New Risk • Feb 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 379% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.1k free cash flow). Shares are highly illiquid. Negative equity (-CA$1.1m). Earnings have declined by 1.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (379% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$483.0k market cap, or US$340.8k). New Risk • Nov 27
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.1k free cash flow). Shares are highly illiquid. Negative equity (-CA$1.1m). Earnings have declined by 1.1% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$184.9k market cap, or US$131.9k). Board Change • Oct 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Amar Purewal was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$51k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$51k free cash flow). Shares are highly illiquid. Negative equity (-CA$1.0m). Revenue is less than US$1m. Market cap is less than US$10m (CA$235.3k market cap, or US$172.3k). お知らせ • Mar 25
Health Logic Interactive Inc. Announces Board Changes Health Logic Interactive Inc. announced the resignation of Mr. Gregg Jensen from the Board of Directors. The Company also announced that it has appointed Ryan Hounjet to its Board of Directors. Mr. Hounjet brings significant public markets experience to the team, and the Company is looking forward to his contributions as a Board member. Mr. Hounjet is an experienced entrepreneur and capital markets adviser with a focus on building start-ups, corporate development, investor relations and corporate finance in both the Canadian and United States public markets. Mr. Hounjet worked on the Scotiabank Commercial Banking team from 2019 to 2022, specializing in commercial lending and providing complex capital solutions tailored for his clients' needs while building deep, trusting relationships. Mr. Hounjet then moved into the public markets with Univest Securities (Canada) in early 2022 to help launch and develop its Vancouver office. Through Univest, Mr. Hounjet has advised various private companies on capital market solutions, and provided guidance on public listings on the Canadian Securities Exchange, the TSXV and the Nasdaq. Mr. Hounjet prides himself on continuous education. He earned his BSc with a major in biochemistry from the University of British Columbia and holds the Chartered Financial Analyst designation. Board Change • Mar 12
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 5 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Interim CFO, CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. Independent Director Graydon Bensler was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. お知らせ • Jan 21
Health Logic Interactive Inc. Appoints Gregg Jensen as New Director Health Logic Interactive Inc. announced the appointment of Gregg Jensen as a new Director of the Company. Mr. Jensen has over 25 years experience in Finance and Business management spanning several industries from technology, mining, engineering, to professional services. Mr. Jensen is currently CEO of Ward Ventures Ltd. a private merchant bank investing in early stage private and public companies, along with CEO of Renaissance Stone Quarries Corporation an early-stage mining company with assets on Vancouver Island, B.C. Canada. He has also served on several public and private company boards, including Lomiko Metals from December 2020 to December 2021, and has held several other executive roles. Mr. Jensen has led several companies through multiple capital raises, several M&A and joint venture transactions as well as consulted in turning around struggling companies. お知らせ • Dec 13
Hydro Giant cancelled the acquisition of Health Logic Interactive Inc. (TSXV:CHIP.H) in a reverse merger transaction. Hydro Giant signed a non-binding letter of intent to acquire Health Logic Interactive Inc. (TSXV:CHIP.H) in a reverse merger transaction for CAD 6.9 million on September 27, 2023. In terms of financing, Health Logic intends to conduct a financing round of up to CAD 0.5 million prior to the closing of the transaction. Subsequently, there will be a raise of between CAD 2 million – CAD 4 million concurrent with the closing of the Hydro Giant RTO. According to the LOI, Health Logic will undertake a capital raise at a to-be-determined size and valuation concurrently with that definitive agreement. The capital will be used to finance growth initiatives, including sales and marketing, acquisitions, optimization of the supply chain, and for general corporate purposes. Health Logic does not intend to seek shareholder approval for the RTO as the Company is currently listed on NEX, the RTO is an arm's length transaction, the Company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading upon completion of the RTO, and shareholder approval of the RTO is not required under applicable corporate and securities laws.
Upon completion of the transaction, Martin Yono will assume the role of Chief Executive Officer and Director, with Patrick Murphy stepping in as Chief Financial Officer and Director. Hydro Giant will be appointing one additional board member yet to be identified. George Kovalyov and Harrison Ross will continue to serve on the board as directors. Completion of the transaction is subject to a number of conditions, including but not limited to, exchange acceptance.
Hydro Giant cancelled the acquisition of Health Logic Interactive Inc. (TSXV:CHIP.H) in a reverse merger transaction on December 12, 2023. Health Logic Interactive Inc. has decided that given certain timeline, execution, and working capital risks, that the acquisition is no longer in the best interest of the Company. お知らせ • Nov 21
Hydro Giant signed a non-binding letter of intent to acquire Health Logic Interactive Inc. (TSXV:CHIP.H) in a reverse merger transaction for CAD 6.9 million. Hydro Giant signed a non-binding letter of intent to acquire Health Logic Interactive Inc. (TSXV:CHIP.H) in a reverse merger transaction for CAD 6.9 million on September 27, 2023. In terms of financing, Health Logic intends to conduct a financing round of up to CAD 0.5 million prior to the closing of the transaction. Subsequently, there will be a raise of between CAD 2 million – CAD 4 million concurrent with the closing of the Hydro Giant RTO. According to the LOI, Health Logic will undertake a capital raise at a to-be-determined size and valuation concurrently with that definitive agreement. The capital will be used to finance growth initiatives, including sales and marketing, acquisitions, optimization of the supply chain, and for general corporate purposes. Health Logic does not intend to seek shareholder approval for the RTO as the Company is currently listed on NEX, the RTO is an arm's length transaction, the Company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading upon completion of the RTO, and shareholder approval of the RTO is not required under applicable corporate and securities laws.
Upon completion of the transaction, Martin Yono will assume the role of Chief Executive Officer and Director, with Patrick Murphy stepping in as Chief Financial Officer and Director. Hydro Giant will be appointing one additional board member yet to be identified. George Kovalyov and Harrison Ross will continue to serve on the board as directors. Completion of the transaction is subject to a number of conditions, including but not limited to, exchange acceptance. お知らせ • Nov 17
Health Logic Interactive Inc. announced that it expects to receive CAD 0.5 million in funding Health Logic Interactive Inc. announced a private placement for the gross proceeds of CAD 500,000 on November 15, 2023. There will be a raise of between CAD 2,000,000 and CAD 4,000,000 concurrent with the closing of the Hydro Giant RTO. The company will undertake a capital raise at a to-be-determined size and valuation concurrently with that definitive agreement. The company will be seeking a waiver of exemption from TSX Venture Exchange's sponsorship requirements and should a waiver/exemption not be granted, the company will be required to obtain a sponsor. The company does not intend to seek shareholder approval for the RTO as the company is currently listed on NEX, the RTO is an arm's-length transaction, the company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading upon completion of the RTO, and shareholder approval of the RTO is not required under applicable corporate and securities laws. here will be a finder's fee associated with the transaction, details of which have not been finalized but will fall under the Toronto Stock Exchange's guidelines and policies surrounding such fees. The likely industry sector of the resulting issuer would be under diversified industries, specifically in consumer products and services. Board Change • Jan 17
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Interim CFO, CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 22
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Interim CFO, CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 22
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Interim CFO, CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 07
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Interim CFO, CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. お知らせ • Sep 16
Health Logic Interactive Inc. Announces the Resignation of CFO and Appoints Current CEO to Interim CFO Health Logic Interactive Inc. announced the hiring of Mr. Harrison Ross as interim Chief Financial Officer for Health Logic and the resignation of Mr. George Kovalyov in his role as the CFO. Mr. Ross will serve as both CEO and CFO of the Company, and will be in charge of financial planning, analyzing of the company's financial strengths and weaknesses, and strategic decision making. Mr. Ross, a Chartered Financial Analyst (CFA), was previously the Company's CFO and is well versed in the Company history. Mr. Ross was essential to the initial building of the business of My Health Logic Inc., which was sold by Health Logic to Marizyme Inc. in December 2021. In addition to Mr. Ross' appointment as the CFO, all current directors of Health Logic will remain directors of the Company. Board Change • Sep 15
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jul 14
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • May 24
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • May 03
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 03
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. お知らせ • Dec 23
Marizyme, Inc. (OTCPK:MRZM) completed the acquisition of My Health Logic Inc. from Health Logic Interactive Inc. (TSXV:CHIP.H). Marizyme, Inc. (OTCPK:MRZM) signed a non-binding letter of intent to acquire My Health Logic Inc. from Health Logic Interactive Inc. (TSXV:CHIP.H) for CAD 11.6 million on August 1, 2021. Marizyme, Inc. entered into a definitive agreement to acquire My Health Logic Inc. from Health Logic Interactive Inc. on November 1, 2021. Health Logic Interactive will receive 4.6 million shares of Marizyme and cash consideration of CAD 1,000 as consideration. The number of shares was negotiated between parties of Marizyme and Health Logic, and the price per share is a floating number that will be finalized in the definitive agreement. In connection with the plan of arrangement, Marizyme will issue 4.37 million Marizyme Shares to My Health Logic. Subsequently, Marizyme will issue 0.23 million Marizyme Shares to Health Logic Interactive.
Health Logic Interactive will have the right to appoint two nominees to the board of directors of Marizyme; it is expected that the management of Marizyme will change once the transaction is completed. The employees of, and consultants to, My Health Logic will continue to operate in the same capacity as prior to the transaction. On closing of the acquisition, David Barthel will be appointed Chief Executive Officer of Marizyme and will cease his position as Chief Executive Officer of Health Logic Interactive. As part of the agreement Health Logic Interactive is subject to non-solicitation provisions, but Health Logic Interactive may exercise its “fiduciary out” in respect of a superior proposal. If such an occasion occurs, the agreement provides that Health Logic Interactive will pay Marizyme CAD 3 million as liquidated damages and reimbursement of the expenses incurred by Marizyme in connection with the acquisition. On completion of the Arrangement, the business of Marizyme will be unchanged except that the business formerly undertaken by My Health Logic Inc. will now be carried out as a wholly owned subsidiary under Marizyme’s corporate structure.
The transaction is subject to the completion of diligence, the approval of the Supreme Court of British Columbia, the approval of the TSX Venture Exchange, negotiation and execution of definitive documentation, and approval of the Health Logic Interactive's shareholders. The transaction is subject to at least two-thirds of the votes cast on the arrangement resolution by Health Logic Interactive shareholders present in person or represented by proxy at the meeting. The transaction has been unanimously approved by the Board of Directors of Health Logic Interactive. The Board of Directors of Health Logic Interactive unanimously recommends that Health Logic Interactive's shareholders vote in favour of the resolution to approve the transaction. The transaction will be completed by December 13, 2021. As of November 22, 2021, the transaction is expected to close on or before December 31, 2021. Evans & Evans, Inc. acted as fairness opinion provider to Health Logic Interactive. Robb McNaughton of Borden Ladner Gervais LLP acted as legal advisor to Health Logic Interactive. Ben Slager of Mogan Daniels Slager LLP, Alexander Holburn Beaudin + Lang LLP, and Reed Smith LLP acted as legal advisors to Marizyme.
Marizyme, Inc. (OTCPK:MRZM) completed the acquisition of My Health Logic Inc. from Health Logic Interactive Inc. (TSXV:CHIP.H) on December 22, 2021. Marizyme has acquired all of the issued and outstanding shares in the capital of My Health Logic, being 6,252,293.52 issued common shares. Board Change • Dec 01
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CEO, Corporate Secretary & Director Harrison Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. お知らせ • Aug 10
Marizyme, Inc. (OTCPK:MRZM) signed a non-binding letter of intent to acquire My Health Logic Inc. from Health Logic Interactive Inc. (TSXV:CHIP.H) for CAD 11.6 million. Marizyme, Inc. (OTCPK:MRZM) signed a non-binding letter of intent to acquire My Health Logic Inc. from Health Logic Interactive Inc. (TSXV:CHIP.H) for CAD 11.6 million on August 1, 2021. Health Logic Interactive will receiv 4,600,000 shares of Marizyme as consideration. The number of shares was negotiated between parties of Marizyme and Health Logic, and the price per share is a floating number that will be finalized in the definitive agreement. The Company will have the right to appoint two nominees to the board of directors of Marizyme; it is expected that the management of Marizyme will change once the transaction is completed. My Health Logic will become a wholly owned subsidiary of Marizyme. The employees of, and consultants to, My Health Logic will continue to operate in the same capacity as prior to the transaction. The transaction is subject to the completion of diligence, the approval of the TSX Venture Exchange, negotiation and execution of definitive documentation, and approval of the Health Logic Interactive's shareholders. お知らせ • Jul 14
Health Logic Interactive Inc. Provides Update on Anticipated Pre-Submission Meeting with FDA for Matloc 1 Health Logic Interactive Inc. announced its continued progress towards an 510(k) pre-submission meeting with the United States Food and Drug Administration (the "FDA") for its diagnostic screening device MATLOC 1 that is anticipated to occur in September 2021 (the "Pre-Submission Meeting"). An FDA 510(k) pre-submission meeting is a method for a company like Health Logic to receive feedback and guidance from the FDA on its potential FDA 510(k) submission plan. The Company has engaged Reveles Clinical Service, a specialty Contract Research Organization (Southlake, TX), to provide regulatory strategy and clinical trial management, to assist the Company with the necessary documentation and clinical plan in preparation for the Pre-Submission Meeting. The Company intends to obtain the following guidance from the FDA at the Pre-Submission Meeting: Guidance for a predicate device; Guidance for a potential Class 2 Medical Device Designation; and Guidance on potential clinical data to support an indication for use. お知らせ • Jun 15
Health Logic Interactive Announces Proof-Of-Concept Test Results Health Logic Interactive Inc. reported positive preliminary proof-of-concept test results of its first urine creatinine chip prototype (uC-Chip beta version), which successfully validated the clinically relevant detection range. In parallel to further optimizing and validating the uC-Chip beta version, the Company's research team is working to advance the design and modeling of the integrated urine albumin-to-creatinine ratio chip (uACR-Chip) prototype. Health Logic announced these developments as the Company prepares for its pre-submission meeting with the United States Food and Drug Administration. お知らせ • May 18
Health Logic Interactive Inc. announced that it has received CAD 0.70601 million in funding On May 17, 2021, Health Logic Interactive Inc. (TSXV:CHIP.H) closed the transaction. The transaction included participation from insiders of the company for 266,666 shares. All securities issued are restricted from trading until September 15, 2021. お知らせ • Apr 24
Health Logic Interactive Inc. announced that it has received CAD 0.051 million in funding On April 22, 2021, Health Logic Interactive Inc. (TSXV:CHIP.H) closed the transaction. お知らせ • Mar 31
Health Logic Interactive Inc. announced that it expects to receive CAD 1.4 million in funding Health Logic Interactive Inc. (TSXV:CHIP.H) announced a private placement for gross proceeds of CAD 1,400,000 on March 29, 2021. お知らせ • Mar 19
Health Logic Interactive Inc. Announces the Appointment of Dr. Marta New, MBA to the Advisory Board Health Logic Interactive Inc. announced through its wholly owned operating subsidiary, My Health Logic Inc. the hiring of Dr. Marta New as a strategic advisor to the Company. Dr. New will be instrumental in the Company's development as it continues its search for online digital health platforms and digitally connected medical devices. Dr. New is founder and CEO of Radyus Research, a highly regarded contract research organization focused on preclinical drug development services combined with comprehensive scientific and strategic consulting. Dr. New was co-founding Partner at Agent Capital, participating in multiple venture capital investments including Orchard Therapeutics and Precision Biosciences among others.