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Rapid Dose Therapeutics Reports Fiscal Year 2022 Financial Results

BURLINGTON, Ontario–(BUSINESS WIRE)–On Friday, January 27, 2023, Rapid Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE), filed its financial results for the fiscal year ended February 28, 2022.

Now that the Company has completed the filing of its audited financial statements for the fiscal year ended February 28, 2022 as well as its interim financial statements for the quarters ended May 31, 2022, August 31, 2022 and November 30, 2022, the Company is in the process of submitting the required documentation to the Ontario Securities Commission (the “OSC”) for a revocation of the failure to file cease trade order that was previously issued against the Company on August 26, 2022.

Recurring delays in releasing the financial results were experienced due to the need to address accounting and reporting issues arising from transactions that occurred during the first quarter of the 2022 fiscal year. The resulting impact was an upwards restatement of revenue in fiscal year 2021 to include a portion of previously deferred revenue in earnings for that year. A second restatement for the valuation of the acquisition of 2544737 Ontario Limited (o/a Consolidated Craft Brands), which had been previously reported in the interim financial statements for the quarter ended May 31 2021, resulted in adjustments to the purchase price the Company paid for the business.

As a result of the annual impairment testing of goodwill and other intangible assets, the Company recorded a non-cash goodwill and other intangible assets impairment charge in the fourth quarter ended February 28, 2022. The Company does not expect the impairment charge to have any impact on future operations, or to affect its liquidity or cash flows from operating activities.

2022 Financial Information:

Fiscal Year:

February 28 2022

February 28 2021

% Change

 

restated

 

Revenue

$

1,751,916

$

755,201

232%

Operating expenses

 

5,780,138

 

2,477,065

233%

Non-cash charges

 

6,383,771

 

675,468

 

Net comprehensive loss

 

(8,506,083)

 

(1,754,629)

485%

Net loss per share – basic

 

(0.08)

 

(0.02)

 

Common shares basic

 

103,068,110

 

80,666,805

 

Complete financial statements are available at www.sedar.com

2022 Operational Highlights:

About Rapid Dose Therapeutics Corp.

Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The Company’s flagship product QuickStrip™ is a thin, orally dissolvable film, that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient. For more information about the Company, visit www.rapid-dose.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

RDT Investor:
Mark Upsdell, CEO

mupsdell@rapid-dose.com
416-477-1052

Media:
Dara Willis

dara@dwcomm.ca
416-836-9272

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