EX-99.1 2 tm2523367d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

CARDIOL THERAPEUTICS INC.

 

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

THREE AND SIX MONTHS ENDED JUNE 30, 2025

 

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

 

 

 

 

 

Cardiol Therapeutics Inc.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

Unaudited  

 

   As at
June 30,
2025		   As at
December 31,
2024		 
ASSETS          
           
Current assets          
Cash and cash equivalents (note 3)  $18,195,052   $30,580,029 
Accounts receivable   58,921    100,366 
Other receivables   220,966    261,255 
Prepaid expenses   1,299,246    726,509 
Total current assets   19,774,185    31,668,159 
           
Non-current assets          
Property and equipment (note 4)   163,514    195,592 
Total assets  $19,937,699   $31,863,751 
           
EQUITY AND LIABILITIES          
           
Current liabilities          
Accounts payable and accrued liabilities (note 13)  $7,987,270   $6,976,736 
Current portion of lease liability (note 5)   35,556    33,009 
Total current liabilities   8,022,826    7,009,745 
           
Non-current liabilities          
Lease liability (note 5)   106,998    125,523 
Total liabilities   8,129,824    7,135,268 
           
Equity          
Share capital (note 7)   179,538,695    179,335,421 
Contributed surplus   28,165,305    24,647,163 
Deficit   (195,896,125)   (179,254,101)
Total equity   11,807,875    24,728,483 
Total equity and liabilities  $19,937,699   $31,863,751 

 

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

 

Commitments (note 11)

Subsequent events (note 8)

 

Approved on behalf of the Board:

 

“David Elsley”, Director  “Guillermo Torre-Amione”, Director

 

- 1 -

 

 

Cardiol Therapeutics Inc.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(Expressed in Canadian Dollars)

Unaudited

 

   Three Months
Ended		   Three Months
Ended		   Six Months
Ended		   Six Months
Ended		 
   June 30,   June 30,   June 30,   June 30, 
   2025   2024   2025   2024 
Operating expenses (notes 8, 12, 13)                    
General and administration (note 12)  $4,944,477   $5,031,702   $9,616,128   $10,114,254 
Research and development (note 12)   2,731,681    2,709,644    6,489,093    6,032,573 
Loss before other income   (7,676,158)   (7,741,346)   (16,105,221)   (16,146,827)
Interest income (note 3)   180,667    307,409    428,936    684,703 
Gain (loss) on foreign exchange   (858,880)   152,017    (965,739)   780,952 
Change in derivative liability (note 6)   -    691,047    -    (1,117,556)
Other income   -    -    -    28,223 
Net loss and comprehensive loss for the period  $(8,354,371)  $(6,590,873)  $(16,642,024)  $(15,770,505)
                     
Basic and diluted net loss per share (note 10)  $(0.10)  $(0.10)  $(0.20)  $(0.23)
Weighted average number of common shares outstanding   82,653,373    68,751,105    82,631,305    68,005,224 

 

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

 

- 2 -

 

 

Cardiol Therapeutics Inc.

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in Canadian Dollars)

Unaudited  

 

   Six Months   Six Months 
   Ended   Ended 
   June 30,   June 30, 
   2025   2024 
Operating activities          
Net loss and comprehensive loss for the period  $(16,642,024)  $(15,770,505)
Adjustments for:          
Depreciation of property and equipment   50,456    81,309 
Amortization of intangible assets   -    42,222 
Share-based compensation (note 8)   3,687,156    2,707,686 
Change in derivative liability   -    1,117,556 
Unrealized foreign exchange (gain)/loss on cash   668,830    (640,778)
Accretion on lease liability   11,710    13,006 
Changes in non-cash working capital items:          
Accounts receivable   41,445    49,094 
Other receivables   40,289    (11,646)
Prepaid expenses   (572,737)   (676,412)
Accounts payable and accrued liabilities   1,010,534    1,389,972 
Net cash used in operating activities   (11,704,341)   (11,698,496)
           
Investing activities          
Purchase of property and equipment   (18,378)   (7,260)
Net cash used in investing activities   (18,378)   (7,260)
           
Financing activities          
Proceeds from stock options exercised   34,260    177,510 
Payment of lease liability   (27,688)   (23,073)
Net cash provided by financing activities   6,572    154,437 
Net change in cash and cash equivalents   (11,716,147)   (11,551,319)
Cash and cash equivalents, beginning of period   30,580,029    34,931,778 
Impact of foreign exchange on cash and cash equivalents   (668,830)   640,778 
Cash and cash equivalents, end of period  $18,195,052   $24,021,237 

 

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

 

- 3 -

 

 

Cardiol Therapeutics Inc.

Condensed Interim Consolidated Statements of Changes in Equity

(Expressed in Canadian Dollars)

Unaudited

 

   Share capital     Contributed       
   Number  Amount  Warrants  surplus  Deficit  Total 
Balance, December 31, 2023   65,352,279  $148,519,136  $3,517,867  $18,786,306  $(142,576,802) $28,246,507 
Fair value of expired warrants   -   -   (3,517,867)  3,517,867   -   - 
Restricted share units exercised   1,596,034   1,919,588   -   (1,919,588)  -   - 
Stock options exercised   175,000   177,510   -   -   -   177,510 
Fair value of stock options exercised   -   99,263   -   (99,263)  -   - 
Share-based compensation (note 8)   -   -   -   2,707,686   -   2,707,686 
Performance share units exercised   2,200,000   1,634,038   -   (1,634,038)  -   - 
Net loss and comprehensive loss for the period   -   -   -   -   (15,770,505)  (15,770,505)
Balance, June 30, 2024   69,323,313  $152,349,535  $-  $21,358,970  $(158,347,307) $15,361,198 
                          
Balance, December 31, 2024   82,608,992  $179,335,421  $-  $24,647,163  $(179,254,101) $24,728,483 
Restricted share units exercised   40,733   102,581   -   (102,581)  -   - 
Stock options exercised   25,000   34,260   -   -   -   34,260 
Fair value of stock options exercised   -   22,033   -   (22,033)  -   - 
Share-based compensation (note 8)   -   -   -   3,687,156   -   3,687,156 
Performance share units exercised - shares to be issued   -   44,400   -   (44,400)  -   - 
Net loss and comprehensive loss for the period   -   -   -   -   (16,642,024)  (16,642,024)
Balance, June 30, 2025   82,674,725  $179,538,695  $-  $28,165,305  $

(195,896,125

) $11,807,875 

 

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

 

- 4 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

1.Nature of operations

 

Cardiol Therapeutics Inc. was incorporated under the laws of the Province of Ontario on January 19, 2017. The Corporation’s registered and legal office is located at 2265 Upper Middle Rd. E., Suite 602, Oakville, Ontario, L6H 0G5, Canada.

 

Cardiol Therapeutics Inc. and its subsidiary (the “Corporation” or “Cardiol”) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Corporation’s lead small molecule drug candidate, CardiolRx™ (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease.

 

On December 20, 2018, the Corporation completed its initial public offering on the Toronto Stock Exchange (the “TSX”). As a result, the Corporation’s common shares commenced trading on that date on the TSX under the symbol “CRDL”. On August 10, 2021, the Corporation’s common shares commenced trading on The Nasdaq Capital Market under the symbol “CRDL”.

 

2.Material accounting policy information

 

Statement of compliance

 

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements required by International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively “IFRS Accounting Standards”).

 

These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis. In addition, these unaudited condensed interim consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

 

The policies applied in these unaudited condensed interim consolidated financial statements are based on IFRS Accounting Standards issued and outstanding as of August 13, 2025, the date the Board of Directors approved the statements. The same accounting policies and methods of computation are followed in these unaudited condensed interim consolidated financial statements as compared with the most recent annual consolidated financial statements as at and for the year ended December 31, 2024.

 

Any subsequent changes to IFRS Accounting Standards that are given effect in the Corporation’s annual consolidated financial statements for the year ending December 31, 2025, could result in restatement of these unaudited condensed interim consolidated financial statements.

 

3.Cash and cash equivalents

 

Interest earned on cash and cash equivalents for the three and six months ended June 30, 2025, amounted to $180,667 and $428,936 (three and six months ended June 30, 2024 - $307,409 and $684,703).

 

- 5 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

4.Property and equipment

 

   Right-of-       Leasehold   Office   Computer     
Cost  use asset   Equipment   improvements   equipment   equipment   Total 
Balance, December 31, 2023  $341,238   $219,809   $237,248   $66,864   $128,657   $993,816 
Additions   -    -    -    -    21,290    21,290 
Disposals   -    (46,855)   -    -    -    (46,855)
Balance, December 31, 2024   341,238    172,954    237,248   $66,864   $149,947   $968,251 
Additions   -    -    -    -    18,378    18,378 
Balance, June 30, 2025  $341,238   $172,954   $237,248   $66,864   $168,325   $986,629 

 

    Right-of-         Leasehold    Office    Computer      
Accumulated Depreciation   use asset    Equipment    improvements    equipment    equipment    Total 
Balance, December 31, 2023  $196,668   $131,722   $207,552   $40,355   $80,461   $656,758 
Depreciation for the year   63,984    26,426    29,696    5,302    17,994    143,402 
Disposals   -    (27,501)   -    -    -    (27,501)
Balance, December 31, 2024  $260,652   $130,647   $237,248   $45,657   $98,455   $772,659 
Depreciation for the period   31,992    6,346    -    2,121    9,997    50,456 
Balance, June 30, 2025  $292,644   $136,993   $237,248   $47,778   $108,452   $823,115 

 

    Right-of-         Leasehold    Office    Computer      
Carrying value   use asset    Equipment    improvements    equipment    equipment    Total 
Balance, December 31, 2024  $80,586   $42,307   $-   $21,207   $51,492   $195,592 
Balance, June 30, 2025  $48,594   $35,961   $-   $19,086   $59,873   $163,514 

 

5. Lease liability

 

   Carrying 
   Value 
Balance, December 31, 2023  $174,340 
Repayments   (41,532)
Accretion   25,724 
Balance, December 31, 2024  $158,532 
Repayments   (27,688)
Accretion   11,710 
Balance, June 30, 2025  $142,554 
Current portion   35,556 
Long-term portion  $106,998 

 

(i) When measuring the lease liability for the property lease that was classified as an operating lease, the Corporation discounted the lease payments using its incremental borrowing rate. The original property lease had an expiration date of May 31, 2024, and the lease payments were discounted with a 9% interest rate. During the year ended December 31, 2023, the property lease was extended to October 30, 2028. The lease liability was revalued as of the extension date with lease payments discounted with a 15% interest rate.

 

- 6 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

6.Derivative liability

 

On November 5, 2021, the Corporation issued 8,175,000 warrants as part of a unit financing. Each warrant was exercisable into one common share at the price of USD$3.75 per share for a period of three years from closing. The warrants were classified as a derivative liability on the statement of financial position and re-valued at each reporting date, as the warrants were issued in a currency other than the Corporation’s functional currency. During the three and six months ended June 30, 2024, the value of the derivative liability (increased)/decreased by $691,047 and $(1,117,556). During 2024, all 8,175,000 warrants expired unexercised.

 

7.Share capital

 

a) Authorized share capital

 

The authorized share capital consists of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid.

 

b) Common shares issued

 

   Number of
common
shares		   Amount 
Balance, December 31, 2023   65,352,279   $148,519,136 
Restricted share units exercised (note 8)   1,596,034    1,919,588 
Fair value of stock options exercised (note 8)   -    99,263 
Stock options exercised (note 8)   175,000    177,510 
Performance share units exercised (note 8)   2,200,000    1,634,038 
Balance, June 30, 2024   69,323,313   $152,349,535 
           
Balance, December 31, 2024   82,608,992   $179,335,421 
Restricted share units exercised (note 8)   40,733    102,581 
Stock options exercised (note 8)   25,000    34,260 
Fair value of stock options exercised (note 8)   -    22,033 
Performance share units exercised - shares to be issued (note 8)   -    44,400 
Balance, June 30, 2025   82,674,725   $179,538,695 

 

8.Share-based payments

 

The Corporation has adopted an Omnibus Equity Incentive Plan in accordance with the policies of the TSX, which permits the grant or issuance of options, Restricted Share Units (“RSUs”), Performance Share Units (“PSUs”), and Deferred Share Units (“DSUs”), as well as other share-based payment arrangements. The maximum number of shares that may be issued upon the exercise or settlement of awards granted under the plan may not exceed 15% of the Corporation’s issued and outstanding shares from time to time. The Board of Directors determines the price per common share and the number of common shares which may be allotted to directors, officers, employees, and consultants, and all other terms and conditions of the option, subject to the rules of the TSX.

 

During the three and six months ended June 30, 2025, the total expenses related to share-based compensation amounted to $2,540,182 and $3,687,156 (three and six months ended June 30, 2024 - $1,805,586 and $2,707,686). All outstanding awards are settleable with common shares and not cash.

 

- 7 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

8.Share-based payments (continued)

 

(a) Stock Options

 

   Number of   Weighted average 
   stock options   exercise price ($) 
Balance, December 31, 2023   1,732,500   $            2.44 
Issued   455,000    2.56 
Expired   (185,000)   1.84 
Exercised (i)   (175,000)   1.01 
Balance, June 30, 2024   1,827,500   $2.68 
           
Balance, December 31, 2024   1,487,500   $2.76 
Issued   1,510,000    1.65 
Expired   (170,000)   2.68 
Exercised (ii)   (25,000)   1.37 
Cancelled (iii)   (1,000,000)   1.63 
Balance, June 30, 2025   1,802,500   $2.47 

 

(i) The weighted average share price on date of exercise was $2.62.

 

(ii) The weighted average share price on date of exercise was $1.70.

 

(iii) During the quarter ended June 30, 2025, the Corporation cancelled 1,000,000 stock options held by a consultant, and issued 400,000 PSUs of the Corporation to replace the cancelled stock options. The cancelled stock options were revalued as of the grant date of the PSUs using the Black-Scholes option pricing model with weighted average assumptions that correspond to their time to maturity. The following weighted average assumptions were used for the calculation:

 

Fair value of stock options at cancellation date  $0.95 
Share price  $1.97 
Exercise price  $1.54 
Risk-free interest rate   2.69%
Expected volatility   80%
Expected life in years   1.67 
Expected dividend yield   Nil 

 

The remaining unvested fair value of the cancelled options converted into PSUs will be recorded as share based compensation expenses over the remainder of the original vesting period.

 

- 8 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

8.Share-based payments (continued)

 

(a) Stock Options (continued)

 

At the grant date, the fair value of stock options issued was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions:

 

    Six Months
Ended
June 30,
2025		    Six Months
 Ended
June 30,
2024		 
Fair value of stock options at grant date  $0.73   $1.79 
Share price  $1.65   $2.83 
Exercise price  $1.65   $2.56 
Risk-free interest rate   2.61%   3.83%
Expected volatility   76%   93%
Expected life in years   2.60    3.13 
Expected dividend yield   Nil    Nil 

 

The following table reflects the actual stock options issued and outstanding as of June 30, 2025:

 

Expiry date   Exercise
price ($)		   Weighted average
remaining
contractual
life (years)		   Number of
options
outstanding		   Number of
options
vested
(exercisable)		 
August 19, 2025    2.12    0.14    100,000    100,000 
August 30, 2025    5.00    0.17    80,000    80,000 
April 1, 2026    5.77    0.75    60,000    60,000 
December 8, 2026    3.59    1.44    325,000    325,000 
January 11, 2027    2.18    1.53    220,000    220,000 
March 1, 2027    2.56    1.67    200,000    200,000 
March 9, 2027    1.55(i)   1.69    200,000    50,000 
May 12, 2027    1.46    1.87    70,000    70,000 
September 13, 2027    1.61    2.21    207,500    138,334 
July 7, 2029    2.07    4.02    30,000    - 
August 19, 2029    1.50    4.14    30,000    - 
May 25, 2030    1.49(i)   4.90    120,000    - 
May 25, 2030    2.12    4.90    100,000    - 
May 29, 2030    1.59(i)   4.92    60,000    - 
     2.47    2.08    1,802,500    1,243,334 

 

(i) Denotes exercise price in USD; these amounts were translated to CAD for presentation purposes at the June 30, 2025 rate of 1.37.

 

- 9 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

8.Share-based payments (continued)

 

(b) Performance Share Units

 

    Number of
PSUs		 
Balance, December 31, 2023   2,000,000 
Issued (i)   300,000 
Redeemed (ii)   (2,200,000)
Balance, June 30, 2024   100,000 
      
Balance, December 31, 2024   - 
Issued (i)   857,000 
Redeemed (iii)   (24,000)
Balance, June 30, 2025   833,000 

 

(i) Grants of PSUs require completion of certain performance criteria specific to each grant. As the fair value of the services for all PSUs issued cannot be reliably measured, the fair value was determined on the basis of the equity issued. The fair value of PSUs granted was determined based on the Corporation’s share price, adjusted by the estimated likelihood of the performance conditions being met.

 

(ii) The weighted average share price on date of exercise was $2.04.

 

(iii) The weighted average share price on date of exercise was $1.85.

 

The following table reflects the actual PSUs issued and outstanding as of June 30, 2025:

 

   Weighted average
remaining		   Number of   Number of
PSUs		 
Expiry date  contractual
life (years)		   PSUs
outstanding		   vested
(exercisable)		 
December 31, 2025   0.50    833,000    52,667 

 

(i) Subsequent to June 30, 2025, 2,645,000 PSUs were issued.

 

(ii) Subsequent to June 30, 2025, 1,030,723 PSUs were redeemed.

 

- 10 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

(c) Restricted Share Units

 

 

    Number of
RSUs		 
Balance, December 31, 2023   3,544,887 
Redeemed (i)   (1,596,034)
Balance, June 30, 2024   1,948,853 
      
Balance, December 31, 2024   4,852,299 
Redeemed (ii)   (40,733)
Balance, June 30, 2025   4,811,566 

 

(i) The weighted average share price on date of redemption was $1.57.

 

(ii) The weighted average share price on date of redemption was $1.27.

 

The following table reflects the actual RSUs issued and outstanding as of June 30, 2025:

 

   Weighted average
remaining		   Number of   Number of
RSUs		 
Expiry date  contractual
life (years)		   RSUs
outstanding		   vested
(exercisable)		 
July 31, 2025   0.08    1,495,692     1,362,358 
October 31, 2025   0.34    32,874     32,874 
July 10, 2027         2.03    3,283,000     785,500 
    1.41    4,811,566     2,180,732 

 

9.Warrants

 

    Number of
warrants		    Amount 
Balance, December 31, 2023   11,628,178   $3,517,867 
Expired   (3,453,178)   (3,517,867)
Balance, June 30, 2024   8,175,000   $-  
           
Balance, December 31, 2024 and June 30, 2025   -    $- 

 

10.Loss per share

 

For the three and six months ended June 30, 2025, basic and diluted loss per share has been calculated based on the loss attributable to common shareholders of $8,354,371 and $16,642,024 (three and six months ended June 30, 2024 - $6,590,873 and $15,770,505) and the weighted average number of common shares outstanding of 82,653,373 and 82,631,305 (three and six months ended June 30, 2024 - 68,751,105 and 68,005,224). Diluted loss per share did not include the effect of stock options, PSUs, RSUs, and warrants as they are anti-dilutive.

 

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Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

11.Commitments

 

(i) The Corporation has leased premises with third parties. The minimum committed lease payments, which include the lease liability payments shown as base rent, are approximately as follows:

 

   Base rent   Variable rent   Total 
2025  $27,688   $25,923   $53,611 
2026   55,376    51,846    107,222 
2027   55,376    51,846    107,222 
2028   46,146    43,205    89,351 
   $184,586   $172,820   $357,406 

 

(ii) The Corporation has signed various agreements with consultants to provide services. Under the agreements, the Corporation has the following remaining commitments.

 

2025  $200,199 
2026   83,231 
2027   34,199 
Total  $317,629 

 

(iii) Pursuant to the terms of agreements with various other contract research organizations, the Corporation is committed for the following contract research services:

 

2025  $1,280,272 
2026   44,306 
2027   23,085 
2028   25,254 
Total  $1,372,917 

 

12.Operating expenses

 

The following details highlight certain non-cash components of the research and development and general and administration expenses. Remaining research and development and operating expenses include personnel costs and expenses paid to third parties:

 

   Three Months
Ended		   Three Months
Ended		   Six Months
Ended		   Six Months
Ended		 
   June 30,   June 30,   June 30,   June 30, 
   2025   2024   2025   2024 
General and administration expenses                    
Depreciation of property and equipment  $25,470   $40,797   $50,456   $81,309 
Amortization of intangible assets   -    21,111    -    42,222 
Non-cash share-based compensation   2,228,126    1,779,357    3,066,472    2,628,113 
                     
Research and development expenses                    
Non-cash share-based compensation  $312,056   $26,229   $620,684   $79,573 

 

- 12 -

 

 

Cardiol Therapeutics Inc.

Notes to Condensed Interim Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

(Expressed in Canadian Dollars)

Unaudited

 

13.Related party transactions

 

Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Corporation directly or indirectly, and include any directors (executive and non- executive) of the Corporation. Remuneration of directors and key management personnel of the Corporation was as follows:

 

   Three Months
Ended
June 30,
2025		   Three Months
Ended
June 30,
2024		   Six Months
Ended
June 30,
2025		   Six Months
Ended
June 30,
2024		 
Salaries and benefits  $570,714   $540,335   $1,875,727   $1,804,739 
Share-based payments   469,829    154,291    938,789    275,731 
   $1,040,543   $694,626   $2,814,516   $2,080,470 

 

As at June 30, 2025, $nil (December 31, 2024 - $nil) was owed to key management personnel.

 

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