After the market closed on Thursday, Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) announced its financial results for the quarter ending February 28, 2023. All amounts are stated in Canadian dollars unless otherwise indicated.
The company had no revenue to report and C$200k in losses.
On March 16, 2022, Mind Cure announced that additional capital required to execute the company’s plan was unlikely to be found. Accordingly, the company made the decision to eliminate all expenditures outside those required to preserve the value of the company’s assets including its public company status with Canadian securities regulators and cash and cash equivalents.
The company noted in its filing that it has $6.1 million in cash and cash equivalents.
The company said it currently has no sources of cash from operations. Management estimates that it will be able to meet its obligations and sustain operations for at least the next twelve months.
As of Feb. 28, 2023, the company continued to hold equity in ATMA Journey Centers Inc., a privately held company, comprising of 1,250,000 common shares and 492,958 series A preference shares. As of February 28, 2023, the company determined its strategic equity investment in ATMA had a fair value of $nil.