New Risk • Jan 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 99% 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 Shares are highly illiquid. Negative equity (-CA$846k). Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.01m market cap, or US$734.7k). Announcement • Dec 18
Waverunner Capital Inc. announced that it has received CAD 0.245 million in funding On December 17, 2025, the Waverunner Capital Inc closed the transaction. New Risk • Nov 16
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$207k 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$207k free cash flow). Shares are highly illiquid. Negative equity (-CA$846k). Revenue is less than US$1m. Market cap is less than US$10m (CA$278.9k market cap, or US$198.9k). Announcement • Aug 01
Waverunner Capital Inc. announced that it expects to receive CAD 0.245 million in funding Waverunner Capital Inc. has arranged anon-brokered private placement of up to 4,900,000 common shares at a price of CAD 0.05 per share for anticipated gross proceeds of up to CAD 245,000 on July 31, 2025. All securities issued pursuant to the private placement will be subject toa statutory hold period of four months plus one day from the closing date in accordance with applicable securities laws. Closing is anticipated by August 29, 2025, and is contingent upon the receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange. Announcement • Sep 20
Waverunner Capital Inc., Annual General Meeting, Nov 13, 2024 Waverunner Capital Inc., Annual General Meeting, Nov 13, 2024. Location: british columbia, vancouver Canada New Risk • May 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 11x increase in shares outstanding. 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$450k free cash flow). Shares are highly illiquid. Negative equity (-CA$6.6m). Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.84m market cap, or US$2.08m). Announcement • May 01
Chemistree Technology Inc., Annual General Meeting, Apr 30, 2024 Chemistree Technology Inc., Annual General Meeting, Apr 30, 2024. Agenda: To approve the appointment of Davidson & Company LLP as auditor of the Company for the ensuing year and authorized the directors of the Company to fix their remuneration and to consider other matters. Board Change • Apr 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Independent Director Nicholas Zitelli was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Independent Director Nicholas Zitelli was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 10
Chemistree Technology Inc has Received the Resignation of Sheldon Aberman as Director Chemistree Technology Inc. has received and accepted the resignation of Sheldon Aberman as a director and officer of the Company. Chemistree wishes to thank Mr. Aberman for his years of service and wishes him well in his future endeavors. Board Change • Oct 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Director Nicholas Zitelli was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Director Nicholas Zitelli was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 28
An unknown buyer entered into Share Purchase Agreement to acquire Chemistree Washington from Chemistree Technology Inc. (OTCPK:CHMJ.F) for $0.5 million. An unknown buyer entered into Share Purchase Agreement to acquire Chemistree Washington from Chemistree Technology Inc. (OTCPK:CHMJ.F) for $0.5 million on October 27, 2022. Closing of the sale is subject to several conditions, including the transfer of a Tier 3 recreational marijuana producer/process license, from the Company's sub-lessee to the purchaser. Closing is anticipated to occur within calendar 4th quarter 2022. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Director Nicholas Zitelli was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 08
Full year 2021 earnings released: CA$0.12 loss per share (vs CA$0.14 loss in FY 2020) Full year 2021 results: Net loss: CA$4.53m (loss narrowed 17% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 22
Third quarter 2021 earnings released: CA$0.021 loss per share (vs CA$0.05 loss in 3Q 2020) Third quarter 2021 results: Net loss: CA$819.7k (loss narrowed 56% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Second quarter 2021 earnings released: CA$0.024 loss per share (vs CA$0.031 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$898.6k (loss narrowed 23% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year whereas the company’s share price has fallen by 47% per year. Reported Earnings • Nov 29
First quarter 2021 earnings released: CA$0.02 loss per share First quarter 2021 results: Net loss: CA$757.5k (loss narrowed 24% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 18
Full year earnings released - CA$0.14 loss per share Over the last 12 months the company has reported total losses of CA$5.45m, with losses widening by 17% from the prior year. Announcement • Sep 29
Chemistree Technology Inc. Appoints David Macdonald to its Executive Team and Establishes Scientific Advisory Board Chemistree Technology Inc. has announced the appointment of Dr. David MacDonald to its executive team and established a Scientific Advisory Board to be headed by Dr. Vernon Oi. Dr. David MacDonald has an over 30-year record of achievement in drug development and leadership of biotech companies achieving important technical milestones for those businesses and meeting critical corporate objectives. Prior to ImmunoFlex, Dr. MacDonald was at MSI Methylation Sciences Inc. The company has also established a three-member scientific advisory, drawing on some of the most talented and experienced people in the bio-technology and immunology fields. Dr. Vernon Oi, has been named Chair of the ImmunoFlex Scientific Advisory Board. Dr. Oi is a world-renowned Immunologist with over 200 peer reviewed publications and multiple patents. Dr. Jian Han is a Hudson Alpha Institute for Biotechnology Faculty Investigator. Dr. Han has more than 30 years of experience developing molecular diagnostic technologies and products. Dr. Leonore (Lee) A. Herzenberg, is a Stanford Flow Cytometry Chair in Genetics, Stanford Professor of Genetics, and Stanford Professor of the Interdepartmental Program in Immunology. Dr. Herzenberg and her late husband Dr. Leonard (Len) A. Herzenberg made many seminal contributions to immunoglobulin heavy chain (IgH) genetics and to functional analyses and lineage studies of mouse and human B and T cells. Some of the Herzenbergs' firsts include the initial development of the Fluorescence Activated Cell Sorter (FACS), the development of the first monoclonal antibody reagents for FACS, and the continued development and improvement of computer support for the acquisition, analysis, display and storage of flow cytometry data. 
