None
SEDAR Interim Financial Statements
SWAN · Price
[
{
"metadata": {
"companyName": "Black Swan Graphene Inc.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": []
},
"balanceSheet": {
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},
"incomeStatement": {
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"officeAndGeneral": -5440,
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"basicAndDilutedLossPerShare": -0.02,
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},
"nineMonthsEnded2025": {
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"investorRelations": 239818,
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"basicAndDilutedLossPerShare": -0.11,
"weightedAverageNumberOfCommonSharesOutstanding": 48135599
},
"nineMonthsEnded2024": {
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"netLossAndComprehensiveLoss": -2332274,
"basicAndDilutedLossPerShare": -0.06,
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}
},
"cashFlowStatement": {
"nineMonthsEnded2025": {
"netLoss": -5427568,
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"amortizationOfPatents": 709445,
"changeInAmountsReceivable": 249169,
"changeInPrepaidExpenses": -11039,
"changeInAccountsPayableAndAccruedLiabilities": 64131,
"netCashFlowUsedInOperatingActivities": -3593301,
"proceedsFromPrivatePlacementOfCommonShares": 5982418,
"warrantExercises": 1600000,
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"netCashFlowProvidedByFinancingActivities": 7807418,
"netChangeInCashAndCashEquivalentsDuringThePeriod": 4214117,
"cashAndCashEquivalentsBeginningOfPeriod": 3003901,
"cashAndCashEquivalentsEndOfPeriod": 7218018
},
"nineMonthsEnded2024": {
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"amortizationOfPatents": 709446,
"changeInAmountsReceivable": -2959,
"changeInPrepaidExpenses": -21609,
"changeInAccountsPayableAndAccruedLiabilities": 74486,
"netCashFlowUsedInOperatingActivities": -1572911,
"proceedsFromPrivatePlacementOfCommonShares": 0,
"warrantExercises": 0,
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"netCashFlowProvidedByFinancingActivities": 0,
"netChangeInCashAndCashEquivalentsDuringThePeriod": -1572911,
"cashAndCashEquivalentsBeginningOfPeriod": 5323893,
"cashAndCashEquivalentsEndOfPeriod": 3750982
}
},
"investmentsAndOtherAssets": [
{
"type": "Intangible Asset",
"description": "Patented graphene processing technology and TCD License for production of exfoliated defect-free, non-oxidized 2-D materials",
"ownershipPercentage": null,
"value": 5596735,
"notes": "Acquired from Thomas Swan and Co. Ltd. and Trinity College Dublin. Amortized over 10 years. TCD License subject to incremental royalty rate (3.0%-9.0% of net sales when > €20M)."
},
{
"type": "Intangible Asset",
"description": "GEIC Membership Agreement with University of Manchester",
"ownershipPercentage": null,
"value": null,
"notes": "Tier 2 membership granting license to occupy shared lab space. Subject to 5% royalty if commercially exploits intellectual property from collaborative projects."
},
{
"type": "Investment",
"description": "Investment in CONCRETENE (Nationwide Engineering Research and Development Ltd)",
"ownershipPercentage": 4.93,
"value": 795249,
"notes": "Holds 7,177 seed preferred shares. Acquired via equity swap in April 2023. Includes 200,000 compensation warrants (expiry April 5, 2026, exercise price $1.20)."
}
],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 51541257,
"classesOfShares": ["common"],
"warrants": [
{
"number": 200000,
"exercisePrice": 1.2,
"expiryDate": "2026-04-05"
},
{
"number": 4400000,
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"expiryDate": "2026-08-10"
}
],
"options": [
{
"number": 1625000,
"exercisePrice": 1.2,
"expiryDate": "2031-10-25"
},
{
"number": 271875,
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"expiryDate": "2027-11-19"
},
{
"number": 131250,
"exercisePrice": 1.2,
"expiryDate": "2027-11-07"
},
{
"number": 62500,
"exercisePrice": 1.36,
"expiryDate": "2028-05-02"
},
{
"number": 1070625,
"exercisePrice": 1.0,
"expiryDate": "2030-02-21"
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonthsEnded2025": {
"totalRemuneration": 242500,
"shareBasedPayments": 0
},
"nineMonthsEnded2025": {
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},
"threeMonthsEnded2024": {
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},
"nineMonthsEnded2024": {
"totalRemuneration": 645000,
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}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": []
},
"subsequentEvents": [
{
"eventDate": null,
"description": "1,500,000 common shares were issued following the exercise of 1,500,000 warrants for gross proceeds of $1,500,000.",
"impactValue": 1500000
}
]
}
]
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