Avricore Health Inc 6-K, filed May 8, 2024

Avricore Health Inc. (AVCRF)

6-K 2024-05-08 For: 2024-04-30

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Added on April 06, 2026

About this 6-K

Avricore Health Inc filed this 6-K on May 8, 2024.

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Exhibit No.	Description	Date Released
1	News Release-HEALTHTAB™ SIGNS AGREEMENT FOR MORE REXALL^® PHARMACY LOCATIONS	2024-04-04
2	Notice Of Meeting	2024-04-15
3	Notice Of Meeting Amended	2024-04-16
4	Audited Annual Financial Statements	2024-04-29
5	Annual MD&A	2024-04-29
7	52-109FV1-Certification Of Annual Filings-CEO	2024-04-29
8	52-109FV1-Certification Of Annual Filings-CFO	2024-04-29
9	AB Form 13-501F1 (Class1 and 3B reporting issuers-participation fee)	2024-04-29
10	News Release-AVRICORE HEALTH CORPORATE UPDATE AND AUDITED RESULTS FOR 2023	2024-04-30

	AVRICORE HEALTH INC.

Date: May 08, 2024	By	“Kiki Smith”
		Kiki Smith
		Chief Financial Officer

	●	Point of Care Testing Market to reach $93.21 Billion USD in 2030 (Source)
	●	Nearly 13.6 Million Canadians are expected to be diabetic or prediabetic by 2030, with many undiagnosed (Source)
	●	Over 1 in 3 Americans, approximately 88 million people, have pre-diabetes (Source)
	●	Close to 160,000 Canadians 20 years and older are diagnosed with heart disease each year, often it’s only after a heart attack they are diagnosed. (Source)
	●	There are more than 10,000 pharmacies in Canada, 88,000 pharmacies in the US, and nearly 12,000 in the UK.

Issuer:	AVRICORE HEALTH INC.
Meeting Type:	Annual General & Special Meeting
ISIN:	CA0545211090
CUSIP:	054521109
Meeting Date:	Thursday, May 16, 2024
Record date for Notice:	Thursday, May 16, 2024
Record date for Voting:	Thursday, May 16, 2024
Beneficial Ownership Determination Date:	Thursday, June 20, 2024
Class of securities entitled to receive notice:	COMMON SHARES
Class of securities entitled to vote:	COMMON SHARES
Issuer sending proxy related materials directly to NOBO:	Yes
Issuer paying for delivery to OBO:	No
Meeting location	Vancouver, BC

Notice and Access (NAA) Requirements:
NAA for Beneficial Holders	No
Beneficial Holders Stratification Criteria:
Number of shares greater than:	n/a
Holder Consent Type(s):	n/a
Holder Provinces-Territories:	n/a
NAA for Registered Holders	No
Registered Holders Stratification Criteria:
Number of shares greater than:	n/a
Holder Provinces-Territories:	n/a

Re:	Avricore Health Inc. (the “Company”)
	Annual General & Special Meeting of Shareholders

cc: Alberta Securities Commission	cc: P.E.I. Securities Commission
cc: Manitoba Securities Commission	cc: Quebec Securities Commission
cc: New Brunswick Securities Commission	cc: Saskatchewan Securities Commission
cc: Nova Scotia Securities Commission	cc: Registrar of Securities – Northwest Territories
cc: Ontario Securities Commission	cc: Registrar of Securities – Yukon Territories
cc: Nunavut Securities Commission	cc: TSX Venture Exchange
cc: Newfoundland Securities Commission	cc: CDS Inc.

	●	The point upon which control is transferred to the customer and revenue is deemed earned pursuant to IFRS 15, Revenues from Contracts with Customers, and can be recognized for each distinct performance obligation.
	●	Determination of whether products and services are considered distinct performance obligations that should be accounted for separately versus together, such as software and services which are provided in conjunction with equipment leased to the customers under operating lease arrangements.
	●	Determination of whether the Company acts as a principal or agent.

	●	We evaluated management’s material accounting policies related to revenue recognition and ensured these are in accordance with IFRS 15 for the Company’s contracts with its customers.
	●	We reviewed the underlying customer agreements, including master agreements, statements of works and other documents that were part of the agreements, and ensured that the Company’s evaluation of the agreements is appropriate, management has appropriately identified distinct performance obligations pursuant to the agreements, and the Company has appropriately recognized revenues in accordance with IFRS 15. We ensured that service revenues are recorded at a point in time when revenue recognition criteria are met.
	●	We selected a sample of sales transactions and vouched each transaction to underlying supporting documents, including invoices, receipt of payment and delivery confirmation to ensure that the Company has recorded revenues from sale of product upon meeting the revenue recognition criteria in accordance with IFRS 15. We also obtained a confirmation from the Company’s significant customer confirming the sales transactions during the year.
	●	We evaluated management’s assessment of whether it acts as a principal or agent pursuant to IFRS 15, and reviewed the underlying agreements with the Company’s vendors and customers.

	Note	2023			2022
		$			$
ASSETS

Current Assets
Cash and cash equivalents			276,571			620,527
Term deposit			10,000			10,000
Accounts receivable	4		427,689			770,373
Prepaid expenses and deposits	5		38,625			30,231
Inventory			20,676			-
			773,561			1,431,131

Equipment	6		1,717,995			1,107,991
Intangible assets	7		46,649			29,861
Total Assets			2,538,205			2,568,983

LIABILITIES

Current Liabilities
Accounts payable and accrued liabilities	8		489,218			312,893
Deferred revenue			-			252,000
Loans payable	9		40,000			40,000
			529,218			604,893

SHAREHOLDERS’ EQUITY
Share capital	10		27,186,114			27,064,727
Reserves	10		6,558,433			5,933,708
Deficit			(31,735,560	)		(31,034,345	)
			2,008,987			1,964,090
Total Liabilities and Shareholders’ Equity			2,538,205			2,568,983

*“Hector Bremner”*		*“David Hall”*
Hector Bremner, Director		David Hall, Chairman

	Number of Shares		Share Capital			Warrant Reserve			Option Reserve			Deficit			Total
			$			$			$			$			$

Balance, December 31, 2020		69,795,584		22,286,852			914,531			4,582,561			(28,507,985	)		(724,041	)
Shares issued for cash		15,740,000		2,414,000			-			-			-			2,414,000
Exercise of warrants		10,058,660		1,805,132			(151,395	)		-			-			1,653,737
Exercise of stock options		1,666,020		312,052			-			(186,395	)		-			125,657
Share issued for services		275,000		38,500			-			-			-			38,500
Share issuance costs		-		(238,221	)		139,625			-			-			(98,596	)
Share-based compensation		-		-			-			495,791			-			495,791
Net loss for the year		-		-			-			-			(1,708,132	)		(1,708,132	)
Balance, December 31, 2021		97,535,264		26,618,315			902,761			4,891,957			(30,216,117	)		2,196,916
Exercise of warrants		909,400		175,412			(1,532	)		-			-			173,880
Exercise of options		800,000		271,000			-			(191,000	)		-			80,000
Share-based compensation		-		-			-			331,522			-			331,522
Net loss for the year		-		-			-			-			(818,228	)		(818,228	)
Balance, December 31, 2022		99,244,664		27,064,727			901,229			5,032,479			(31,034,345	)		1,964,090
Exercise of options		400,000		121,387			-			(78,887	)		-			42,500
Share-based compensation		-		-			-			703,612			-			703,612
Net loss for the year		-		-			-			-			(701,215	)		(701,215	)
Balance, December 31, 2023		99,644,664		27,186,114			901,229			5,657,204			(31,735,560	)		2,008,987

	2023			2022			2021
	$			$			$
Operating Activities
Net loss		(701,215	)		(818,228	)		(1,708,132	)
Adjustment for non-cash items:
Amortization		420,067			183,047			17,984
Finance cost		-			-			38,438
Share-based payments		703,612			331,522			495,791
Write-off of accounts receivable		4,594			8,667			-

Change in working capital items:
Accounts receivable		338,090			(687,492	)		(79,620	)
Inventory		(20,676	)		-			-
Prepaid expenses and deposits		(8,394	)		24,236			70,977
Deferred revenue		(252,000	)		252,000			-
Accounts payable and accrued liabilities		176,325			268,416			(69,592	)
Net cash provided by (used in) operating activities		660,403			(437,832	)		(1,234,154	)

Investing Activities
Intangible assets		(25,288	)		(5,171	)		(35,006	)
Purchase of equipment		(1,021,571	)		(1,193,345	)		(105,358	)
Term deposit		-			(10,000	)		-
Net cash used in investing activities		(1,046,859	)		(1,208,516	)		(140,364	)

Financing Activities
Proceeds from issuance of shares		-			-			2,404,000
Proceeds from exercise of warrants		-			173,880			1,653,737
Proceeds from exercise of stock options		42,500			80,000			125,657
Share issuance costs		-			-			(98,596	)
Loan repaid		-			-			(1,000,000	)
Net cash provided by financing activities		42,500			253,880			3,084,798

Decrease in cash and cash equivalents		(343,956	)		(1,392,468	)		1,710,280
Cash and cash equivalents, beginning of year		620,527			2,012,995			302,715
Cash and cash equivalents, end of year		276,571			620,527			2,012,995

Cash and cash equivalents consist of:

Cash in bank accounts		276,571			620,527			1,702,995
Guaranteed investment certificates		-			-			310,000
Cash and cash equivalents		276,571			620,527			2,012,995

●	Identify the contract with a customer;
●	Identify the performance obligations in the contract;
●	Determine the transaction price;
●	Allocate the transaction price to the performance obligations; and
●	Recognize revenue when, or as, the Company satisfies a performance obligation.

	-	The incremental borrowing rates are based on judgments including economic environment, term, currency, and the underlying risk inherent to the asset. The carrying balance of the right-of-use assets, lease liabilities, and the resulting interest expense and depreciation expense, may differ due to changes in the market conditions and lease term.
	-	Lease terms are based on assumptions regarding extension terms that allow for operational flexibility and future market conditions.

	Note	2023			2022			2021
		$			$			$

Revenue	14 & 18		3,485,147			1,768,374			122,808

Cost of sales			(2,281,751	)		(1,311,581	)		(92,287	)
Gross profit			1,203,396			456,793			30,521

Expenses
Advertising and promotion			1,035			2,961			-
Amortization			2,347			631			17,984
Consulting	12		236,117			197,860			355,350
General and administrative	11		339,369			250,144			182,847
Management Fees	12		216,000			168,000			205,000
Shareholder communications			112,234			173,035			329,342
Professional fees	12		285,935			150,585			189,796
Share-based compensation	10 & 12		703,612			331,522			495,791
			(1,896,649	)		(1,274,738	)		(1,776,110	)
Loss before other income (expense)			(693,253	)		(817,945	)		(1,745,589	)

Other income (expense)
Finance costs			-			-			(38,438	)
Gain on settlement and write-off of liabilities			-			-			75,467
Foreign exchange gain (loss)			(6,652	)		298			(153	)
Interest income			3,284			8,086			581
Write-off of accounts receivable			(4,594	)		(8,667	)		-
Net loss and comprehensive loss for the year			(701,215	)		(818,228	)		(1,708,132	)

Basic and Diluted Loss Per Share			(0.01	)		(0.01	)		(0.02	)
Weighted Average Number of Common Shares Outstanding			99,559,459			97,859,216			92,610,766

	2023		2022
	$		$
Trade receivables		420,998		748,097
GST receivable		6,691		22,276
		427,689		770,373

	Equipment
	$
Cost
Balance, December 31, 2021		105,358
Additions		1,193,345
Balance, December 31, 2022		1,298,703
Additions		1,021,572
Balance, December 31, 2023		2,320,275

Accumulated Amortization
Balance, December 31, 2021		14,483
Amortization		176,229
Balance, December 31, 2022		190,712
Amortization		411,568
Balance, December 31, 2023		602,280

Carrying value
As at December 31, 2022		1,107,991
As at December 31, 2023		1,717,995

	Software		HealthTab™		Corozon		Emerald		Total
	$		$		$		$		$
Cost
Balance, December 31, 2021		35,006		1		1		1		35,009
Additions		5,171		-		-		-		5,171
Balance, December 31, 2022		40,177		1		1		1		40,180
Additions		25,288		-		-		-		25,288
Balance, December 31, 2023		65,465		1		1		1		65,468

Accumulated Amortization
Balance, December 31, 2021		3,501		-		-		-		3,501
Amortization		6,818		-		-		-		6,818
Balance, December 31, 2022		10,319		-		-		-		10,319
Amortization		8,500		-		-		-		8,500
Balance, December 31, 2023		18,819		-		-		-		18,819

Carrying value
As at December 31, 2022		29,858		1		1		1		29,861
As at December 31, 2023		46,646		1		1		1		46,649

	2023		2022
	$		$
Trade accounts payable		428,677		261,493
GST payable		60,541		51,400
		489,218		312,893

Exercise Price		Expiry date	Options
			Outstanding		Exercisable
$	0.075	January 24, 2024		140,000		140,000
$	0.06	April 1, 2024		140,000		140,000
$	0.05	October 15, 2024		1,470,000		1,470,000
$	0.08	November 18, 2025		500,000		500,000
$	0.08	December 8, 2025		710,000		710,000
$	0.19	January 28, 2026		150,000		150,000
$	0.25	March 22, 2026		1,800,000		1,800,000
$	0.15	August 10, 2027		2,675,000		2,675,000
$	0.15	August 12, 2027		100,000		100,000
$	0.16	October 12, 2027		300,000		300,000
$	0.28	May 15, 2028		1,825,000		912,500
$	0.20	June 21, 2028		400,000		200,000
$	0.20	September 15, 2028		140,000		35,000
				10,350,000		9,132,250

	2023				2022					2021
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price
Beginning Balance		-		-		18,781,066		$	0.21		18,743,226		$	0.16
Warrants issued		-		-		-			-		16,274,000		$	0.22
Warrants exercised		-		-		(909,400	)	$	0.19		(10,058,660	)	$	0.16
Warrants expired		-		-		(17,871,666	)	$	0.22		(6,177,500	)	$	0.15
Outstanding		-		-		-			-		18,781,066		$	0.21


Type of transaction	2023		2022		2021
	$		$		$
Consulting fees		216,000		168,000		162,500
Management fees		216,000		168,000		205,000
Professional fees		128,400		124,200		150,000
Share-based compensation		495,348		151,088		264,393
		1,055,748		611,288		781,893

	Carrying value		Contractual Cash flows		Within 1 year		1 - 5 Years
	$		$		$		$
Trade accounts payable		428,677		428,677		428,677		-
Loan payable		40,000		40,000		40,000		-
		468,677		468,677		468,677		-

	●	In the year ended December 31, 2023 revenue increased by 97% year over year to $3,485,147 and gross profit increased by 163% to $1,203,396.

	●	In the three months ended December 31, 2023 revenue increased by 39% year over year to $1,354,403 and gross profit increased by 197% to $501,466.

	●	Avricore has partnered with Ascensia Diabetes Care to integrate their blood glucose monitoring systems, CONTOUR®NEXT GEN and CONTOUR®NEXT ONE, with Avricore’s HealthTab™ platform. The collaboration aims to improve diabetes management for patients and pharmacists in Canada by linking daily blood glucose testing data to the patient’s HealthTab™ account. This integration will provide a more comprehensive health data tool for combating diabetes. The technical work is expected to be completed by Q3 of this year, with ongoing efforts to encourage patient engagement. Ascensia Diabetes Care is a global company focused on supporting people with diabetes and is a subsidiary of PHC Holdings Corporation.

	●	In September 2023, the Company announced its first testing location within Rexall’s Pharmacy Walk-In Clinic in Sherwood Park, Alberta. That location, a first for Rexall as well, offers both the Afinion 2™ blood-chemistry analyzer as well as the ID Now™ molecular platform by Abbott Rapid Diagnostics, giving patients quick access to their test results, and allowing for immediate consultation with their pharmacist.

	●	Subsequent to the initial launch, the Company was pleased to announce further expansion of HealthTab™ with Rexall Pharmacy Group ULC (“Rexall”). The Companies have been working closely to develop the best patient approaches and internal workflows to ensure the most successful deployment of this powerful point-of-care testing platform.

	●	The next steps with Rexall will be to deploy a minimum of another 20 locations spread out between stores in Alberta and Ontario. After each deployment, the teams will collaborate to assess deployment workflow, refine processes and identify further deployment opportunities based on patient and pharmacist feedback.

	●	Avricore’s HealthTab™ platform has been selected by a collaborative effort involving Barts Heart Centre and HEART UK to assess the feasibility of community pharmacists in the UK providing cholesterol testing alongside blood pressure checks for cardiovascular risk evaluation. The study aims to build on the success of over 930,000 blood pressure checks conducted in 6,000 pharmacies as part of an NHS initiative. With NHS England allocating £645 million (approx. $1.1 billion CDN$) to increase access to primary care, HealthTab™ will support pharmacists in delivering vital support for chronic diseases.

	●	Signing a reseller agreement between HealthTab™ Inc. and Abbott Rapid Diagnostics Limited UK & Ireland. This agreement provides a foundation for HealthTab™ to purchase and distribute the Afinion™ 2 and associated tests for diabetes and heart disease screening in community pharmacies in the United Kingdom.

	●	The Company has significantly expanded the number of Shoppers Drug Mart pharmacies offering its HealthTab™ point-of-care testing platform under a renewed Master Service Agreement (MSA) to 776 locations nation-wide. In addition to Shoppers Drug Mart pharmacies, this new MSA and corresponding Statement of Work (SOW) provides for affiliated locations under the Loblaws family of brands, to utilize HealthTab™ upon request.

	●	693 HealthTab™ systems were operating in Shoppers Drug Mart® and Loblaw family stores including pharmacist walk-in clinics as of December 31, 2023; 448 in Ontario and 74 in British Columbia, 12 in Nova Scotia, 151 in Alberta, 1 in Prince Edward Island, 2 in Saskatchewan and 5 in New Brunswick. The Company was honoured to have HealthTab™ placed in the first pharmacist-led primary healthcare clinic located in Lethbridge, Alberta. Not only was this the first clinic, it was also the first system placed in a Real Canadian Superstore®, as well as its first Alberta location.

	●	Subsequent to December 31, 2023 an additional 83 systems have been deployed for a total of 776 participating Shoppers Drug Mart® pharmacies and Loblaw family stores offering screening tests to patients via HealthTab™ systems as of the date of this report.

	●	In 212 of these locations, the Company has deployed Abbott’s ID Now™, either in combination with the Afinion 2™ or standalone, to offer confirmed molecular testing for virus detection in community pharmacies. Last year’s “tripledemic” (Flu, RSV and Covid) strained the Canadian healthcare system beyond its breaking point. This year scientists are concerned about a heavily mutated Covid variant. Pharmacy will play a key a role in these battles and confirmed tests results means faster responses, better treatment and less spread of these infectious diseases.

	●	While flu season strains pharmacies’ capacity for chronic disease screening and management, having the ID Now™ means HealthTab™ can support pharmacies with confirmed molecular testing for virus detection during these critical months of the year and diversify the Company’s revenues.

	●	The innovative practice of pharmacist-led primary healthcare clinics is expected to expand, as provinces struggle to meet the health care needs of their residents and recruit more family physicians. The program’s primary focus is to screen patients at-risk for diabetes and cardiovascular disease. In-store signage and print material will let customers know they are able to request HealthTab™ tests, and existing patients will be made aware through direct outreach from their Shoppers Drug Mart® or Real Canadian Superstore® pharmacist based on their health profile. On March 28^th, 2023, the Government of Canada tabled its budget for the year ahead, including a 10-year funding agreement with the Nation’s provinces to increase healthcare funding. This new funding approach is novel for the fact that each province will have specific agreements, opposed to the more traditional generalized formula. This approach is expected to bring substantial innovations related to healthcare data and new healthcare service delivery, as the provinces agreed to make changes to rules and practices which have limited data-flow optimization and healthcare access.

	●	The Canadian Medical Association expressed support for many of the initiatives on March 30^th, 2023, in relation to the healthcare agreement and encouraged government to institute recommendations from the Addressing Canada’s Health Workforce Crisis report from the Standing Committee on Health. One of the key items they pointed to was “…optimizing scopes of practice for health professionals…”.

	●	Most provinces have already begun expanding the scope of practice of their pharmacists, with 7 provinces allowing these healthcare professionals to prescribe for minor ailments and 8 provinces either allowing or will soon allow them to order and interpret lab results.

	●	As of July 1^st, 2022, the Government of Ontario brought into effect an expanded scope of practice for community pharmacists in the province, joining Alberta in this growing and increasingly popular approach. This includes limited prescribing for minor ailments, as well as the ability to perform certain point-of-care tests to assist patients with managing chronic disease. Approved tests include glucose, HbA1c and lipids, all of which HealthTab™ currently offers with the Abbott Afinion 2™. Also announced as part of this plan in Ontario, is a second stage of scope modifications, which began on January 1, 2023. This stage allows for limited prescribing for minor ailments and certain prescription renewals, further enhancing the value of community pharmacy.

	●	These changes, and increasing demand, means Canadian pharmacy business is rapidly changing before our eyes, from being product focused to service focused. At $51.4 billion, the industry already represents a significant impact on healthcare, and the anticipated increase in funding and new service offerings, including point-of-care testing, will mean this practice will play an even more impactful role going forward.

	●	During the pilot with Shoppers Drug Mart®, over 15,000 HealthTab™ tests were completed for more than 6,900 patients. The data collected confirmed that the patients tested had a high prevalence of previously undiagnosed diabetes, pre-diabetes and heart disease and significant near-term risk for major health events. Almost 60 per cent of patients needed an intervention to better manage their chronic disease. On average, 31 percent received a new chronic medication, 28 percent required a change in their current medication, and 235 patients were newly identified as diabetic. Patients also reported in post surveys that they valued receiving this information from their pharmacists, and those pharmacists indicated that HealthTab™ enabled an increase in the value of services they were able to provide to their patients.

	●	Developed a unique quality assurance program with a third-part reference laboratory to offer HealthTab™ pharmacies industry leading validation for point-of-care instruments and test consumables.

	●	Signing of a non-exclusive, pilot supplier distribution agreement in Canada between HealthTab™ Inc., and Abbott, with respect to the handheld blood chemistry analyzer, i-STAT Alinity. The agreement allows HealthTab™ to distribute Abbott’s point-of-care i-STAT Alinity and its associated tests for creatinine in Canadian pharmacies to better support patients with important information about their renal function.

	●	Amendment to the Distribution Agreement adds Abbott’s popular ID NOW™ molecular testing device which will add onsite testing and reporting capabilities for SARS-CoV-2 as well as Respiratory Syncytial Virus (RSV), Influenza A & B and Streptococcus – a powerful combination for detecting infections before they spread.

	●	Developing new pilot programs with national pharmacy chains,

	●	Continuing to negotiate new POC diagnostic device integrations to expand the HealthTab™ testing menu.

	●	Refining HealthTab™’s de-centralized clinical trials capabilities to monetize de-identified data associated with high-value Real-World Evaluation (RWE).

	●	Moving forward with negotiations across several target demographics, domestically and internationally, with pharmacies, life-science companies, host-locations, and Clinical Research Organizations (CRO).

	●	Ninety-four percent of survey respondents believe using RWE in R&D will become important or very important to their organizations by 2022.

	●	Almost all companies expect to increase investments in talent, technology, and external partnerships to strengthen their RWE capabilities.

	●	Reduced clinical trial costs and trial failure rates using RWE in R&D

	●	Entered strategic partnerships to access new sources of RWD (in fact, all have taken this step)

Quarter Ended	Dec 2023			Sep 2023			June 2023			Mar 2023			Dec 2022			Sep 2022			Jun 2022			Mar 2022
										$			$			$			$			$
Revenue		1,354,403			953,454			548,049			629,241			997,235			572,228			176,175			42,736
Gross profit (loss)		501,466			261,778			229,471			210,681			168,845			215,961			56,874			15,113
Share-based compensation		142,765			304,328			168,518			88,001			243,000			58,354			9,069			21,099
Comprehensive profit / (loss)		59,584			(285,062	)		(284,225	)		(191,512	)		(244,789	)		(180,398	)		(207,363	)		(185,678	)
Net income (loss)/share		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Total Assets		2,538,205			2,453,136			2,143,810			2,296,565			2,568,983			2,128,017			1,985,085			2,122,816

	Three months ended December 31					Twelve months ended December 31
	2023			2022		2023			2022

Revenue	$	1,354,403		$	977,235	$	3,485,147		$	1,768,374

% Change - year over year		39	%				97	%

Gross profit	$	501,466		$	168,845	$	1,203,396		$	456,793
% Change - year over year		197	%				163	%

●	Revenue increased to $3,485,147 (2022 - $1,768,374) a 97% increase due to an increase in HealthTab™ systems deployed and tests sold. Gross profit amounted to $1,203,396 (2022 – $456,793) a 163% increase. Gross margin for the period was 35% (2022- 26%) outperforming the Company’s target margin of 30%.

●	Share-based compensation of $703,612 (2022 - $331,522) was recognized for stock options granted, vested, and repriced during the period.

●	Consulting fees increased to $236,117 (2022 - $197,860) primarily due to an increase in fees payable to the CTO.

●	General and administrative expenses increased to $339,369 (2022 - $250,144) mainly due to increase in operations as compared with previous period.

●	Management fees increased to $216,000 (2022 - $168,000) due to an increase in fees payable to the CEO.

●	Professional fees increased to $285,935 (2022 – 150,585) mainly due to an increase in audit fees.

●	The Company incurred comprehensive profit of $59,584 for the three months ended December 31, 2023 (2022 – loss of $244,789).

●	Significant changes are as follows:

●	Revenue increased to $1,354,403 (2022 - $977,235) a 39% increase, due to an increase in HealthTab™ systems deployed and tests sold. Gross profit increased to $501,466 (2022 – $168,845) a 197% increase. Gross margin for the period was 37% (2022- 16.93%).

●	Cost of sales increased to $852,937 (2022 – $808,390) due to increase in scale of operations.

●	Share-based compensation of $142,765 (2022 - $243,000) was recognized for stock options granted, vested, and repriced during the period.

●	General and administrative expenses increased to $73,211 (2022 - $58,809) mainly to due to growing business activities.

●	Professional fees increased to $94,401 (2022 – $33,826) mainly due to an provision of audit fees in current year.

Sources and Uses of Cash:	Year ended December 31,
	2023			2022
	$			$
Cash provided by (used in) operating activities		660,403			(437,832	)
Cash used in investing activities		(1,046,859	)		(1,208,516	)
Cash provided by financing activities		42,500			253,880
Cash and Cash Equivalents, closing balance		276,571			620,527

●	the extent to which we will be commercially successful in launching HealthTab™,

●	the size, cost and effectiveness of our sales and marketing programs, distribution and marketing arrangements,

●	the ability of the Company to raise capital through the issuance of its securities.

a)	$6,000 in office rent (2022 – $6,000, 2021 - $6,000) to a company controlled by the Chief Technology Officer of the Company.

b)	$12,000 in office rent (2022 – $9,000, 2021 - $Nil) to a company controlled by the Chief Financial Officer of the Company.

c)	$231,393 worth of purchases (2022 - $Nil, 2021 - $Nil) to a company controlled by Chief Technology Officer of the Company.