Cell MedX Corp (OTCBB:CMXC) submitted Form 10-K wherein it revealed that the revenue during the fiscal completed May 31, 2015, was related with the commencement of operations of company’s wholly owned subsidiary firm, Avyonce Cosmedics Inc. The revenue included sales of consumable products and spa equipment, and education courses to health care professionals and estheticians in the field of medical aesthetics.
The financials
Cell MedX stated that during the fiscal completed May 31, 2015, the operating expenses surged to over $1.029 million from $18,527 during the fiscal ended May 31, 2014. The increase was related with acquisition deal of e-balance Technology, which prompted in change in business operations and enhanced operating expenses.
During the year, the company recorded $275,146 in consulting fees. Out of this total amount, $172,647 was accrued or paid to Jean Arnett and Brad Hargreaves. These are the vendors of e-balance Technology for helping company with business development efforts. Moreover, the company recorded $27,600 in management fees. Cell MedX stated that they did not have any such kind of expenses during the comparable period in FY2014.
The highlights
In order to bring awareness of e-balance Technology, the company incurred $80,631 in marketing and corporate communications fees, which included design and programming of corporate website, and the preparation of video and PowerPoint presentations.
During the fiscal ended May 31, 2015, Cell MedX incurred $88,900 in financing fees as company entered into boost current operations. Also, the non-cash financing fees incurred from the loan conversion features. The legal fees for FY2015 came at $64,819 and were mainly related with acquisition deal of the e-balance Technology.
In last trading session, the stock price of Cell MedX Corp (OTCBB:CMXC) gained more than 4% to close the trading session at $0.220. The gains came at a share volume of 58,527 compared to monthly average share volume of 16,790.
