Braxia Scientific Update
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) announced several critical updates regarding its operational status. The company received a failure-to-file cease trade order (FFCTO) from the Ontario Securities Commission on August 2, 2024, due to missing financial statements and management documents for FY2024. This led to trading suspension on the CSE, with imminent delisting expected.
The company completed the sale of its Canadian Rapid Treatment Center of Excellence Inc. assets to Kris Kratiuk on November 22, 2024. Post-transaction, Braxia faces a significant working capital deficiency exceeding $1,800,000 with minimal cash assets. The only remaining asset is the KetaMD platform intellectual property, though the company expects value recovery from its sale.
Given these circumstances, Braxia Scientific has announced plans to wind down operations after addressing remaining staff obligations, with no intentions to pursue further business activities.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) ha annunciato diversi aggiornamenti critici riguardanti il suo stato operativo. L'azienda ha ricevuto un'ordinanza di cessazione del commercio per mancata presentazione (FFCTO) dalla Ontario Securities Commission il 2 agosto 2024, a causa di documenti finanziari e gestionali mancanti per l'anno fiscale 2024. Questo ha portato alla sospensione delle contrattazioni sulla CSE, con un'imminente cancellazione prevista.
L'azienda ha completato la vendita degli attivi della Canadian Rapid Treatment Center of Excellence Inc. a Kris Kratiuk il 22 novembre 2024. Dopo la transazione, Braxia si trova ad affrontare una significativa carenza di capitale circolante che supera $1,800,000 con minimi attivi liquidi. L'unico attivo rimanente è la proprietà intellettuale della piattaforma KetaMD, sebbene l'azienda si aspetti un recupero di valore dalla sua vendita.
Data questa situazione, Braxia Scientific ha annunciato piani per chiudere le operazioni dopo aver soddisfatto gli obblighi nei confronti del personale, senza intenzioni di perseguire ulteriori attività commerciali.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) anunció varias actualizaciones críticas sobre su estado operativo. La empresa recibió una orden de cese de comercio por falta de presentación (FFCTO) de la Comisión de Valores de Ontario el 2 de agosto de 2024, debido a la falta de estados financieros y documentos de gestión para el año fiscal 2024. Esto llevó a la suspensión de las operaciones en la CSE, con una inminente exclusión esperada.
La empresa completó la venta de los activos de Canadian Rapid Treatment Center of Excellence Inc. a Kris Kratiuk el 22 de noviembre de 2024. Tras la transacción, Braxia enfrenta una deficiencia significativa de capital de trabajo que supera $1,800,000 con activos líquidos mínimos. El único activo restante es la propiedad intelectual de la plataforma KetaMD, aunque la empresa espera recuperar valor de su venta.
Dadas estas circunstancias, Braxia Scientific ha anunciado planes para cerrar operaciones después de abordar las obligaciones restantes con el personal, sin intenciones de continuar con más actividades comerciales.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF)는 운영 상태에 대한 몇 가지 중요한 업데이트를 발표했습니다. 이 회사는 2024 회계연도에 대한 재무제표 및 경영 문서 누락으로 인해 2024년 8월 2일 온타리오 증권 위원회로부터 제출 실패 거래 중단 명령(FFCTO)을 받았습니다. 이로 인해 CSE에서 거래가 중단되었으며, 곧 상장 폐지가 예상됩니다.
이 회사는 2024년 11월 22일 Kris Kratiuk에게 Canadian Rapid Treatment Center of Excellence Inc.의 자산을 매각하는 거래를 완료했습니다. 거래 후, Braxia는 $1,800,000를 초과하는 상당한 운영 자본 부족에 직면하고 있으며, 현금 자산은 최소한입니다. 남은 자산은 KetaMD 플랫폼의 지적 재산권이지만, 회사는 판매를 통해 가치 회복을 기대하고 있습니다.
이러한 상황을 고려하여, Braxia Scientific은 남아 있는 직원 의무를 해결한 후 운영을 종료할 계획을 발표했으며, 추가 비즈니스 활동을 추구할 의도가 없습니다.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) a annoncé plusieurs mises à jour critiques concernant son statut opérationnel. L'entreprise a reçu un ordre de cessation de commerce pour non-dépôt (FFCTO) de la Commission des valeurs mobilières de l'Ontario le 2 août 2024, en raison de l'absence d'états financiers et de documents de gestion pour l'exercice 2024. Cela a conduit à une suspension des échanges sur la CSE, avec une radiation imminente prévue.
L'entreprise a complété la vente des actifs de Canadian Rapid Treatment Center of Excellence Inc. à Kris Kratiuk le 22 novembre 2024. Après la transaction, Braxia fait face à un déficit de fonds de roulement significatif dépassant $1,800,000 avec des actifs liquides minimes. Le seul actif restant est la propriété intellectuelle de la plateforme KetaMD, bien que l'entreprise s'attende à un recouvrement de valeur suite à sa vente.
Compte tenu de ces circonstances, Braxia Scientific a annoncé son intention de mettre fin à ses opérations après avoir satisfait aux obligations envers le personnel, sans intention de poursuivre d'autres activités commerciales.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) hat mehrere wichtige Aktualisierungen zu ihrem Betriebsstatus bekannt gegeben. Das Unternehmen erhielt am 2. August 2024 eine Handelsstoppverfügung (FFCTO) von der Ontario Securities Commission aufgrund fehlender Finanzberichte und Managementdokumente für das Geschäftsjahr 2024. Dies führte zu einer Handelsaussetzung an der CSE, mit einer bevorstehenden Delistung.
Das Unternehmen hat am 22. November 2024 den Verkauf der Vermögenswerte der Canadian Rapid Treatment Center of Excellence Inc. an Kris Kratiuk abgeschlossen. Nach der Transaktion sieht sich Braxia mit einem erheblichen Mangel an Betriebskapital von über $1,800,000 und minimalen liquiden Mitteln konfrontiert. Das einzige verbleibende Vermögen ist das geistige Eigentum der KetaMD-Plattform, obwohl das Unternehmen mit einem Wertzuwachs aus dem Verkauf rechnet.
Angesichts dieser Umstände hat Braxia Scientific Pläne angekündigt, die Geschäfte nach Erfüllung der verbleibenden Verpflichtungen gegenüber dem Personal einzustellen, ohne die Absicht, weitere Geschäftstätigkeiten zu verfolgen.
- None.
- Received failure-to-file cease trade order (FFCTO) with imminent CSE delisting
- Working capital deficiency exceeding $1,800,000
- Minimal cash assets remaining after asset sale
- Company winding down operations with no future business plans
- expected value recovery from remaining KetaMD platform asset
Toronto, Ontario--(Newsfile Corp. - February 19, 2025) - Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) ("Braxia Scientific", or the "Company"), provides an update on various matters:
Status of Failure to File Cease Trade Order/CSE Listing
On August 6, 2024, the Company announced that the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") to the Corporation on August 2, 2024 , due the Company's failure to file its audited annual financial statements and management discussion & analysis for the financial year ended March 31, 2024, and the CEO and CFO certificates, all as required by National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Documents"). The Documents were required to be filed by July 29, 2024 (the "Filing Deadline").
The Company was not in a position to file the Documents by the Filing Deadline. As previously disclosed, the delay in the preparation and filing of the Documents was due to a change in the Company's CFO and the departure of other senior management. The Company also faced financial constraints which made it unable to engage its auditors to complete the filing.
In addition, as a result of the FFCTO, on August 6, 2024, the Common Shares of the Company were suspended from trading on the Canadian Securities Exchange ("CSE" or "the Exchange"). The suspension is considered a Regulatory Halt as defined in National Instrument 23-101 Trading Rules. The CSE advised that if the Company failed to be reinstated within 90 days of the suspension, the shares would be delisted automatically without notice. The CSE has not delisted the shares as of today's date.
Given the current financial position of the Company outlined below, it is not in a position to complete the filings and anticipates that the securities will be imminently delisted from the CSE.
Completion of Kratiuk Transaction
On October 10, 2024, the Company announced that at the Annual General and Special Meeting of Shareholders held on October 9, 2024, shareholders approved the sale of all or substantially all of the Company's assets in connection with the Company's proposed transaction with Kris Kratiuk, and in particular sale of the assets of the Canadian Rapid Treatment Center of Excellence Inc., the Company's wholly-owned subsidiary and clinic operator. The details of the transactions were as described in the circular for the meeting.
The Transaction was completed on November 22, 2024. The sale does not leave the Company with sufficient resources to continue any meaningful operations. It has minimal cash assets and a significant working capital deficiency in excess of
KetaMD Platform
The only remaining asset of the Company is the intellectual property related to the KetaMD platform. The Company will make efforts to realize value for these assets. There is no timeline for any such transaction or any guidance on any amount be obtained. In any event, it is unlikely that any meaningful amount will be garnered to satisfy existing liabilities or for a distribution to shareholders.
Wind-up of Operations
As a result, the Company will wind down operations after dealing with any remaining staff obligations. The Company has no plans to continue or pursue any further business at this time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Braxia Scientific Corp.
Tel: 416-762-2138
Email: info@braxiascientific.com
Website: www.braxiascientific.com
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241555
FAQ
What caused Braxia Scientific (BRAXF) to receive a cease trade order in 2024?
What assets did Braxia Scientific (BRAXF) sell to Kris Kratiuk in November 2024?
What is the current financial status of Braxia Scientific (BRAXF)?
What are Braxia Scientific's (BRAXF) future business plans?
What remains of Braxia Scientific's (BRAXF) assets after the Kratiuk transaction?
