The financial statements have been prepared on the going concern basis which assumes the company will have sufficient cash to meet it’s obligations, as and when they become payable, for a period of a period of at least 12 months from the date the financial statements were approved.
During the financial period the company incurred a pre-tax loss of £225,763 (2022: £161,311) following investment in the company’s research and development and start-up activities. The company’s losses have to date been funded in part by the company’s parent company, Iona Mind Inc.
The company’s US parent Iona Mind In. Have funded the company’s operations to date and have committed to provide further funding during 2023 and beyond.
The Director’s believe that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statement do not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts and classification od liabilities that might be necessary should the company not continue as going concern.