL to Pharma
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308,434
|
-
|
||||||
Foreign exchange differences
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68,920
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(29,003
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)
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|||||
Balance due to Pharma and NDM at end of the period
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(757,549
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)
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(812,229
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)
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(1) |
These amounts are included primarily in research and development expenses charged to the Company by Pharma.
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Exhibit No.
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Document Description
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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 08, 2018
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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 08, 2018
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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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Description
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31.1
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Certification by Chief Executive Officer (Principal Executive Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2
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Certification by Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification by Chief Executive Officer (Principal Executive Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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32.2
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Certification by Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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