SEC Info - Cell MedX Corp. - ‘10-K’ for 5/31/22

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		Alternative Formats (Word, et al.) And 20 Business Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Consolidated Balance Sheets as of Consolidated Statement of Stockholders' Deficit for the years ended Consolidated Statements of Cash Flows for th Consolidated Statements of Operations for the years ended Controls and Procedures Directors, Executive Officers, and Corporate Governance Ended Executive Compensation Exhibits, Financial Statements Schedules E Years Financial Statements and Supplementary Data Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities May 31, 2022 Mine Safety Disclosures Notes to the Consolidated Financial Statements Other Information Part I Part II Part III Principal Accounting Fees and Services Properties Quantitative and Qualitative Disclosures About Market Risk Risk Factors Security Ownership of Certain Beneficial Holders and Management Selected Financial Data Signatures Unresolved Staff Comments
1	1st Page – Filing Submission
"	Part I
"	Item 1. Business
"	Item 1A. Risk Factors
"	Item 1B. Unresolved Staff Comments
"	Item 2. Properties
"	Item 3. Legal Proceedings
"	Item 4. Mine Safety Disclosures
"	Part II
"	Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
"	Item 6. Selected Financial Data
"	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 7A. Quantitative and Qualitative Disclosures About Market Risk
"	Item 8. Financial Statements and Supplementary Data
"	Consolidated Balance Sheets as of
"	May 31, 2022
"	And 20
"	Consolidated Statements of Operations for the years ended
"	Consolidated Statement of Stockholders' Deficit for the years ended
"	Consolidated Statements of Cash Flows for th
"	E Years
"	Ended
"	Notes to the Consolidated Financial Statements
"	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
"	Item 9A. Controls and Procedures
"	Item 9B. Other Information
"	Part III
"	Item 10. Directors, Executive Officers, and Corporate Governance
"	Item 11. Executive Compensation
"	Item 12. Security Ownership of Certain Beneficial Holders and Management
"	Item 14. Principal Accounting Fees and Services
"	Item 15. Exhibits, Financial Statements Schedules
"	Signatures

iii

PART I

FORWARD LOOKING STATEMENTS

Unless the context otherwise requires, all references in this report to “Cell MedX,” “the Company,” “we,” “us,” or “our” are to Cell MedX Corp., collectively with its wholly owned subsidiary Cell MedX (Canada) Corp.

The information in this Annual Report contains forward-looking statements. These forward-looking statements involve risks and uncertainties, including statements regarding our capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined from time to time, in other reports we file with the Securities and Exchange Commission.

The forward-looking statements in this Form 10-K for the fiscal year ended May 31, 2022, are subject to risks and uncertainties that could cause actual results to differ materially from the results expressed in or implied by the statements contained in this report. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives requires the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate.

All forward-looking statements are made as of the date of the filing of this Form 10-K and we disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. We may, from time to time, make oral forward-looking statements. We strongly advise that the above paragraphs and the risk factors described in this Annual Report and in our other documents filed with the United States Securities and Exchange Commission should be read for a description of certain factors that could cause our actual results to materially differ from those in the oral forward-looking statements. We disclaim any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events or otherwise.

ITEM 1. BUSINESS.

GENERAL

We were incorporated under the laws of the State of Nevada on March 19, 2010. On April 26, 2016, we formed our wholly owned subsidiary, Cell MedX (Canada) Corp., (the “Subsidiary”) under the laws of the Province of British Columbia.

We are a biotech company focused on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote general health, pain relief, wellness and alleviate complications associated with medical conditions including, but not limited to: diabetes, Parkinson’s disease, high blood pressure, neuropathy and kidney function. Our Subsidiary is engaged in development and manufacturing of therapeutic devices based on our proprietary eBalance® Technology, which harnesses power of microcurrents and their effects on human body.

BUSINESS OF CELL MEDX

eBalance® Technology Acquisition

We acquired our proprietary technology for the use of microcurrents for the treatment of diabetes and related ailments, which we call eBalance® Technology, on November 25, 2014, when we entered into a Technology Purchase Agreement with Jean Arnett and Bradley Hargreaves (the “Purchase Agreement”).

Pursuant to the Purchase Agreement, Ms. Arnett and Mr. Hargreaves sold to us all of their respective rights, title and interests in and to the eBalance® Technology. In consideration for the sale of the eBalance® Technology, we paid Ms. Arnett and Mr. Hargreaves a total of $100,000 and issued to each of Ms. Arnett and Mr. Hargreaves options for

the purchase of up to 10,000,000 shares (20,000,000 shares in total) of our common stock at an initial exercise price of $0.05 per share (the “Options”) of which Options to acquire up to 2,500,000 shares of our common stock vested on August 26, 2015, and 2,484,145 of vested options were exercised in August of 2020 for total consideration to the Company of $124,243. Remaining Options were cancelled pursuant to a letter agreement with Ms. Arnett and Mr. Hargreaves, dated for reference September 26, 2016.

eBalance® Technology

eBalance® Technology is based on the science of bioelectric signals, their effect on epigenetic events within human body, and ability to modify and effect the behavior of cells, tissue, and organs. The eBalance® Systems utilize microcurrent electrical therapy (MEY) to deliver subsensory micro amperage current to the patient/user to support general wellness or provide temporary relief of pain. Based on this technology Cell MedX is developing a radically different and very promising family of devices whose core technology demarcates it from the approaches currently in use and those in the “future advance” pipeline as reflected in current medical literature.

eBalance® Technology is intended to expand the traditional healthcare model of managing various pathological diseases and ailments, such as diabetes, Parkinson’s disease, neuropathy, poor kidney function, high blood pressure, as well as others. eBalance® Technology became a cornerstone to the Company’s medical device systems, eBalance® Pro and eBalance® Home. eBalance® Pro System was designed for use by healthcare professionals in a clinical setting; eBalance® Home System, due to its simple interface and ease of use, enables patients to easily incorporate it into their lifestyles and continue to manage their symptoms in the comfort of their own home or while traveling.

A research and development plan adopted by the Company included a series of investigations that allowed the Company to move the eBalance® Device from a prototype stage through a series of refinements and enhancements to achieve the safety and efficacy objectives of the eBalance® Medical Device Systems and define a set of claims that were used for submission to the FDA’s rigorous Pre-Market Approval (PMA) process for 510(k) clearance, as well as to receive Health Canada Class II Medical Device System Certification for the eBalance® Home System and eBalance® Pro System. Both systems are intended to be used for temporary relief of pain associated with sore-aching muscles in the shoulder, waist, back, neck, upper extremities (arm) and lower extremities (leg) due to strain from exercise or normal household work activities and general relation. The Health Canada Certifications received for the eBalance® Home System and eBalance® Pro System in July and August 2020, respectively, allowed the Company to define marketing claims for the eBalance® products. The results of the clinical observational trial the Company finalized during its Fiscal 2018 year (the “Clinical Study”) on the effects of eBalance® technology confirmed that claims such as diabetes management, reductions in average blood sugar (HbA1C), improvement of other markers that denote the degree and quality of blood sugar control, pain management, blood pressure control, and alleviation of symptoms associated with Parkinson’s disease, among several other positive results, warrant further investigation of the eBalance® Systems. Due to the Company’s financial situation, the Company was forced to suspend further research of the eBalance® Technology, including the PMA process for 510(k) clearance, and is at risk of also defaulting on its Health Canada Class II Medical Device System Certification licenses that were issued for both eBalance® Home and eBalance® Pro Systems.

Scientific Foundations

The application of electromagnetic forces to human tissues to effect biologic change has been explored since the 19th century. Recent advances in molecular biology and imaging technology have allowed insight into the sources and downstream consequences of ion flows in complex organisms. Ion flows and transmembrane gradients produced by ion channels and pumps are key regulators of cell proliferation, migration, and differentiation.

In complement to the current focus on molecular genetics and stem cell biology, artificial modulation of bioelectrical signals in somatic tissues is a powerful modality that might result in profound advances in understanding and augmentation of regenerative capacity. Molecular bioelectricity and its role in cell-to-cell signaling and epigenetics (altering cell behavior without altering genes) provides a new pathway to discovery of technologies that can counteract the effects of many diseases.

Many cells in the human body are “electrically excitable” including those involved with production of chemical signals that affect blood sugar. One example of such a cell of the endocrine type is the L cell, which resides in the gut and secretes cell glucagon-like peptide-1 (GLP-1), glucagon-like peptide-2 (GLP-2), peptide YY (PYY) and oxyntomodulin. GLP-1 is an enteric hormone that stimulates insulin secretion and improves glycaemia in Type 2 diabetes. There is evidence that in Type 2 diabetes these cells become “unsynchronized”. Growing these cells in tissue

culture and subjecting them to specific electrical signals can act to resynchronize their chemical activity and alter their behavior as a “dispersed” metabolic organ. This serves as an illustration of how endogenous ion flows may serve as key epigenetic regulators of cell behavior and suggests that bioelectric mechanisms might be harnessed at a whole organism level to cause functional regenerative changes. It is possible that eBalance® Technology may affect these processes, although that has yet to be established. We were planning to explore this hypothesis in greater detail during our future clinical trials, however, due to lack of funding, new clinical trials are not being planned

The eBalance® Systems deliver microcurrent energy as electrical pulses that pass through the skin to the underlying peripheral nerves to aid in the blocking of pain signals traveling to the brain. These support general relaxation, pain management and may offer additional clinical benefits, as observed in the Company’s Health Canada approved Clinical Study.

Market Opportunity - Diabetes and its Complications

Diabetes care is one of the main opportunities the Company sees for the use of its eBalance® Technology. Diabetes care was also a main objective of the Company’s first clinical observational trial. Diabetes is a severe and debilitating disease with profound consequences, both for the individual and for society. The complications of diabetes are devastating, and the economic costs of care comprise a substantial portion of health care budgets. Despite the best efforts of the scientific community to devise a cure, the incidence of diabetes is on the rise.

According to information published by the International Diabetes Federation (“IDF”) in its IDF Diabetes Atlas 9th Edition 2019 (www.diabetesatlas.org), in 2019, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million. A further 374 million people are at an increased risk of developing Type 2 diabetes.¹

Diabetes mellitus (DM) is a heterogeneous group of metabolic disorders characterized by hyperglycemia (high blood sugar levels) with impaired metabolism of carbohydrate, fat and proteins resulting from defects in insulin secretion, insulin action, or both. Diabetes is one of the world’s oldest diseases with the syndrome being discovered centuries ago. The worldwide increase in the prevalence of diabetes has highlighted the need for increased research efforts into treatment options for both the disease itself and its associated complications.

Type 1 diabetes is caused by destruction of the insulin secreting (beta) cells of the pancreas. The pathogenesis involves autoimmune processes that lead to an absolute insulin deficiency. Type 2 diabetes is caused by a combination of genetic and non-genetic factors that result in insulin resistance and insulin deficiency. Non-genetic factors include increasing age, high caloric intake, obesity, central adiposity, sedentary lifestyle, and low birth weight. This group comprises approximately 90-95% of cases in the diabetes syndrome.

Chronic hyperglycemia leads to various metabolic, hormonal, and physiologic alterations in the body, which further develop a number of secondary complications, resulting in the major increases in morbidity and mortality seen with all types of diabetes. Diabetes dramatically increases the risk of cardiovascular problems, such as coronary artery disease, chest pain (angina), heart attack, stroke, narrowing of arteries (atherosclerosis) and high blood pressure.

High blood sugar over time can injure the walls of the tiny blood vessels (capillaries) that nourish nerves, especially in the legs, causing tingling, numbness, burning or pain. Gradually, all sensation can be lost. Nerve damage in the feet or poor blood flow to the feet increases the risk of various foot complications. In diabetics, minor wounds easily become serious infections, which may heal poorly. Severe damage might require toe, foot or leg amputation.

Diabetes can damage the blood vessels of the retina (diabetic retinopathy), potentially leading to blindness. It also increases the risk of other serious vision conditions, such as cataracts and glaucoma. Diabetic hypertension is a major contributor to kidney failure or irreversible end-stage kidney disease, which often requires dialysis or a kidney transplant.

Damage to the nerves that control digestion can cause problems with nausea, vomiting, diarrhea or constipation. For men, erectile dysfunction may be an issue. Diabetes may leave people more susceptible to a variety of skin disorders, including bacterial and fungal infections. Type 2 diabetes may increase the risk of Alzheimer's disease.

Expansion of Disease Focus

¹ International Diabetes Federation. (2019). IDF Diabetes Atlas - Ninth Edition - https://www.diabetesatlas.org/en/

Given the size of the market for diabetes control and management, the current eBalance® Technology has significant potential of success based solely on treating complications caused by diabetes. However, in order to capture a larger market share, the Company was looking into developing more specialized software/treatment options which would have allowed the Company to continue to grow its market share and ensure constant revenue streams. The Company was planning to commence development of specialized software to target other ailments such as gout, hypertension, heart disease, neurological disorders, and depression, among others. As of the date of this Annual Report on Form 10-K, the Company’s lack of funding and unfavorable financial position made it impossible to roll out such expansion, and management felt it necessary to stop all further research and development of eBalance® Technology until the Company is financially stable and has secured substantial financing to support its day-to-day operations and further research opportunities. As of the date of this Annual Report on Form 10-K, the Company is unable to provide any assurance that its attempts to raise additional capital will be successful.

Empirical Modeling

The first-in-human observations took place over many years and were carefully documented. The results of these observations lead to the belief that a specific device with a specific set of bioelectric signals of known waveform, frequency, amplitude, pulse, and duration, accompanied by sensing circuits that respond to fluctuations in the body’s response, in a closed feedback loop, produced cumulative effects that led to remarkable global effects in functional aspects of living in a person who had lived with Type 1 diabetes since age 10. Research and development involving patients with longstanding Type 2 diabetes, yielded findings of a similar nature in a limited time frame. These observations were followed by broader observational studies by Cell MedX.

Effects observed in these observational studies include subjective reports of diminished fatigue, improved cognition, diminished neuropathic limb pain, improved sleep, reduction in swelling of extremities, improved skin appearance in color and texture, and a reduction in visual disturbance. Objective measures included healing of wounds, control of blood pressure leading to discontinuation or reduction of medication, and greatly improved control of blood sugars with remarkable diminution in HbA1C (which reflects average blood sugar over months). Remarkably, in the context of Type 1 Diabetes with other potential variables remaining the same, insulin requirements diminished to a considerable degree.

Clinical Trials

During January through March 2015, a preliminary Pilot Trial (the “Pilot Trial”) was conducted which was designed to examine the short-term metabolic impact of a single treatment with eBalance® Technology on two diabetic subjects. Pre- and post-treatment blood samples from each subject were sent for extensive metabolic pathway analysis at the University of Alberta Metabolomics Unit.

From those studies we observed alterations in several pathways, which are known to be deficient in persons with diabetes. The results of the Pilot Trial were notable in that significant shifts in metabolites related to blood sugar handling and disposal occurred in a very short time frame, with the only intervening variable being a 10-minute treatment with eBalance® Technology.

The findings from the Pilot Trial were then used to inform further experimentation, including selection of metabolic end points for testing during a Phase IB clinical trial, which we started preparations for in July 2015. Due to shortage in available funding, the Phase IB clinical Trial was cancelled.

During the fourth quarter of our fiscal 2016 we engaged Nutrasource Diagnostics Inc. (“Nutrasource”) with Dr. Richard Tytus of Hamilton Medical Research Group as the Lead Investigator, to commence observational clinical trial in Canada (“Clinical Study”) to assess and quantify eBalance® technology’s ability to alter key metabolic pathways while targeting improved blood sugar control.

Based on finalized investigational protocol, which received Health Canada’s approval on January 12, 2017, the Clinical Study was structured to assess the impact of three months of the eBalance® therapy, as an adjunct treatment, on HbA1c in thirty (30) Type 1 and Type 2 diabetics. The secondary endpoints of the Clinical Study were defined to observe changes from baseline and medical history of each Clinical Study subject in the following:

·Insulin sensitivity

·Diabetic neuropathy

·Diabetic foot pain and numbness

·Wound healing

·Blood pressure

·Kidney function

·Any other changes reported by patients

In-patient phase of the Clinical Study was completed on July 24, 2017, and a final clinical report was submitted to Health Canada for final approval on January 19, 2018.

All 30 subjects (100%) taking part in the Clinical Study followed through to completion. The treatment was considered safe for the purposes of the Clinical Study. There were no significant treatment-related adverse events or negative abnormalities in routine hematology, biochemistry, vital signs or physical findings for the duration of the Clinical Study.

The Clinical Study resulted in clinically significant improvement in several biometric markers, including HbA1c and secondary efficacy endpoints as noted above.

Diabetes

The Clinical Study, tested the effectiveness of the eBalance® therapy as an adjunct treatment for diabetes and related complications in Type 1 and Type 2 diabetics over three months. The results of the Clinical Study showed that after three months of eBalance® treatments, average fasting blood glucose levels declined by 12.3% from 10.5 to 9.2 millimoles per litre. Plasma insulin declined by 46.7% from 168 to 78 picomoles per liter. These results indicate that, on average, the blood glucose uptake was increased and that less insulin was required to achieve that uptake. HbA1c levels declined by 0.16% from 8.36% to 8.20%. A longer double-blind, placebo-controlled study may be conducted in the future to determine if HbA1c levels would be further reduced as improving HbA1c by just 1% for individuals with Type 1 or Type 2 diabetes lowers their risk of combined microvascular complications by 25%.²

One of the largest diabetes clinical trials ever conducted, the UK Prospective Diabetes Study (UKPDS) showed that for every 1% reduction in HbA1c, the relative risk for:

·Microvascular complications decreased by 37%;

·Heart Failure decreased by 16%;

·Diabetes-related deaths decreased by 21%; and

·Myocardial infarction decreased by 14%.³

Blood pressure

After seven weeks of treatments, systolic pressure, the higher amount of pressure in the arteries during the contraction of the heart muscle, declined by 9.6% from 142 to 128 millimeters of mercury and stabilized at the lower level through to the end of the Clinical Study. During the same period, diastolic pressure, the pressure in the arteries when the heart muscle is between beats, and which is usually represented by a lower number, declined by 10.4% from 78 to 70 millimeters of mercury and also remained at the lower level. The Company has been encouraged to undertake further studies on subjects with higher blood pressures to determine if a proportional effect is obtained.

Pain and numbness

Neuropathy is nerve damage that can occur with diabetes as a result of high blood glucose levels and high blood pressure. The damage most often affects the extremities and causes pain, tingling or numbness in the hands, arms, legs and feet. Only two subjects suffered from pain at the beginning of the Clinical Study and both reported feeling either less pain or reduced coldness or numbness in their extremities. These findings support the Company’s in-house informal observation and testing results with a number of people who have used eBalance® device. Future studies may recruit subjects who are experiencing pain and loss of feeling.

² Diabetes Control and Complications Trial (DCCT): https://www.niddk.nih.gov/about-niddk/research-areas/diabetes/blood-glucose-control-studies-type-1-diabetes-dcct-edic.

³ The UK Prospective Diabetes Study (UKPDS): clinical and therapeutic implications for type 2 diabetes (UKPDS): https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2014359/

Kidney function (Nephropathy)

Nephropathy is damage caused to the small blood vessels in the kidneys by high blood glucose levels and high blood pressure that prevents them from functioning properly or even causes them to fail completely. When the blood vessels in the kidneys are injured, the kidneys cannot clean the blood properly. The body will retain more water and salt than it should, which can result in weight gain and edema. The decrease in eGFR (estimated glomerular filtration rate) observed in the Clinical Study and a reduction in edema seen in our informal testing may warrant further investigation to assess the effect of eBalance® treatments on kidney function in diabetics.

Product Development

On October 1, 2015, we entered into a development agreement with Mr. Claudio Tassi (the “Development Agreement”) for the development of the first eBalance® Professional Series Device (the “Prototype”). Based on the Development Agreement we agreed to pay Bioformed Aestetic SL (“Bio4Med”), a company Mr. Tassi is a director of, $12,848 (EURO €12,000) and, upon successful completion of the development of the first eBalance® Prototype, to issue to Mr. Tassi 100,000 shares of our common stock. We received the first Prototype in November 2015.

On December 4, 2015, we executed a non-binding letter of intent (“LOI”) with Mr. Tassi and Bio4Med. The LOI contemplated that (i) we will enter into a technology development and license agreements with Mr. Tassi and Bio4Med to continue development of therapeutic devices based on the eBalance® Technology; (ii) upon approval of the first Prototype, we will place an order for the production of 25 devises; and (iii) Mr. Tassi will provide his services for an initial term of four months commencing on December 4, 2015.

On December 15, 2015, as contemplated under the LOI, we ordered the first batch which consisted of 25 eBalance® Pro devices with the same configuration as the original Prototype, which were manufactured in early 2016. These devices were designed as a stand-alone unit, controlled by proprietary software installed in an external computer specifically designed to be used with the eBalance® device. Once internally tested, the devices were distributed to selected clinics and practitioners as well as used directly by the Company in our in-house observations to see the effects of the eBalance® Therapy on the human body.

After several months of testing, we received a feedback from the clinicians and participants, which allowed for further refinement of the devices, which were limited to aesthetics and ease of use. The Company ordered from Bio4Med 20 units of the second generation eBalance® device, which were received in December 2016. These devices were also distributed to practitioners for observations and further testing.

In early 2017 the management decided to discontinue negotiations with Bio4Med on technology development and license agreements, as contemplated under the LOI, and chose to move manufacturing of the eBalance® devices to Canada. The decision to move to Canada was the outcome of further research we had done on potential markets, tax implications of manufacturing the devices in Europe versus in Canada, cross border transfer pricing, availability of raw material and the control of the production processes. As such, in the fourth quarter of our Fiscal 2017, we entered into a production agreement with an ISO 9001 certified manufacturing facility in Coquitlam, BC, and selected other local suppliers for sourcing essential components.

On October 16, 2017, we entered into a production development agreement (the “Development Agreement”) with Western Robotics Ltd. (“Western Robotics”) with an objective to enhance our eBalance® device based on the findings from the Clinical Study and the Company’s ongoing in-house observations. The Company paid Western Robotics CAD$250,000 for the initial re-engineering of the eBalance® devices.

During the 3rd quarter of our Fiscal 2019, we completed manufacturing of the first batch of the Canadian-built eBalance® devices. The new eBalance® Devices were certified by LabTest Certification Inc. as Class A (professional use) and Class B (in-home use) devices, and conform to CSA, CE and UL standards for electrical safety and emission standards, and are eligible to bear the LabTest Certification Mark with adjacent indicators “C” and “US”.

Majority of the eBalance® devices manufactured in the third quarter of our Fiscal 2019 were used for further in-house observations as well as for promotional and introductory material.

The successful completion of the first batch of Canadian-built eBalance® Systems allowed the Company to continue manufacturing, research and development, along with testing of the eBalance® Systems. As of the date of this Annual Report, the Company’s products based on eBalance® Technology include two Health Canada Class II Medical Device

Systems - the eBalance® Pro System, and eBalance® Home System. Due to the financial difficulties the Company faces, the Company was required to stop any further research and development, and the management decided to let its MDSAP certification lapse, which will most likely result in the Company losing the Medical Device Licenses granted for its eBalance® Home and Pro systems.

eBalance® Home and Pro Systems

The eBalance® Home and Pro Systems include the eBalance® Console which acts as the central controller for three pre-programmed microcurrent algorithms (Wellness, Pain Management, and Dual) referred to as Treatment Options. In eBalance® Pro System the Treatments are administered to patients using Hand Bars, Foot Plates, and/or Pen Probes. The eBalance® Pro System is designed for Professional Use by Healthcare practitioners in a clinical setting. The Hand Bars and Foot Plates are used for general wellness and pain management while the Pen Probes are used in localized pain management. In eBalance® Home System the Treatments are administered using Hand Bars and Foot Plates and are controlled by the eBalance® Console. The eBalance® Home System is for Home Use and is available without a prescription.

Research and development, including FDA and MDSAP audits are costly, and require large financing. Currently, we do not have the required financing in place, and therefore we stopped all our plans to progress eBalance® Home and Pro Systems to market. We are continuing our efforts to raise capital through debt or equity financing or a combination of both, however, as of the date of this Annual Report on Form 10-K have not been successful in securing additional funds. We are also considering other alternatives to financing through joint-venturing and/or licensing further development of the eBalance® Technology.

Medical Device Regulations and Government Approvals

The manufacture, packaging, marketing and importing of medical devices is heavily regulated in the United States, Canada and Europe. Further, we expect that any other countries in which we may seek to sell or market devices based on the eBalance® Technology will similarly have an extensive regulatory environment.

The U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) is responsible for regulating firms that manufacture, repackage, re-label and/or import medical devices sold in the United States. Health Canada’s Health Products and Food Branch Inspectorate is responsible for regulating the manufacture, labeling, packaging, distribution and import of medical devices sold in Canada.

At the end of February 2020, we completed an audit required for certification of our quality management systems (“QMS”) under Stage 2 Medical Device Single Audit Program (“MDSAP”) and under ISO 13485:2016 standard. The audit was carried out by BSI Group Canada Inc. (“BSI”) and included the following:

-The effectiveness of our QMS incorporating the applicable regulatory requirements outlined by ISO13485:2016 standard and as required under MDSAP;

-Product/process-related technologies;

-Adequate technical documentation for our eBalance® device in relation to ISO13485:2016 standard and MDSAP; and

-Our ability to comply with these requirements.

The assessment report was finalized in mid-March 2020, and on March 31, 2020, the Company received Certificate No. FM 716345, certifying that the Company operates a Quality Management System which complies with the requirements of ISO 13485:2016 for design, development and manufacture of microcurrent therapeutic devices for wellness and pain relief, and on June 2, 2020, received a certificate #MDSAP 716274.

Following the receipt of ISO and MDSAP certificates, we filed two separate applications for Class II Medical Device Licenses for the eBalance® Pro System and the eBalance® Home System with Health Canada. On July 17, 2020, Health Canada issued a Class II Medical Device License #104925 for our eBalance® Home System, and on August 18, 2020, issued a Class II Medical Device License #105044 for our eBalance® Pro System.

In order to keep the Class II Medical Licenses valid, the Company is required to go through annual MDSAP audits, for which, as at the date of this Annual Report on Form 10-K, the Company did not have adequate financing. Therefore we are at risk of losing our Class II Medical Device Licenses.

Prior to selling our eBalance® Home and Pro Systems for the treatment in the United States, the Company will be required to apply for an approval from the FDA. We were in the process of completing the necessary documentation and testing required for the 510(K) submission to the FDA, however, due to the financial situation of the Company, the process was stopped, and will most likely result in our application expiring.

Third Party Payers / Private Insurers

Reimbursement for medical devices through Medicare and Medicaid in the U.S., and through health protectorates in other nations, is not guaranteed. Third party private payers or private insurers typically follow the lead of government healthcare providers. A decision as to whether a device or treatment is covered involves extensive negotiations and is typically predicated on the concept of health cost savings. If the device can be shown to reduce health care costs through prevention of expensive complications of diabetes, such applications for approvals would be more favorably reviewed.

Marketing Plans

The Company intended to commence its marketing plans for eBalance® Home and eBalance® Pro Systems in Canada in the fall of 2021 by engaging authorized dealers and distributors of medical equipment to market its eBalance® Pro System to professional and institutional users. The eBalance® Home System was to be marketed through authorized dealers as well as in-house sales force. Due to the Company’s financial situation, the Company was not able to realize its marketing plans in its fiscal 2022, and up to the date of the filing of this Annual Report on Form 10-K. In the US, the Company cannot market its eBalance® Systems until such time as both eBalance® Systems receive FDA 510(k) clearance.

On March 21, 2019, the Company entered into an exclusive worldwide distribution agreement (the “Agreement”) with Live Current Media, Inc. (“LIVC”) for worldwide distribution rights to eBalance® devices in an end-user market (the “Direct Rights”). John da Costa, Cell MedX’s director and COO, was a director of LIVC until his resignation in April of 2022, Mr. David Jeffs, a son of Mr. Richard Jeffs, Cell MedX’s largest shareholder, is a director and President of LIVC. LIVC paid an initial one-time fee of $250,000. In order to maintain the exclusivity, LIVC will be required to order a minimum of 2,000 devices by the end of a 24-month period from the date the eBalance® device receives its 510K clearance from the FDA (the “Initial Term”). The Company agreed to sell the eBalance® devices to LIVC at a 20% discount to the regular retail price in place at the time of the order (the “License Fee”), with 50% of the License Fee payable at the time of placing an order, and remaining 50% payable on the specified delivery date of the devices. In addition, the Company agreed that during the Initial Term the License Fee for the eBalance® devices will be fixed at CAD$2,400 per device. In addition to the License Fee, LIVC was required to pay a monthly recurring fee per each eBalance® device equal to 50% of the regular monthly home-use fee set by the Company. Following the Initial Term, the minimum monthly fee was to be $100,000.

On January 29, 2020, the Company reacquired the Direct Rights from LIVC in exchange for a royalty on all sales of the eBalance® device up to an aggregate $507,500 calculated as follows:

1.$25 per eBalance® device sold, not to exceed 3,500 eBalance® devices; and

2.$5 per month for each eBalance® device generating recurring monthly revenue, up to an aggregate royalty of $420,000.

Should the recurring monthly fee be cancelled due to a change in the Company’s distribution model, the royalty will be replaced by a one-time payment of $145 per eBalance® device sold up to an aggregate of $507,500.

In addition to the royalty, the Company issued to LIVC share purchase warrants (the “Warrants”) entitling LIVC to purchase up to two million shares of the Company’s common stock as follows:

1.1,000,000 shares at $0.50 per share (the “$0.50 Warrant”) expiring on March 12, 2023

2.1,000,000 shares at $1.00 per share (the “$1.00 Warrant”) expiring on March 12, 2023

As at the date of this Annual Report on Form 10-K, these above warrants expired unexercised.

Competition

The market for treatments that assist in the control and management of diabetes, its complications, as well as other ailments, including pain management, are highly competitive. However, since the Company’s eBalance® Pro and eBalance® Home Systems are based on the microcurrent therapy, which is not yet widely accepted in traditional medicine, direct competition for these Systems is not well defined.

Indirect competitors include a multitude of pharmaceutical companies that produce various drugs to maintain and prevent diabetes related complications; companies producing glucose monitoring devices, other pharmaceuticals to treat diseases and symptoms.

Competitors in electrical/microcurrent therapies include BodiHealth Systems, focusing on pain relief market in US; Electromedical Products International, Inc., the company that developed Alpha-Stim® PPM, which treats and alleviates acute, chronic or postoperative pain using microcurrent therapy, and several other companies currently involved in the microcurrent and electrical current therapies.

Patents/Trademarks/Licenses/Franchises/Concessions/Royalty Agreements or Labor Contracts

The Company’s eBalance® Technology is not patented.

On August 10, 2021, the Canadian Intellectual Property Office approved the Company’s EBALANCE trademark application number 1867918, which the Company filed on November 14, 2017, and issued a certificate of registration number 1,104,935 registering the trademark EBALANCE in the name of the Company. Earlier, on May 8, 2019, the European Union approved the Company’s eBalance® trademark application and issued certificate of registration number 017997155 registering the trademark eBalance® in the name of the Company. The eBalance® trademark was also registered in the U.K., bearing the registration number UK00003345540. On March 15, 2022, United States Patent and Trademarks Office issued a certificate of registration number 6,669,175 registering the trademark EBALANCE in the name of the Company.

On September 6, 2018, the Company entered into an IP Royalty Agreement with an IP Vendor. Pursuant to the IP Royalty Agreement the Company agreed to acquire certain additional developments and improvements for its eBalance® devices that were developed by the IP Vendor in exchange for a perpetual royalty of USD$350 or CAD$350, depending on the currency the revenue is generated in, for each device sold, distributed, or licensed whether through a distributor, sales representative or by the Company itself.

Also on September 6, 2018, the Company entered into a Royalty Agreement with Mr. Richard Jeffs, the Company’s major shareholder. Pursuant to the Royalty Agreement, the Company agreed to pay Mr. Jeffs, in perpetuity, a 10% royalty on the revenue the Company receives from its distributors or end-users introduced to the Company by Mr. Jeffs.

Number of Total Employees and Number of Full Time Employees

We currently have no employees other than our executive officers, who provide their services as independent consultants. We contract for the services of medical and technical staff we require to administer our observational studies and the clinical trials, as well as other consultants on “as needed” basis.

ITEM 1A. RISK FACTORS.

There is a high degree of risk associated with buying our common stock. Prospective investors should carefully read this Annual Report on Form 10-K and consider the following risk factors when deciding whether to purchase our shares. These are speculative stocks and should be purchased by only those who can afford to lose their entire investment.

The risk factors outlined below are some of the known, substantial, material and potential risks that could adversely affect our business, financial condition, operating results and common share value. We cannot assure that we will successfully address these or any unknown risks and a failure to do so can have a negative impact on your investment. We may encounter risks in addition to those described below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also impair or adversely affect our business, financial condition or results of operation.

Risks Associated with our Company and our Industry

We operate in a highly competitive market. We face competition from large, well established medical device manufacturers and pharmaceutical companies in the market for treatment of pain and management of diabetes and related ailments. Many of these companies are very well accepted by health practitioners and have significant resources, and we may not be able to compete effectively.

The market for treatment and management of diabetes and related ailments is intensely competitive, subject to rapid change and significantly affected by new product introductions. We compete indirectly with pharmaceutical and medical device companies, such as Bayer Corp., Becton Dickinson Corp., LifeScan Inc., a division of Johnson & Johnson, the MediSense Inc., and TheraSense Inc. These competitors’ products are based on traditional healthcare model and are well accepted by health practitioners and patients. If these companies decide to penetrate our target market they could threaten our position in the market.

We are subject to numerous governmental regulations which can increase our costs of developing the eBalance® Technology and products based on this technology.

Our products are subject to rigorous regulation by the FDA, Health Canada and numerous international, supranational, federal, and state authorities. The process of obtaining regulatory approvals to market a medical device can be costly and time-consuming, and approvals may not be granted for future products, or additional indications or uses of existing products, on a timely basis, if at all. Delays in the receipt of, or failure to obtain approvals for, our products, or new indications and uses, could result in delayed realization of product revenues, reduction in revenues, and in substantial additional costs. In addition, no assurance can be given that we will remain in compliance with applicable FDA, Health Canada and other regulatory requirements once approval or marketing authorization has been obtained for a product. These requirements include, among other things, regulations regarding manufacturing practices, product labeling, advertising, and post-marketing reporting, including adverse event reports and field alerts due to manufacturing quality concerns.

Changes in the health care regulatory environment may adversely affect our business.

A number of the provisions of the U.S. Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 and its amendments changed access to health care products and services and established new fees for the medical device industry. Future rulemaking could increase rebates, reduce prices or the rate of price increases for health care products and services, or require additional reporting and disclosure. We cannot predict the timing or impact of any future rulemaking.

Inability to protect and enforce our intellectual property rights could adversely affect our financial results.

Intellectual property rights, including patents, trade secrets, confidential information, trademarks, tradenames, and other forms of trade dress, are important to our business. An inability to defend, protect and enforce our intellectual property rights could adversely affect our financial results, even if we are successful in developing and marketing products based on the eBalance® Technology. In addition, an adverse outcome in any litigation or interference proceeding could subject us to significant liabilities to third parties and require us to cease using the technology that is at issue or to license the technology from third parties. In addition, a finding that any of our intellectual property rights are invalid could allow our competitors to compete more easily and cost-effectively. Thus, an unfavorable outcome in any patent litigation or interference proceeding could have a material adverse effect on our business, financial condition, or results of operations.

The cost to us of any patent litigation or interference proceeding could be substantial. Uncertainties resulting from the initiation and continuation of patent litigation or interference proceedings could have a material adverse effect on our ability to compete in the marketplace. Patent litigation and interference proceedings could also absorb significant management time.

Competitors' intellectual property may prevent us from selling our products or have a material adverse effect on our future profitability and financial condition.

Competitors may claim that our technology infringes upon their intellectual property. Resolving an intellectual property infringement claim can be costly and time consuming and may require us to enter into license agreements.

We cannot guarantee that we would be able to obtain license agreements on commercially reasonable terms. A successful claim of patent or other intellectual property infringement could subject us to significant damages or an injunction preventing the manufacture, sale or use of our product. Any of these events could have a material adverse effect on our profitability and financial condition.

Our research and development efforts may not result in the development of commercially successful products based on our eBalance® Technology, which may hinder our profitability and future growth.

We continue to further research our eBalance® Technology and develop products based on the technology. In order to develop commercially marketable products, we will be required to commit substantial efforts, funds, and other resources to research and development. A high rate of failure is inherent in the research and development of new products and technologies. We must make ongoing substantial expenditures without any assurance that our efforts will be commercially successful.

Failure can occur at any point in the process, including after significant funds have been invested. Planned products may fail to reach the market or may only have limited commercial success because of efficacy or safety concerns, failure to achieve positive clinical outcomes, inability to obtain necessary regulatory approvals, limited scope of approved uses, excessive costs to manufacture, the failure to establish or maintain intellectual property rights, or infringement of the intellectual property rights of others.

Even if we successfully develop marketable products or commercially develop our current technology, we may be quickly rendered obsolete by changing customer preferences, changing industry standards, or competitors' innovations.

Innovations may not be accepted quickly in the marketplace because of, among other things, entrenched patterns of clinical practice or uncertainty over third-party reimbursement. We cannot state with certainty when or whether our products under development will be launched, whether we will be able to develop, license, or otherwise acquire new products, or whether any products will be commercially successful. Failure to launch successful new products or new indications for existing products may cause our products to become obsolete, causing our revenues and operating results to suffer.

New products and technological advances by our competitors may negatively affect our results of operations.

Our products face intense competition from our competitors. Competitors' products may be safer, more effective, more effectively marketed or sold, or have lower prices or superior performance features than our products. We cannot predict with certainty the timing or impact of the introduction of competitors' products.

Significant safety concerns could arise for our products, which could have a material adverse effect on our revenues and financial condition.

Health care products typically receive regulatory approval based on data obtained in controlled clinical trials of limited duration. Following regulatory approval, these products will be used over longer periods of time in many patients. Investigators may also conduct additional, and perhaps more extensive, studies. If new safety issues are reported, we may be required to amend the conditions of use for a product. For example, we may be required to provide additional warnings on a product's label or narrow its approved intended use, either of which could reduce the product's market acceptance. If serious safety issues arise with our product, sales of the product could be halted by us or by regulatory authorities. Safety issues affecting suppliers' or competitors' products also may reduce the market acceptance of our products.

Inability to attract and maintain key personnel may cause our business to fail.

Success depends on the acquisition of key personnel. We will have to compete with other companies both within and outside the healthcare industry to recruit and retain competent employees and consultants. If we cannot maintain qualified personnel to meet the needs of our anticipated growth, we could face material adverse effects on our business and financial condition.

We are recently formed, lack operating history and to date have generated only minimal revenues. If we cannot increase our revenues to start generating profits, our investors may lose their entire investment.

We are a recently formed company and to date have generated only minimal revenues. No profits have been made to date and if we fail to make any then we may fail as a business and an investment in our common stock will be worth nothing. We have a limited operating history and thus our progress as well as potential future success cannot be reasonably estimated. Success has yet to be proven and financial losses should be expected to continue in the near future and at least until such time that we enter commercial production of devices based on the eBalance® Technology, of which there is no assurance. As a new business, we face all the risks of a ‘start-up’ venture including unforeseen costs, expenses, problems, and management limitations and difficulties. Since inception, we have accumulated deficit of $9,657,735 and there is no guarantee, that we may ever be able to turn a profit or locate additional opportunities, hire additional management and other personnel.

We need to acquire additional financing, or our business will fail.

We must obtain additional capital, or our business will fail. In order to continue development of our eBalance® Technology and to successfully complete observational and clinical trials, we must secure more funds. Currently, we have limited resources and have already accumulated a deficit. We do not have immediate sources of financing. Financing may be subject to numerous factors including investor sentiment, acceptance of our technology and so on. We may also have to borrow large sums of money that require substantial capital and interest payments.

Risks related to our stock

We expect to raise additional capital through the offering of more shares, which will result in dilution to our current shareholders.

Raising additional capital through future offerings of common stock is expected to be necessary for our Company to continue. However, there is no guarantee that we will be successful in raising additional capital. Issuance of additional stock will increase the total number of shares issued and outstanding resulting in decrease of the percentage interest held by each of our shareholders.

There is a limited market for our common stock meaning that our shareholders may not be able to resell their shares.

Our common stock currently has a limited market which may restrict shareholders’ ability to resell their stock or use their stock as collateral. Thus, the shareholders may have to sell their shares privately which may prove exceedingly difficult. Private sales are more difficult and often give lower than anticipated prices.

Should a larger public market develop for our stock, future sales of shares may negatively affect their market price.

Even if a larger market develops, the shares may be sparsely traded and have wide share price fluctuations. Liquidity may be low despite there being a market, making it difficult to get a return on the investment. The price also depends on potential investor’s feelings regarding the results of our operations, the competition of other companies’ shares, our ability to generate future revenues, and market perception about future of microcurrent technologies.

Because our stock is a penny stock, stockholders will be more limited in their ability to sell their stock.

The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or quotation system.

Because our securities constitute "penny stocks" within the meaning of the rules, the rules apply to us and to our securities. The rules may further affect the ability of owners of shares to sell our securities in any market that might develop for them. As long as the quotation price of our common stock is less than $5.00 per share, the common stock will be subject to Rule 15g-9 under the Exchange Act. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that:

·contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading;

·contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of securities laws;

·contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price;

·contains a toll-free telephone number for inquiries on disciplinary actions;

·defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and

·contains such other information and is in such form, including language, type, size, and format, as the SEC shall require by rule or regulation.

The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with: (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statements showing the market value of each penny stock held in the customer's account. In addition, the penny stock rules require that, prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our stock.

We have not paid nor anticipate paying cash dividends on our common stock.

We have not declared any dividends on our common stock during the past two fiscal years or at any time in our history. The Nevada Revised Statutes (the “NRS”), provide certain limitations on our ability to declare dividends. Section 78.288 of Chapter 78 of the NRS prohibits us from declaring dividends where, after giving effect to the distribution of the dividend:

(a)we would not be able to pay our debts as they become due in the usual course of business; or

(b)except as may be allowed by our Articles of Incorporation, our total assets would be less than the sum of our total liabilities plus the amount that would be needed, if we were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of stockholders who may have preferential rights and whose preferential rights are superior to those receiving the distribution.

We do not expect to declare any dividends in the foreseeable future as we expect to spend any funds legally available for the payment of dividends on the development of our business.

We are an OTC reporting issuer under applicable Canadian securities laws. The British Columbia Securities Commission has issued a cease trade order in respect of our securities for failing to comply with our reporting obligations under applicable Canadian securities laws.

As an “OTC reporting issuer” under applicable Canadian securities laws, we are required to make periodic filings with applicable Canadian securities authorities, including annual and interim financial statements and management’s discussion & analysis relating to those periods. Due to a lack of sufficient funds, we were late filing our Annual Report for the fiscal year ended May 31, 2022, and we have not yet made the required filings for the interim periods ended August 31, 2022, November 30, 2022 and February 28, 2023. On October 11, 2022, the British Columbia Securities Commission issued a cease trade order in respect of our securities. As a result of this order, holders of our securities in Canada will not be able to trade in our securities until the order is revoked.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

ITEM 2. PROPERTIES.

Our principal executive office is located at 123 W. Nye Ln, Suite 446, Carson City, NV 89706. Our Subsidiary’s principle office is located at 820 - 1130 West Pender Street, Vancouver, BC V6E 4A4. Other than these offices, we

do not currently maintain any other facilities, and do not anticipate the need for maintaining other facilities at any time in the foreseeable future.

ITEM 3. LEGAL PROCEEDINGS.

We are not a party to any pending legal proceedings and, to the best of our knowledge, none of our properties or assets are the subject of any pending legal proceedings.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

MARKET INFORMATION

Quotations for our common stock are entered on the OTC Link alternative trading system under the symbol “CMXC”. The table below gives the high and low bid information for each fiscal quarter for the last two fiscal years. The bid information was obtained from OTC Markets Group Inc. (“OTC Markets”) and reflects inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

High & Low Bids
Period ended	High	Low
August 31, 2020	$0.625	$0.28
November 30, 2020	$0.50	$0.26
February 28, 2021	$0.316	$0.2517
May 31, 2021	$0.302	$0.21
August 31, 2021	$0.29	$0.2111
November 30, 2021	$0.248	$0.11
February 28, 2022	$0.185	$0.127
May 31, 2022	$0.14	$0.09

As of the date of this Annual Report on Form 10-K, our securities trade on the “Expert Market” tier operated by OTC Markets. Quotes on the Expert Market are “Unsolicited Only” and are restricted from public viewing.

HOLDERS OF RECORD

As of April 7, 2023, we had approximately 51 holders of record, according to a shareholders’ list provided by our transfer agent as of that date. The number of registered shareholders does not include the beneficial owners of common stock held in street name. The transfer agent for Cell MedX’s common stock is Pacific Stock Transfer Company with an address at 6725 Via Austi Pkwy, Suite 300 Las Vegas, NV 89119, and their telephone number is 702-361-3033.

DIVIDENDS

We have not paid any cash dividends on our common stock since our inception and do not anticipate paying any cash dividends in the foreseeable future. We plan to retain our earnings, if any, to provide funds for the expansion of our business.

Our Articles of Incorporation and Bylaws do not contain any restrictions limiting our ability to declare dividends. Section 78.288 of the Nevada Revised Statutes prohibits us from declaring dividends where, after giving effect to the distribution of the dividend:

(a)we would not be able to pay our debts as they become due in the usual course of business; or

(b)our total assets would be less than the sum of our total liabilities plus the amount that would be needed, if we were to be dissolved at the time of the distribution, to satisfy the preferential rights

upon dissolution of stockholders who may have preferential rights and whose preferential rights are superior to those receiving the distribution.

RECENT SALES OF UNREGISTERED SECURITIES

On May 24, 2021, the Company entered into two separate consulting agreements with Griffith Armada Capital and Mr. Howard Isaacs to provide investor relations and market awareness services to the Company. As consideration for the services provided, the Company issued to Griffith Armada Capital 99,999 restricted common shares (which were issued in three separate monthly installments of 33,333 common shares each beginning on June 24, 2021), and issued to Mr. Isaacs 50,000 restricted common shares (which were issued in two separate monthly installments of 25,000 common shares each beginning on June 24, 2021).

The Shares issued to Griffith Armada Capital were issued pursuant to the provisions of Regulation S of the Act as Griffith Armada Capital represented that it is not a “U.S. Person” as that term is defined in Rule 902(k) of Regulation S of the Act. The Shares issued to Mr. Isaacs were issued pursuant to the provisions of Regulation D of the Act as Mr. Isaacs represented to the Company that he is an “Accredited Investor” as that term is defined in Rule 506(b) of Regulation D of the Act.

On August 9, 2021, the Company issued a total of 400,000 Shares as part of a non-brokered private placement financing at a price of $0.25 per Share for total proceeds to the Company of $100,000.

The Shares were issued pursuant to the provisions of Regulation S of the Act to the person who is not resident of the United States and is otherwise not a “U.S. Person” as that term is defined in Rule 902(k) of Regulation S of the Act.

PENNY STOCK RULES

The SEC has adopted regulations that regulate broker-dealer practices in connection with transactions in “penny stocks.” “Penny stocks” are generally defined as being any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. These rules require that any broker-dealer who recommends our common stock to persons other than prior customers and accredited investors, must, prior to the sale, make a special written suitability determination for the purchaser and receive the purchaser’s written agreement to execute the transaction. Unless an exception is available, the regulations require the delivery, prior to any transaction involving a penny stock, of a disclosure schedule explaining the penny stock market and the risks associated with trading in the penny stock market. In addition, broker-dealers must disclose commissions payable to both the broker-dealer and the registered representative and current quotations for the securities they offer. The additional burdens imposed upon broker-dealers by such requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit their market price and liquidity of our securities. The application of the “penny stock” rules may affect your ability to resell our securities.

ITEM 6. SELECTED FINANCIAL DATA.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and Item 10(f) of Regulation SK and are not required to provide the information required under this item.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Annual Report on Form 10-K constitute "forward-looking statements". These statements, identified by words such as “plan,” "anticipate," "believe," "estimate," "should," "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements.

Such risks and uncertainties include those set forth under this caption "Management's Discussion and Analysis" and elsewhere in this Form 10-K. We do not intend to update the forward-looking information to reflect actual results or

changes in the factors affecting such forward-looking information. We advise you to carefully review the reports and documents we file from time to time with the United States Securities and Exchange Commission (the “SEC”).

General

The inclusion of supplementary analytical and related information herein may require us to make estimates and assumptions to enable us to fairly present, in all material respects, our analysis of trends and expectations with respect to our results of operations and financial position taken as a whole. Actual results may vary from the estimates and assumptions we make.

Results of Operation

	Year Ended May 31,				Percentage Increase /
	2022		2021		(Decrease)
Revenue	$	6,065	$	6,762	(10.3)%
COGS		2,032		3,240	(37.3)%
Gross margin		4,033		3,522	14.5%
Operating expenses
Amortization		1,145		2,434	(53.0)%
Consulting fees		189,649		268,056	(29.3)%
Distribution expenses		-		261	(100.0)%
General and administrative expenses		334,223		185,777	79.9%
Impairment of inventory		-		42,568	(100.0)%
Research and development costs		150,709		229,581	(34.4)%
Total operating expenses		(675,726)		(728,677)	(7.3)%
Other items
Loss on forgiveness of debt		-		(153,661)	(100.0)%
Interest		(25,686)		(32,020)	(19.8)%
Net loss	$	(697,379)	$	(910,836)	(23.4)%

Revenues

During the year ended May 31, 2022, we recognized $6,065 in revenue, which consisted of $2,387 in revenue from sales of eBalance® devices and $3,678 we received from monthly recurring revenue associated with the eBalance® treatment packages. The cost attributed to this revenue was $2,032.

During the year ended May 31, 2021, we recognized $6,762 in revenue we received from monthly recurring revenue associated with the eBalance® treatment packages. The cost attributed to this revenue was $3,240 and included $692 in royalties we accrued on the sales.

As of the date of this Annual Report on Form 10-K, we discontinued research and further development of our eBalance® Technology and devices based on this technology due to lack of available financing for this project, which will result in potential loss of revenue from operations.

Operating Expenses

During the year ended May 31, 2022, our operating expenses decreased by 7.3% from $728,677 incurred during the year ended May 31, 2021, to $675,726 incurred during the year ended May 31, 2022. The most significant changes were as follows:

·During the year ended May 31, 2022, our consulting fees decreased by $78,407, or 29.3%, from $268,056 we incurred during the year ended May 31, 2021, to $189,649 we incurred during the year ended May 31, 2022. The change resulted mainly from reduced consulting fees we negotiated with the company controlled by our COO in order to preserve our cash.

·Our research and development costs for the year ended May 31, 2022, decreased by $78,872, or 34.4%, from $229,581 we incurred during the year ended May 31, 2021, to $150,709 we incurred during the year ended May 31, 2022. The lower research and development costs during the year ended May 31, 2022, were associated with our decision to suspend further development of the eBalance® devices until such time that our 510(K) notification to the FDA is finalized and approved.

·Our general and administrative expenses for the year ended May 31, 2022, increased by $148,446, or 79.9%, from $185,777 we incurred during the year ended May 31, 2021, to $334,223 we incurred during the year ended May 31, 2022. The largest factor that contributed to this change was associated with fluctuation in foreign exchange rates, which, during the year ended May 31, 2022, resulted in $53,765 loss, as compared to $112,206 gain during the comparative period. Other factors that affected our general and administrative expenses were associated with a $10,500 increase to our management fees, which increased from $40,500 we incurred during the year ended May 31, 2021, to $51,000 for the year ended May 31, 2022, and were associated with engagement of our new CEO; a $1,237 increase to our filing and regulatory fees, which increased from $30,463 we incurred during the year ended May 31, 2021, to $31,700 for the year ended May 31, 2022; a $5,330 increase to our office expenses, which increased from $9,813 we incurred during the year ended May 31, 2021, to $15,143 for the year ended May 31, 2022; and a $2,848 increase to our expenditures on corporate communications, which increased from $126,879 we incurred during the year ended May 31, 2021, to $129,727 we incurred during the year ended May 31, 2022.

·The increases in general and administrative expenses were in part offset by a $30,291 decrease to our professional fees, from $37,502 we incurred during the year ended May 31, 2021, to $7,211 we incurred during the year ended May 31, 2022; a $4,247 decrease to our marketing and advertising expenses, which for the year ended May 31, 2022, amounted to $1,291, as compared to $5,538 for the year ended May 31, 2021; a $2,094 decrease to our accounting and audit fees, which decreased from $42,308 we incurred during the year ended May 31, 2021, to $40,214 for the year ended May 31, 2022; and, to a smaller extent, decreases in bank fees, and travel and entertainment fees, which decreased to $1,320 and $2,852 respectively.

Other Items

During the year ended May 31, 2022, we accrued $25,686 (May 31, 2021 - $32,020) in interest associated with the outstanding notes payable, of which $15,720 (May 31, 2021 - $3,677) were accrued on the notes payable we issued to Mr. Jeffs, our major shareholder.

On May 3, 2021, we entered into letter agreements with certain of our debt holders to convert a total of $481,327 we owed them under 6% notes payable, including $32,677 in accrued interest on these notes payable, and $48,250 we owed under non-interest-bearing advances payable into 2,484,500 common shares of the Company at a deemed price of $0.20 per share. At the time of conversion, our common shares were valued at $0.275, therefore we recorded $153,661 as loss on conversion of debt. We did not have similar transactions during the year ended May 31, 2022.

Liquidity and Capital Resources

Working Capital

	Year Ended May 31,				Percentage Increase/
	2022		2021		(Decrease)
Current assets	$	41,344	$	51,047	(19.0)%
Current liabilities		2,050,375		1,628,300	25.9%
Working capital deficit	$	(2,009,031)	$	(1,577,253)	27.4%

As of May 31, 2022, we had a cash balance of $24,380 a working capital deficit of $2,009,031 and cash flows used in operations of $450,591 for the period then ended. During the year ended May 31, 2022, we funded our operations with $100,000 received from our private placement financing, $60,000 from exercise of warrants, $288,096 we borrowed under loan agreements with Mr. Jeffs, and $5,875 we borrowed from Mr. Hargreaves, or VP of Technology and Operations. The notes payable accumulate interest at 6% per annum, compounded monthly, and are due on demand.

We did not generate sufficient cash flows from our operating activities to satisfy our cash requirements for the year ended May 31, 2022. The amount of cash we have generated from our operations to date is significantly less than our current debt obligations. There is no assurance that we will be able to generate sufficient cash from our operations to repay the amounts owing under the outstanding notes and advances payable, or to service our other debt obligations. If we are unable to generate sufficient cash flow from our operations to repay the amounts owing when due, we may be required to raise additional financing from other sources. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that we will be able to continue as a going concern.

Cash Flows

	Year Ended May 31,
	2022		2021
Cash flows used in operating activities	$	(450,591)	$	(560,432)
Cash flows used in investing activities		-		(1,574)
Cash flows provided by financing activities		453,971		535,096
Effects of foreign currency exchange on cash		247		2,573
Net increase/(decrease) in cash during the year	$	3,627	$	(24,337)

Net Cash Used in Operating Activities

Net cash used in operating activities during the year ended May 31, 2022, was $450,591. This cash was primarily used to cover our cash operating expenses of $588,567, which were represented by net loss of $697,379 reduced by the non-cash items totaling $108,812, and to decrease accrued liabilities by $6,302. These uses of cash were offset by $112,115 increase in amounts due to related parties, $19,953 increase in our accounts payable, and by $12,210 decrease in our other current assets.

Net cash used in operating activities during the year ended May 31, 2021, was $560,432. This cash was primarily used to cover our cash operating expenses of $780,825, which were represented by net loss of $910,836 reduced by the non-cash items totaling $130,011. This use of cash was offset by $138,177 increase in amounts due to related parties, $54,080 increase in our accounts payable, and $25 increase in our accrued liabilities; our other current assets decreased by $15,397, and our inventory decreased by $12,714.

Non-cash transactions

During the years ended May 31, 2022 and 2021, our net loss was affected by the following expenses that did not have any impact on cash used in operations:

·$25,686 (May 31, 2021 - $32,020) in interest we accrued on the outstanding notes payable. Of this interest, $15,720 (2021 - $3,677) was accrued on the notes payable we issued to Mr. Jeffs;

·$44,906 in unrealized foreign exchange loss (May 31, 2021 - $119,005 gain), which resulted from fluctuations of Canadian dollar, the functional currency of Cell MedX Canada, in relation to US dollar, the functional currency of our parent company, being also our reporting currency;

·$1,145 (May 31, 2021 - $2,434) in amortization of equipment we acquired for our manufacturing operations and for our office; and

·$37,075 (May 31, 2021 - $18,333) in non-cash investor relations expenses which were associated with fair market value of the shares we issued to our consultants for investor relation services.

During the comparative year ended May 31, 2021, our net loss was further affected by $153,661 in loss on conversion of debt associated with letter agreements we entered into with certain of our debt holders, who agreed to convert a total of $481,327 we owed them under 6% notes payable, including $32,677 in accrued interest on these notes payable, and $48,250 we owed under non-interest-bearing advances payable into 2,484,500 common shares of the Company at a deemed price of $0.20 per share. At the time of conversion, our common shares were valued at $0.275, which resulted in a loss on conversion. In addition, during the year ended May 31, 2021, we recorded $42,568 in impairment of our inventory of eBalance® devices and additional supplies required for manufacturing as we were not certain that

the costs will be recovered. During the year ended May 31, 2022, we did not have transactions that would have resulted in debt forgiveness or inventory impairment.

Net Cash Used in Investing Activities

During the year ended May 31, 2021, we used $1,574 to purchase additional office equipment. We did not have any investing activities during the year ended May 31, 2022.

Net Cash Provided by Financing Activities

During the year ended May 31, 2022, we received $288,096 under loan agreements with Mr. Jeffs, which are payable on demand and accumulate interest at 6% per annum, we received an additional $5,875 from Mr. Hargreaves, our VP of Technology and Operations; this loan is also payable on demand and accumulates interest at 6% per annum. In addition, we received $100,000 on closing of a non-brokered private placement for 400,000 shares of our common stock at $0.25 per share. We did not incur any share-issuance costs associated with the shares issued as part of the private placement financing. And we received further $60,000 on exercise of the warrants to acquire 300,000 shares of our common stock at $0.20 per share.

During the year ended May 31, 2021, we received $328,096 under loan agreements, which are payable on demand and accumulate interest at 6% per annum. In addition, we received $167,000 on closing of our non-brokered private placement for 988,000 units of our common stock at $0.25 per unit for total proceeds of $247,000, of which $80,000 was received during the year ended May 31, 2020, and $40,000 on closing of our non-brokered private placement for 200,000 shares of our common stock at $0.20 per share. We did not incur any share-issuance costs associated with the private placement financings we closed during the year ended May 31, 2021.

Going Concern

The notes to our audited consolidated financial statements at May 31, 2022, disclose our uncertain ability to continue as a going concern. Our current business operations are in an early development stage and as such, we were able to generate only minimal revenue from the operations. Our research and development plans for the near future will require large capital expenditures, which we are planning to mitigate through equity or debt financing, or by requiring upfront deposits from our potential distributors, once we begin commercial production of our eBalance® devices.

As at May 31, 2022, we had accumulated a deficit of $9,657,735 since inception and increased sales will be required to fund and support our operations. Our continuation as a going concern depends upon the continued financial support of our shareholders, our ability to obtain necessary debt or equity financing to continue operations, and the attainment of profitable operations. Our audited consolidated financial statements do not give effect to any adjustments that would be necessary should we be unable to continue as a going concern and therefore be required to realize our assets and discharge our liabilities in other than the normal course of business and at amounts different from those reflected in our financial statements.

Off-Balance Sheet Arrangements

None.

Critical Accounting Policies

An appreciation of our critical accounting policies is necessary to understand our financial results. These policies may require management to make difficult and subjective judgments regarding uncertainties, and as a result, such estimates may significantly impact our financial results. The precision of these estimates and the likelihood of future changes depend on a number of underlying variables and a range of possible outcomes. We have applied our critical accounting policies and estimation methods consistently.

Principals of consolidation

The consolidated financial statements include the accounts of Cell MedX Corp. and our Subsidiary. On consolidation we eliminate all intercompany balances and transactions.

Foreign currency translations and transactions

Our functional and reporting currency is the United States dollar. We translate foreign denominated monetary assets and liabilities into their U.S. dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as part of operating expenses on the statement of operations.

The functional currency of our Subsidiary is the Canadian dollar. On consolidation, the Subsidiary translates the assets and liabilities to U.S. dollars using foreign exchange rates which prevailed at the balance sheet date, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income. As of the date of this Annual Report on Form 10-K we have not entered into derivative instruments to offset the impact of foreign currency fluctuations.

Revenue recognition

Revenue is measured based on the amount of consideration that is expected to be received by the Company for providing goods or services under a contract with a customer, which is initially estimated with pricing specified in the contract and adjusted primarily for sales returns, discounts and other credits at contract inception then updated each reporting period, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when persuasive evidence of a contract with a customer exists and a performance obligation is identified and satisfied as the customer obtains control of the goods or services. The Company recognizes revenue on the monthly eBalance® treatment packages in the month the packages are provided.

Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are in included in cost of revenues.

Inventory valuation

Inventories are valued at the lower of cost or net realizable value, net of trade discounts received, with costs being determined based on the weighted average cost basis.

Research and development costs

The Company expenses all in-house research and development costs in the period they were incurred. Acquired research and development costs are capitalized to the extent that the sum of the undiscounted cash flows expected to result from the asset can be reasonably estimated or may be verified by an appraisal in certain instances. In all other instances the costs are expensed in the period they were incurred. Acquired research and development costs for a particular research and development project that have no future economic values, are expensed as research and development costs at the time the costs are incurred.

Income taxes

Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or all of the deferred tax assets will not be realized.

Loss per share

Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted net income per common share includes the potential dilution that could occur upon exercise of the options and warrants to acquire common stock computed using the treasury stock method which assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company with the proceeds from the exercise of the options and warrants.

Long-lived assets

In accordance with ASC 360, “Property, Plant, and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount exceeds fair value.

Equipment

Equipment is stated at cost and is amortized over its estimated useful life on a straight-line basis over two years.

Fair value measurements

The book value of cash, other current assets, accounts payable, accrued liabilities, notes and advances payable, and due to related parties approximate their fair values due to the short-term maturity of those instruments. The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

Level 1 -quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 -observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level 3 -assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities.

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended May 31, 2022 and 2021.

Stock options and other stock-based compensation

The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees are recorded at fair value on the date of the grant. The fair value of all share purchase options is expensed over their vesting period with a corresponding increase to additional capital surplus. Upon exercise of share purchase options, the consideration paid by the option holder, together with the amount previously recognized in additional paid-in capital is recorded as an increase to share capital.

The Company uses the Black-Scholes option pricing model to calculate the fair value of share purchase options. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate.

Recent accounting pronouncements

Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and in Item 10(f) of Regulation SK and are not required to provide the information required under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Index to Financial Statements

	Page No.
Financial Statements
Report of Independent Registered Public Accounting Firm	F-1
Consolidated Balance Sheets as of May 31, 2022 and 20 21	F-2
Consolidated Statements of Operations for the years ended May 31, 2022 and 20 21	F-3
Consolidated Statement of Stockholders’ Deficit for the years ended May 31, 2022 and 20 21	F-4
Consolidated Statements of Cash Flows for th e years ended May 31, 2022 and 20 21	F-5
Notes to the Consolidated Financial Statements	F-6

Report of Independent Registered Public Accounting Firm

To the shareholders and the board of directors of Cell MedX Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Cell MedX Corp. (the "Company") as of May 31, 2022 and 2021, the related consolidated statements of operations, stockholders’ deficit and cash flows, for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has limited liquidity and has not completed its efforts to establish a source of revenue sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in this regard are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting in accordance with the standards of the PCAOB. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion in accordance with the standards of the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ DMCL LLP

i DALE MATHESON CARR-HILTON LABONTE LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

We have served as the Company’s auditor since 2015

i Vancouver, Canada (PCAOB ID i 1173)

April 7, 2023

F-1

CELL MEDX CORP.

CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN US DOLLARS)

	May 31, 2022		May 31, 2021
ASSETS

Current assets
Cash	$	i 24,380	$	i 20,753
Other current assets		i 16,964		i 30,294
Total current assets		i 41,344		i 51,047

Equipment		i -		i 1,195
Total assets	$	i 41,344	$	i 52,242


LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities
Accounts payable	$	i 442,439	$	i 431,593
Accrued liabilities		i 28,877		i 35,183
Due to related parties		i 921,451		i 817,856
Notes and advances due to related parties		i 546,720		i 237,837
Notes and advances payable		i 110,888		i 105,831
Total liabilities		i 2,050,375		i 1,628,300

STOCKHOLDERS' DEFICIT
Common stock, $ i i 0.001 / par value, i i 300,000,000 / shares authorized; i 62,923,063 and i 62,073,064 shares issued and outstanding at May 31, 2022 and 2021, respectively		i 62,923		i 62,073
Additional paid-in capital		i 7,272,701		i 7,076,476
Reserves		i 366,493		i 366,493
Accumulated deficit		( i 9,657,735)		( i 8,960,356)
Accumulated other comprehensive loss		( i 53,413)		( i 120,744)
Total stockholders' deficit		( i 2,009,031)		( i 1,576,058)
Total liabilities and stockholders’ deficit	$	i 41,344	$	i 52,242

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

F-2

CELL MEDX CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(EXPRESSED IN US DOLLARS)

	Year Ended May 31,
	2022		2021

Revenue
Sales	$	i 6,065	$	i 6,762
Cost of goods sold		i 2,032		i 3,240
Gross margin		i 4,033		i 3,522

Operating expenses
Amortization		i 1,145		i 2,434
Consulting fees		i 189,649		i 268,056
Distribution expenses		i -		i 261
General and administrative expenses		i 334,223		i 185,777
Impairment of inventory		i -		i 42,568
Research and development costs		i 150,709		i 229,581
Total operating expenses		i 675,726		i 728,677

Other items
Loss on forgiveness of debt		i -		( i 153,661)
Interest		( i 25,686)		( i 32,020)
Net loss		( i 697,379)		( i 910,836)

Foreign exchange translation income (loss)		i 67,331		( i 159,358)
Comprehensive loss	$	( i 630,048)	$	( i 1,070,194)

Net loss per common share
Basic and diluted	$	( i 0.01)	$	( i 0.02)

Weighted average number of shares outstanding
Basic and diluted		i 62,798,817		i 58,763,796

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

F-3

CELL MEDX CORP.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

(EXPRESSED IN US DOLLARS)

Common Stock

Shares

Amount

Additional

Paid-in

Capital

Obligation

to Issue

Shares

Reserves

Deficit

Accumulated

Other

Comprehensive

Income (Loss)

Total

Balance - May 31, 2020

i 55,915,709

i 55,916

i 5,988,153

i 80,000

i 366,493

( i 8,049,520)

i 38,614

( i 1,520,344)

Shares issued for cash

i 1,188,000

i 1,188

i 285,812

( i 80,000)

i -

i 207,000

Shares issued on

exercise of options

i 2,484,855

i 2,485

i 121,758

i -

i 124,243

Shares issued on

settlement of debt

i 2,484,500

i 2,484

i 680,753

i -

i 683,237

Net loss for the year

ended May 31, 2021

i -

( i 910,836)

i -

( i 910,836)

Translation to reporting

currency

i -

( i 159,358)

Balance - May 31, 2021

i 62,073,064

i 62,073

i 7,076,476

i -

i 366,493

( i 8,960,356)

( i 120,744)

( i 1,576,058)

Shares issued for cash

i 400,000

i 400

i 99,600

i -

i 100,000

Shares issued on

exercise of warrants

i 300,000

i 300

i 59,700

i -

i 60,000

Shares issued for

services

i 149,999

i 150

i 36,925

i -

i 37,075

Net loss for the year

ended May 31, 2022

i -

( i 697,379)

i -

( i 697,379)

Translation to reporting

currency

i -

i 67,331

Balance - May 31, 2022

i 62,923,063

i 62,923

i 7,272,701

i -

i 366,493

( i 9,657,735)

( i 53,413)

( i 2,009,031)

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

F-4

CELL MEDX CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(EXPRESSED IN US DOLLARS)

	Year Ended May 31,
	2022		2021

Cash flows used in operating activities
Net loss	$	( i 697,379)	$	( i 910,836)
Adjustments to reconcile net loss to net cash used in operating activities
Accrued interest on notes payable		i 25,686		i 32,020
Amortization		i 1,145		i 2,434
Impairment of inventory		i -		i 42,568
Loss on settlement of debt		i -		i 153,661
Non-cash investor relations fees		i 37,075		i 18,333
Unrealized foreign exchange		i 44,906		( i 119,005)
Changes in operating assets and liabilities
Inventory		i -		i 12,714
Other current assets		i 12,210		i 15,397
Accounts payable		i 19,953		i 54,080
Accrued liabilities		( i 6,302)		i 25
Due to related parties		i 112,115		i 138,177
Net cash flows used in operating activities		( i 450,591)		( i 560,432)

Cash flows used in investing activities
Acquisition of equipment		i -		( i 1,574)
Net cash used in investing activities		i -		( i 1,574)

Cash flows provided by financing activities
Proceeds from notes payable		i 293,971		i 328,096
Proceeds from subscription to shares		i 160,000		i 207,000
Net cash provided by financing activities		i 453,971		i 535,096

Effects of foreign currency exchange on cash		i 247		i 2,573
Increase/(decrease) in cash		i 3,627		( i 24,337)
Cash, beginning		i 20,753		i 45,090
Cash, ending	$	i 24,380	$	i 20,753

Non-cash financing transactions:
Exercise of options for debt	$	i -	$	i 124,243

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

F-5

CELL MEDX CORP.

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

MAY 31, 2022

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Cell MedX Corp. (Cell MedX, or the “Company”) was incorporated under the laws of the State of Nevada. On April 26, 2016, the Company formed a subsidiary, Cell MedX (Canada) Corp. (“Cell MedX Canada”) under the laws of the province of British Columbia. Cell MedX is a biotech company focusing on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote general wellness.

Going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As of May 31, 2022, the Company has not achieved profitable operations and has accumulated a deficit of $ i 9,657,735. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The audited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are presented in US dollars.

Principles of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiary, Cell MedX Canada. On consolidation, all intercompany balances and transactions are eliminated.

Accounting estimates

The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, fair value of financial instruments and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Foreign currency translations and transactions

The Company’s functional and reporting currency is the United States dollar. Foreign denominated monetary assets and liabilities are translated into their U.S. dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as part of operating expenses on the statement of operations.

The functional currency of Cell MedX Canada is the Canadian dollar. On consolidation, the subsidiary translates its assets and liabilities to U.S. dollars using foreign exchange rates which prevailed at the balance sheet date, and translates its revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive

F-6

income/loss. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Revenue recognition

Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues.

Inventory valuation

Inventories are valued at the lower of cost or net realizable value, net of trade discounts received, with costs being determined based on the weighted average cost basis.

Research and development costs

Income taxes

Income/Loss per share

The Company’s basic income/loss per share (“EPS”) is calculated by dividing its net income/loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock with performance conditions.

The Company’s diluted EPS is calculated by dividing its net income/loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

The outstanding securities at May 31, 2022 and 2021 that could have a dilutive effect are as follows:

	May 31, 2022		May 31, 2021
Share purchase option		i 2,050,000		i 2,550,000
Share purchase warrants		i 2,988,000		i 16,132,605
Total Possible Dilutive Shares		i 5,038,000		i 18,682,605

F-7

For the years ended May 31, 2022 and 2021, respectively, the effect of the Company’s outstanding share purchase options and warrants would have been anti-dilutive and therefore they are excluded from the calculation of diluted EPS.

Long-lived assets

Equipment

Equipment is stated at cost and is amortized over its estimated useful life on a straight-line basis over two years. At May 31, 2022, the Company had fully amortized its equipment.

Fair value measurements

Level 1 -quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 3 -assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities.

Stock options and other stock-based compensation

The Company accounts for the granting of share purchase options to employees using the fair value method whereby all awards to employees are recorded at fair value on the date of the grant. The fair value of all share purchase options is expensed over the vesting period with a corresponding increase to additional capital surplus. Upon exercise of share purchase options, the consideration paid by the option holder, together with the amount previously recognized in additional paid-in capital is recorded as an increase to share capital.

Recent accounting pronouncements

F-8

NOTE 3 - RELATED PARTY TRANSACTIONS

Amounts due to related parties, other than notes payable to related parties (Note 4) at May 31, 2022 and 2021:

	May 31, 2022		May 31, 2021
Due to the current Chief Executive Officer (“CEO”)	$	i 10,000	$	i -
Due to a director and the former CEO		i 126,200		i 115,200
Due to the Chief Financial Officer (“CFO”)		i 5,643		i 6,228
Due to/(from) the Vice President (“VP”), Technology and Operations		( i 2,418)		( i 3,682)
Due to a company controlled by the Chief Operating Officer (“COO”)		i 778,586		i 696,878
Due to a company controlled by the COO and a major shareholder		i 3,136		i 2,996
Due to Live Current Media, Inc. (“LIVC”)(1)		i 304		i 236
Due to related parties	$	i 921,451	$	i 817,856

(1)LIVC is related to the Company through its director who is a close relative of the Company’s major shareholder.

The amounts due to related parties are unsecured, due on demand and bear no interest.

During the years ended May 31, 2022 and 2021, the Company had the following transactions with related parties:

	May 31, 2022		May 31, 2021
Management fees incurred to the current CEO	$	i 10,000	$	i -
Management fees incurred to a director and the former CEO		i 11,000		i 12,000
Management fees incurred to the CFO		i 30,000		i 28,500
Consulting fees incurred to the VP, Technology and Operations		i 47,738		i 46,025
Consulting fees incurred to the company controlled by the COO		i 93,911		i 157,920
Royalty incurred to LIVC		i 79		i 151
Royalty incurred to the company controlled by the COO and the major shareholder		i 278		i 541
Total transactions with related parties	$	i 193,006	$	i 245,137

/ /

NOTE 4 - NOTES AND ADVANCES DUE TO RELATED PARTIES

The tables below summarize the loans and advances due and payable to related parties as at May 31, 2022 and 2021:

As at May 31, 2022
Principal Outstanding		Interest Rate per Annum		Accrued Interest(4)		Total Book Value
$	i 479,657	i 6%	Related party loans payable (1)	$	i 26,236	$	i 505,893
	i 40,827	i 0%	Advances(2)		-		i 40,827
$	i 520,484			$	i 26,236	$	i 546,720

As at May 31, 2021
Principal Outstanding		Interest Rate per Annum		Accrued Interest(4)		Total Book Value
$	i 189,086	i 6%	Related party loans payable (1)	$	i 7,169	$	i 196,255
	i 41,582	i 0%	Advances(2)		-		i 41,582
$	i 230,668			$	i 7,169	$	i 237,837

(1) Related Party Loans Payable

As at May 31, 2022, the Company owed a total of $ i 505,893 to related parties (May 31, 2021 - $ i 196,255) of which $ i 26,236 was associated with interest accrued on the principal balances owed under the notes payable (May 31, 2021 - $ i 7,169).

F-9

During the year ended May 31, 2022, the Company’s subsidiary, Cell MedX Canada, entered into a number of loan agreements with Mr. Jeffs, the Company’s major shareholder, for a total of $ i 288,096 in exchange for unsecured notes payable due on demand and accumulating interest at i 6% annual interest compounded monthly. As at May 31, 2022, the Company owed a total of $ i 442,423 (May 31, 2021 - $ i 140,860) under unsecured notes payable with Mr. Jeffs, of which $ i 21,368 (May 31, 2021 - $ i 5,766) was associated with accrued interest. During the year ended May 31, 2022, the Company recorded $ i 15,720 in interest on the notes payable due to Mr. Jeffs (May 31, 2021 - $ i 3,677).

As at May 31, 2022, the Company owed a total of $ i 17,710 under a loan agreement with Mr. David Jeffs, the close relative of Mr. Richard Jeffs (May 31, 2021 - $ i 17,477). The loan bears interest at i 6% per annum compounded monthly, is unsecured, and payable on demand and/or from the proceeds of warrants the Company issued to LIVC. During the year ended May 31, 2022, the Company recorded $ i 1,032 in interest on the principal (May 31, 2021 - $ i 854).

As at May 31, 2022, the Company owed a total of $ i 26,928 under a loan agreement with a company of which Mr. David Jeffs is a director of (May 31, 2021 - $ i 25,363). The loan bears interest at i 6% per annum compounded monthly, is unsecured, and is payable on demand. During the year ended May 31, 2022, the Company recorded $ i 1,564 in interest on the principal (May 31, 2021 - $ i 363).

As at May 31, 2022, the Company owed a total of $ i 12,722 under a loan agreement with Mrs. Jeffs, wife of Mr. Jeffs (May 31, 2021 - $ i 12,554). The loan bears interest at i 6% per annum compounded monthly, is unsecured, and is payable on demand. During the year ended May 31, 2022, the Company recorded $ i 742 in interest on the principal (May 31, 2021 - $ i 120).

During the year ended May 31, 2022, the Company entered into a loan agreement with Mr. Hargreaves, the Company’s director and VP of Technology and Operations, for $ i 5,875 in exchange for unsecured note payable due on demand and accumulating interest at i 6% annual interest compounded monthly. As at May 31, 2022, the Company owed $ i 6,110 (May 31, 2021 - $Nil) under unsecured note payable with Mr. Hargreaves. During the year ended May 31, 2022, the Company recorded $ i 180 in interest on the note payable due to Mr. Hargreaves (May 31, 2021 - $Nil).

(2) Advances Payable

As at May 31, 2022, the Company owed a total of $ i 40,827 (May 31, 2021 - $ i 41,582) for advances the Company received in its fiscal 2020 and 2021 years. The advances are non-interest bearing, unsecured, and payable on demand. Of the total amount advanced, $ i 3,967 was owed to Da Costa Management Corp, a company owned by John da Costa, the Company’s COO and Director (May 31, 2021 - $ i 4,156), $ i 11,860 (May 31, 2021 - $ i 12,426) was owed to Brek Technologies Inc., a company controlled by Mr. da Costa and Mr. Jeffs (Note 3), and $ i 25,000 (May 31, 2021 - $ i 25,000) was owed to Mr. David Jeffs.

NOTE 5 - OTHER CURRENT ASSETS

As at May 31, 2022, other current assets consisted of $ i 8,189 in prepaid expenses (May 31, 2021 - $ i 17,871) and $ i 8,775 in receivables associated with GST Cell MedX Canada paid on the taxable supplies (May 31, 2021 - $ i 12,423).

NOTE 6 - EQUIPMENT

Changes in the net book value of the equipment at May 31, 2022 and 2021 are as follows:

	May 31, 2022		May 31, 2021
Book value, beginning of the year	$	i 1,195	$	i 1,836
Changes during the period		-		i 1,574
Amortization		( i 1,145)		( i 2,434)
Foreign exchange		( i 50)		i 219
Book value, end of the year	$	-	$	i 1,195

/ /

F-10

NOTE 7 - REVENUE

During the year ended May 31, 2022, the Company’s revenue consisted of monthly subscriptions to eBalance® microcurrent treatments and sales of its eBalance® devices. During the year ended May 31, 2021, the Company’s revenue consisted of monthly subscriptions to eBalance® microcurrent treatments. Following are the details of revenue and associated costs:

	Year ended May 31,
	2022		2021
Sales of eBalance® devices	$	i 2,387	$	-
Monthly subscriptions		i 3,678		i 6,762
Cost of eBalance® devices		( i 1,675)		( i 2,548)
Royalty payable		( i 357)		( i 692)
Gross margin	$	i 4,033	$	i 3,522

/ /

NOTE 8 - NOTES AND ADVANCES PAYABLE

As at May 31, 2022, the Company owed a total of $ i 110,888 under i 6% notes payable which were due on demand (May 31, 2021 - $ i 105,831). During the year ended May 31, 2022, the Company recorded $ i 6,448 in interest on these loans (May 31, 2021 - $ i 5,059).

NOTE 9 - STOCKHOLDERS' DEFICIT

Common stock issued during the year ended May 31, 2022

On August 9, 2021, the Company issued i 400,000 shares of its common stock as part of a non-brokered private placement for total proceeds of $ i 100,000.

During the year ended May 31, 2022, the Company issued i 300,000 shares on exercise of warrants for total proceeds of $ i 60,000.

During the year ended May 31, 2022, the Company issued i 149,999 shares for services with a fair value of $ i 37,075.

Common stock issued during the year ended May 31, 2021

On July 30, 2020, the Company issued i 988,000 units of its common stock for gross proceeds of $247,000, of which $ i 80,000 were received during the year ended May 31, 2020. Each unit consisted of one common share of the Company and one warrant allowing its holder to acquire an additional common share at $ i 0.35 until January 30, 2021, and at $ i 0.50 per share from January 30, 2021 to July 30, 2022.

On August 13, 2020, the Company issued i 1,250,000 shares of its common stock to Ms. Arnett, the Company’s 10% shareholder, on the exercise of i 1,250,000 options at $ i 0.05 per option. Ms. Arnett chose to apply $ i 62,500 the Company owed to her against the exercise price of the shares. Ms. Arnett transferred the remaining $24,712 the Company owed to her as at August 13, 2020, to Mr. Hargreaves, the Company’s director and VP; Technology and Operations, in a private transaction.

On August 13, 2020, the Company issued i 1,234,855 shares of its common stock to Mr. Hargreaves, the Company’s VP; Technology and Operations, on the exercise of i 1,234,855 shares at $ i 0.05 per option. Mr. Hargreaves chose to apply $ i 61,743 the Company owed to him against the exercise price of the shares.

On May 3, 2021, the Company and its debt holders entered into letter agreements to convert a total of $ i 481,327 the Company owed to them under 6% notes payable and $ i 48,250 the Company owed under non-interest-bearing advances payable into i 2,484,500 shares of the Company’s common stock at a deemed price of $0.20 per common share. At the time of conversion, the Company’s common shares were valued at $0.275, therefore the Company recorded $ i 153,661 as loss on conversion of debt. The shares were issued on May 25, 2021.

On May 25, 2021, the Company issued i 200,000 shares of its common stock as part of a non-brokered private placement for total proceeds of $ i 40,000.

F-11

Options

The changes in the number of stock options outstanding during the years ended May 31, 2022 and 2021 are as follows:

	Year ended May 31, 2022			Year ended May 31, 2021
	Number of options	Weighted average exercise price		Number of options	Weighted average exercise price
Options outstanding, beginning	i 2,550,000	$	i 0.35	i 7,050,000	$	i 0.24
Options exercised	-	$	n/a	( i 2,484,855)	$	i 0.05
Options cancelled	( i 500,000)	$	i 0.35	( i 2,015,145)	$	i 0.35
Options outstanding, ending	i 2,050,000	$	i 0.35	i 2,550,000	$	i 0.35

Details of options outstanding and exercisable as at May 31, 2022, are as follows:

Number of options outstanding

and exercisable

Exercise

price

Grant date

Expiry date

2,050,000

$0.35

August 24, 2017

August 23, 2022

i 2,050,000

$ i 0.35

At May 31, 2022, the weighted average remaining contractual life of the stock options outstanding was 0.23 years.

Warrants

The changes in the number of warrants outstanding during the years ended May 31, 2022, and 2021, are as follows:

	Year ended May 31, 2022			Year ended May 31, 2021
	Number of warrants	Weighted average exercise price		Number of warrants	Weighted average exercise price
Warrants outstanding, beginning	i 16,132,605	$	1.02	i 18,864,605	$	0.94
Warrants issued	i -	$	n/a	i 988,000	$	0.50
Warrants exercised	( i 300,000)	$	0.20	i -	$	n/a
Warrants expired	( i 12,844,605)	$	1.12	( i 3,720,000)	$	1.10
Warrants outstanding, ending	i 2,988,000	$	0.67	i 16,132,605	$	1.02

Details of warrants outstanding as at May 31, 2022, are as follows:

Number of warrants exercisable	Grant date		Exercise price
i 1,000,000	January 29, 2020	$0.50 expiring on March 12, 2023
i 1,000,000	January 29, 2020	$1.00 expiring on March 12, 2023
i 988,000	July 30, 2020	$0.50 expiring on July 30, 2022
i 2,988,000

At May 31, 2022, the weighted average life and exercise price of the warrants was 0.58 years and $0.67, respectively.

F-12

NOTE 10 - INCOME TAXES

The reported income taxes differ from the amounts obtained by applying statutory rates to the loss before income taxes as follows:

	May 31, 2022		May 31, 2021
Net loss	$	( i 697,379)	$	( i 910,836)
Statutory tax rate		i 21%		i 21%
Expected income tax recovery		( i 146,450)		( i 191,276)
Effect of foreign exchange		( i 28,000)		i 1,000
Difference in statutory tax rate		( i 15,550)		( i 21,724)
Permanent difference and other		i 90,000		( i 192,000)
Change in unrecognized deductible temporary differences		i 100,000		i 404,000
Total income tax expense (recovery)	$	-	$	-

The Company’s tax-effected future income tax assets and liabilities are estimated as follows:

	May 31, 2022		May 31, 2021
Deferred income tax assets (liabilities)
Net operating losses - US	$	i 1,321,000	$	i 1,250,000
Net-capital losses - Canada		i 456,000		i 359,000
Equipment		i 5,000		i 73,000
Less: Unrecognized deferred tax assets		( i 1,782,000)		( i 1,682,000)
Net deferred income tax assets	$	i -	$	i -

At May 31, 2022 and 2021, the Company has recorded a valuation allowance for the aggregate of its tax assets as management believes it is more likely than not that the deferred tax asset will not be realized.

As at May 31, 2022, the Company had net operating loss carry forwards in the United States of approximately $ i 6,291,000 (2021 - $ i 5,953,000) to reduce future federal and state taxable income. These losses may be carried forward indefinitely.

As at May 31, 2022, the Company also had non-capital loss carry forwards of approximately $ i 1,689,000 (2021 - $ i 1,328,000) to reduce future Canadian taxable income. These losses expire in 2039 and 2042.

The Company is not currently subject to any income tax examinations by any tax authority. Should a tax examination be opened, management does not anticipate any tax adjustments, if accepted, that would result in a material change to its financial position.

NOTE 11 - SUBSEQUENT EVENTS

On October 11, 2022, the Company and Mr. Jeffs agreed to consolidate the loans Mr. Jeffs advanced to the Company between August 28, 2019 and October 11, 2022, totaling approximately USD$ i 539,325. In addition, the Company agreed to secure the amounts outstanding under the amended loans by granting to Mr. Jeffs a security interest over the Company’s eBalance® Technology and any and all products developed by the Company and its Subsidiary, that are based on the eBalance® Technology, as well as all eBalance® trademarks and certifications which the Company and its Subsidiary have been granted. The amounts and accrued interest on the loans continue to be due on demand and accumulate annual interest at 6% compounded monthly.

Subsequent to May 31, 2022, the Company entered into several loan agreements with Mr. Jeffs for a total of $ i 169,987 (of which, $99,000 were included in $539,325 consolidation). The loans bear interest at i 6% per annum compounded monthly, are payable on demand, and are secured by the Company’s eBalance® Technology and any and all products that are based on the eBalance® Technology, as well as all eBalance® trademarks and certifications which the Company and its Subsidiary have been granted.

On January 24, 2023, the Company entered into two separate loan agreements for a total of $ i 60,000. The loans bear interest at i 10% per annum compounded monthly, are unsecured, and payable on April 24, 2023.

F-13

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

Not applicable

ITEM 9A. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

In connection with the preparation of this Annual Report on Form 10-K, an evaluation was carried out by our management, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”)) as of May 31, 2022. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management, including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding required disclosures.

Based on that evaluation, our management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission’s rules and forms due to lack of segregation of duties.

Management’s Report on Internal Controls over Financial Reporting

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms. Management is responsible for establishing and maintaining adequate internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002 (SOX). Our internal control over financial reporting is a process designed under the supervision of our Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that:

·pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

·provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and our Board of Directors; and

·provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of May 31, 2022, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). As a result of this assessment, it was found that the internal controls cannot be relied upon due to lack of segregation of duties.

Our independent auditors have not issued an attestation report on management’s assessment of our internal control over financial reporting. As a result, this Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required to have, nor have we, engaged our independent registered public accounting firm to perform an audit of internal control over financial reporting pursuant to the rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report.

Changes in Internal Controls

As of the end of the period covered by this report, there have been no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that materially affected, or are reasonably likely to materially affect, our results of operations.

ITEM 9B. OTHER INFORMATION

BCSC Cease Trade Order

On October 11, 2022, the British Columbia Securities Commission (the “BCSC”) issued a cease trade order in respect of the securities of the Company for failing to timely file its Annual Information Form (AIF), annual audited financial statements for the fiscal year ended May 31, 2022, and the related management’s discussion and analysis (collectively, the “Canadian Filings”). The Company’s inability to file the required Canadian Filings is due to the Company having insufficient funds to complete the audit of its annual financial statements. The Company had filed its Canadian Filings on April 7, 2023, and hopes to file its required quarterly filings under applicable United States securities laws, as soon as it is possible. However, at this time, the Company is unable to provide any further guidance on its ability to make the required quarterly filings.

Delisting from OTCQB Market Tier

Our securities currently trade on the “Expert Market” tier operated by OTC Markets. Quotes on the Expert Market are “Unsolicited Only” and are restricted from public viewing. The Company is currently in default of Section 2.2 of the OTCQB Standards relating to the Company’s ongoing disclosure obligations due to the late filing of its annual report for the year ended May 31, 2022, and for non-filing of the quarterly reports for the interim periods ended August 31, 2022, November 30, 2022 and February 28, 2023. The Company is currently working to complete and file the required reports.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

Directors and Executive Officers

Each of our directors holds office until the earlier of (i) our next annual meeting of our stockholders, (ii) that director’s successor has been elected and qualified, or (iii) that director resigns. Each of our executive officers are appointed by our Board of Directors and holds office until he resigns or is removed by the Board.

Our management team is listed below:

Name	Age	Positions
Dwayne Yaretz	62	Chief Executive Officer, Director
Yanika Silina	44	Chief Financial Officer, Treasurer, Corporate Secretary and Director
Joao (John) da Costa	58	Chief Operating Officer, Director
Bradley Hargreaves	63	Vice President, Technology and Operations and Director
Frank McEnulty	65	Director
George Adams	71	Director

Set forth below is a brief description of the background and business experience of each of our executive officers and directors:

Mr. Yaretz joined the board of directors of Cell MedX on April 25, 2022, on the same date Mr. Yaretz was appointed CEO of the Company. Mr. Yaretz has more than 30 years’ experience working with private and public companies on development and execution of successful business models that focus and deliver on shareholder value. Mr. Yaretz’ experience spans many industries including the development of industrial and medical imaging devices. He has aided in the re-structure of numerous companies by identifying and recruiting key personnel, enhancing the management team, capitalization, and maximizing business and sales opportunities. Since 2013 Mr. Yaretz has been a director of Leaf Cross Biomedical Inc., a private company dedicated to serve betterment of humanity using natural plant resources, and a director of Cantronic Systems Inc.

Ms. Silina has served as the Company’s Chief Financial Officer and Corporate Secretary since November 24, 2014, and as director since September 26, 2016. Ms. Silina is a Chartered Professional Accountant and holds a Diploma in Management Studies from Thompson Rivers University. Ms. Silina is currently CFO of Stuhini Exploration Ltd. (TSX.V: STU), CFO of Tocvan Ventures Corp (CSE: TOC), and a director of Kesselrun Resources Ltd. (TSX.V: KES). Ms. Silina has previously held various management positions with other public companies listed on OTC Link alternative trading system and Canadian Securities Exchange.

Mr. da Costa has served as the Company’s Chief Operating Officer and director since June 8, 2020. Mr. da Costa has more than twenty-five years of experience providing bookkeeping and accounting services to both private and public companies and is the founder and President of Da Costa Management Corp. (DCM), a company that has provided management and accounting services to public and private companies since August 2003. Since 2002, Mr. da Costa has been the CFO, and a member of the Board of Directors of Triton Emission Solutions Inc., a company formerly reporting under the United States Securities Exchange Act of 1934 (the "Exchange Act"). In addition to Triton Emission Solutions Inc., Mr. da Costa currently serves as the CFO, Treasurer and a director of Red Metal Resources Ltd., Canadian reporting company listed on the CSE and engaged in the business of acquiring and exploring mineral claims. Mr. da Costa also currently serves as the CFO and a director of Kesselrun Resources Ltd., a Canadian reporting company listed on the TSX Venture Exchange.

Mr. Hargreaves holds two operations journeyman tickets and four-year operations certification from Shell Canada. During the past ten years Mr. Hargreaves has been researching the eBalance® Technology and has designed and improved treatment protocols for the treatment of disabilities and related ailments. Mr. Hargreaves provides his expertise and technical support to our research and development team and oversees the continuous development of the project from an engineering perspective. Mr. Hargreaves has been the director of operations and principal of XC Velle Institute Inc., a privately held technology and spa company, since 2009. From approximately 2002 to 2009, Mr. Hargreaves worked operations for a privately held spa company that at one point employed up to 15 employees.

Mr. McEnulty has served as a director of our Company since March 6, 2014, and as our Chief Executive Officer and President from March 6, 2014 until December 1, 2017. Mr. McEnulty was reappointed our CEO on September 12, 2018, in which position he served until April 25, 2022. Mr. McEnulty is an experienced executive with an extensive background in finance and accounting. In addition to his entrepreneurial activities, Mr. McEnulty teaches Finance and Management at California State University, Long Beach. Since 1996, Mr. McEnulty has been the President and CEO of Meghan Matthews, Inc., a private investment company. Since 2004, Mr. McEnulty has also been a member of the board and compensation committee for Ojai Oil Company. Ojai Oil Company currently trades on the OTC Pink marketplace. Since September 2014 until January 2015 Mr. McEnulty has been the director of Madison Technologies, Inc. From 1989 through 1995, Mr. McEnulty was the Chief Operating Officer and Vice President of Finance for Tri-Five Property Management, a foreign owned real estate investment company. Mr. McEnulty received a Masters of Business Administration from the University of Southern California and a Bachelor of Science from California State University, Long Beach.

Dr. Adams has served as a director of our Company since March 23, 2018. Dr. Adams brings with him a wealth of expertise in successfully developing and bringing medical devices to global markets. Dr. Adams is currently a Director and Chief Executive Officer of VentriPoint Diagnostics Ltd. (TSXV:VPT). Dr. Adams is a scientist and a serial entrepreneur with extensive public market experience. His previous positions include CEO of Amorfix Life Sciences (TSX:AMF), Chairman of Sernova Corp (TSXV:SVA) and President and CEO of the UT Innovations Foundation. Prior to this, Dr. Adams held research and executive positions with Boston Scientific Inc., Pfizer Inc., Corvita Canada Inc., University of Ottawa, and Canadian Red Cross. Dr. Adams has been instrumental in founding over 32 companies who have raised $120 million and has been a Director of 10 venture capital funds, 10 start-up companies and two Centres of Excellence. Dr. Adams was awarded a World Economic Foundation Technology Pioneer for 2007 and TBI Company of the year in 2009. Dr. Adams has 124 scientific publications and is a reviewer for major scientific journals,

federal granting agencies and Centres of Excellence. Dr. Adams obtained his BASc and MASc from the University of Waterloo and his PhD in Blood and Cardiovascular Disease, from McMaster University.

Significant Employees

We have no significant employees other than our officers and directors.

Family Relationships

There are no family relationships between our executive officers or directors.

Involvement in Certain Legal Proceedings

During the past ten years, none of Cell MedX’s directors or officers has been:

·a person against whom a bankruptcy petition was filed;

·a general partner or executive officer of any partnership, corporation, or business association against which any bankruptcy petition was filed, either at the time of the bankruptcy or two years prior to that time;

·convicted in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

·the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or commodities trading or banking activities;

·the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of (1) any court of competent jurisdiction, permanently or temporarily enjoining him or otherwise limiting him from acting, or (2) any Federal or State authority barring, suspending or otherwise limiting for more than 60 days his right to act, as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity, or to be associated with persons engaged in any such activity;

·found by a court of competent jurisdiction in a civil action or by the SEC to have violated any Federal or State securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated;

·found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

·the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended, or vacated, relating to an alleged violation of:

·any Federal or State securities or commodities law or regulation, or

·any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or

·any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

·the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Compliance with Section 16(a) of the Exchange Act.

Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who beneficially own more than 10% of our equity securities (collectively, the “Reporting Persons”), to file reports of ownership and changes in ownership with the SEC. Under the SEC regulations, Reporting Persons are required to provide us with copies of all forms that they file pursuant to Section 16(a). Based on our review of the copies of such forms received

by us, the following persons have, during the fiscal year ended May 31, 2022, failed to file, on a timely basis, the reports required by Section 16(a) of the Exchange Act:

Name and Principal Position

Number of

Late

Reports

Transactions

Not

Timely

Reported

Known

Failures to

File a

Required Form

Dwayne Yaretz, CEO

1(1)

nil

Bradley Hargreaves, VP Technology and Operations and Director

3(2)

nil

(1)Mr. Yaretz was late filing a report on Form 3, initial statement of beneficial ownership of securities, upon his appointment as the CEO and director of the Company on April 25, 2022.

(2)Mr. Hargreaves was late filing reports on Form 4 reflecting open market transactions that took place on June 1, 2021, November 24, 2021, and on February 7, 2022.

Nomination Procedure for Directors

We do not have a standing nominating committee. Recommendations for candidates to stand for election as directors are made by our Board of Directors. In carrying out their responsibilities, the Board of Directors will consider candidates suggested by stockholders. If a stockholder wishes to formally place a candidate’s name in nomination, however, he or she must do so in accordance with the provisions of the Company’s Bylaws. Suggestions for candidates to be evaluated by the proposed directors must be sent to the Board of Directors, Cell MedX Corp., 123 W. Nye Ln, Suite 446, Carson City, NV 89706.

Identification of Audit Committee

We do not have a separately-designated standing audit committee. Rather, our entire Board of Directors performs the required functions of an audit committee.

Our audit committee is responsible for: (1) selection and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls and auditing matters; (3) establishing procedures for the confidential, anonymous submission by our employees of concerns regarding accounting and auditing matters; (4) engaging outside advisors; and, (5) funding for the outside auditory and any outside advisors engagement by the audit committee.

As of May 31, 2022, we did not have a written audit committee charter or similar document and have not adopted any specific policies or procedures for the engagement of non-audit services.

Audit Committee Financial Expert

Frank McEnulty, a member of our Board of Directors and former CEO, and John da Costa, our COO and a member of our Board of Directors qualify as “audit committee financial experts”, as defined by Item 407(d)(5) of Regulation S-K promulgated under the Securities Act of 1933 and the Securities Exchange Act of 1934. Notwithstanding the fact that Mr. McEnulty and Mr. da Costa are not independent directors, we believe that their experience in analyzing and evaluating financial statements, as well as their prior experience being on the board of directors of other public companies will provide us with the guidance we need until we are able to expand our board to include independent directors who have the knowledge and experience to serve on an audit committee.

Code of Ethics

We have adopted a Code of Ethics that applies to all our executive officers and employees, including our CEO and CFO. Our Code of Ethics is attached as an exhibit to this Annual Report on Form 10-K. We believe that our Code of Ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the Code.

ITEM 11. EXECUTIVE COMPENSATION.

The following table summarizes all compensation received by our Executive Officers for the past two fiscal years:

SUMMARY COMPENSATION TABLE

Name and principal position	Year	Salary	Bonus	Stock Awards	Option Awards	Non- Equity Incentive Plan Compensa tion	Non- qualified Deferred Compen sation Earnings	All other compensation	Total
		($)	($)	($)	($)	($)	($)	($)	($)
Dwayne Yaretz CEO	2022	10,000(1)	Nil	Nil	Nil	Nil	Nil	Nil	10,000
Dwayne Yaretz CEO	2021	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a

Frank McEnulty Former CEO and President	2022	11,000(2)	Nil	Nil	Nil	Nil	Nil	Nil	11,000
Frank McEnulty Former CEO and President	2021	12,000(2)	Nil	Nil	Nil	Nil	Nil	Nil	12,000

Yanika Silina CFO	2022	30,000(3)	Nil	Nil	Nil	Nil	Nil	Nil	30,000
Yanika Silina CFO	2021	28,500(3)	Nil	Nil	Nil	Nil	Nil	Nil	28,500

Joao (John) da Costa COO	2022	Nil	Nil	Nil	Nil	Nil	Nil	93,911(4)	93,911
Joao (John) da Costa COO	2021	Nil	Nil	Nil	Nil	Nil	Nil	157,920(4)	157,920

Bradley Hargreaves Vice President, Technology and Operations	2022	47,738(5)	Nil	Nil	Nil	Nil	Nil	Nil	47,738
	2021	46,025(5)	Nil	Nil	Nil	Nil	Nil	Nil	46,025

(1)Mr. Yaretz was appointed to our board of directors and joined our management team as our Chief Executive Officer on April 25, 2022. We do not have a written compensation agreement with Mr. Yaretz. Mr. Yaretz is being compensated for management services based on a verbal agreement between us and Mr. Yaretz who invoices us for his services on a monthly basis at $10,000 per month. As of January 15, 2023, Mr. Yaretz agreed to stop billing us for the services to help us to preserve our cash and facilitate our operating activities.

(2)We did not have a written compensation agreement with Mr. McEnulty, who resigned as our CEO on April 25, 2022. Mr. McEnulty was compensated for management services based on a verbal agreement between us and Mr. McEnulty who invoiced us for his services on a quarterly basis at a rate of $1,000 per month.

(3)We do not have a written compensation agreement with Ms. Silina. Ms. Silina is being compensated for management and accounting services based on a verbal agreement between us and Ms. Silina at a rate of $2,500 per month.

(4)We do not have a written compensation agreement with Mr. da Costa. Mr. da Costa provides his services through Da Costa Management Corp. a company he founded in 2003, of which he is the sole director of. Da Costa Management bills us at a rate of $3,500 per month for consulting services provided to Cell MedX Corp. and CAD$12,500 per month for consulting services provided to Cell MedX (Canada) Corp. As of January 1, 2022, Da Costa Management agreed to temporarily stop billing us for the services to help us to preserve our cash and facilitate our operating activities.

(5)We do not have a written compensation agreement with Mr. Hargreaves. Mr. Hargreaves is being compensated for his services based on a verbal agreement between us and Mr. Hargreaves who invoices us for his services on a monthly basis at a rate of CAD$5,000 per month. As of January 15, 2023, Mr. Hargreaves agreed to stop billing us for the services to help us to preserve our cash and facilitate our operating activities.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END

The following table provides information concerning stock awards for each of our named executive officer, as that term is defined in Item 402(m)(2) of Regulation S-K as of our fiscal year end of May 31, 2022.

OPTION AWARDS
Name and Position	No. of Securities Underlying Unexercised Options (#) Exercisable	No. of Securities Underlying Unexercised Options (#) Unexercisable	Option Exercise Price	Option Vesting Date	Option Expiration Date (2)
Yanika Silina	300,000	-	$0.35	Aug. 24, 2017	Aug. 23, 2022
Chief Financial Officer

Joao (John) da Costa	1,500,000(1)	-	$0.35	Aug. 24, 2017	Aug. 23, 2022
Chief Operating Officer

(1)The options were granted to Da Cost Management Corp.

(2)As of the date of this Annual Report on Form 10-K, these options expired unexercised.

Executive Officer Employment / Consulting Agreements

We do not have employment, consulting, or other compensating plans or arrangements, between us and any one of our named executive officers. There are also no arrangements which provide for specific compensation in the event of resignation, retirement, other form of termination, or from a change of control of Cell MedX, or from a change in a named executive officer’s responsibilities following a change in control.

DIRECTOR COMPENSATION

The following table sets forth the compensation paid to our directors during our May 31, 2022, fiscal year, other than directors who were also named executive officers as that term is defined in Item 402(m)(2). Compensation paid to directors who were also named executive officers during our May 31, 2022, fiscal year is set out in the tables above.

Name and

principal position

Year

Salary

Bonus

Stock

Awards

Option

Awards

Non-Equity

Incentive

Plan

Compensation

Non-qualified

Deferred

Compensation

Earnings

All other

compensation

Total

($)

Dr. George Adams

2022

Nil

As of the date of this Annual Report on Form 10-K we do not have any compensation arrangements with Dr. George Adams for acting as a member of our Board of Directors. We anticipate, however, the compensation, once finalized, will commensurate with that received by other directors, including participation in grants of stock options.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL HOLDERS AND MANAGEMENT.

The following tables set forth certain information concerning the number of shares of our common stock owned beneficially as of April 7, 2023, by: (i) each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, (ii) each of our directors and each of our named executive officers (as defined under Item 402(m)(2) of Regulation S-K), and (iii) officers and directors as a group. Unless otherwise indicated, the shareholders listed possess sole voting and investment power with respect to the shares shown.

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of

any person, the amount of shares outstanding is deemed to include the number of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the following tables does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding. As of April 7, 2023, there were 62,948,063 shares of our common stock issued and outstanding.

Security Ownership of Certain Beneficial Owners (greater than 5%)

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Owner	Percent of Class
Common Stock	Richard Norman Jeffs 11750 Fairtide Road, Ladysmith, BC V9G 1K5	11,252,028	17.88%
Common Stock	Jean Arnett 904-1616 Bayshore Drive Vancouver, BC V6G 3L1	6,250,000	9.93%
Common Stock	Brad Hargreaves 904-1616 Bayshore Drive Vancouver, BC V6G 3L1	5,471,647	8.70%

Security Ownership of Management

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Owner	Percent of Class
Common Stock	Dwayne Yaretz Chief Executive Officer and Director 939 Homer Street, Suite 3302 Vancouver, BC V6B 2W6	Nil	Nil
Common Stock	Frank McEnulty Former Chief Executive Officer and Director 123 W. Nye Ln, Suite 446 Carson City, NV 89706	521,016(1)	0.83%
Common Stock	Yanika Silina Chief Financial Officer, Treasurer, Secretary and Director 820 - 1130 West Pender Street, Vancouver, BC V6E 4A4	50,000	0.08%
Common Stock	Brad Hargreaves Vice President, Technology and Operations and Director 904-1616 Bayshore Drive Vancouver, BC V6G 3L1	5,471,647	8.70%
Common Stock	Joao (John) da Costa 820 - 1130 West Pender Street Vancouver, BC V6E 4A4	1,530,000	2.43%
Common Stock	George Adams Director 7535 Conservation Rd Guelph, ON N1H 6J1	Nil	Nil
Common Stock	Directors and Executive Officers (as a group)	7,572,663	12.03%

(1)Of 521,016 shares listed as being held by Mr. McEnulty, 40,000 shares are issued in the name of the McEnulty Family Revocable Living Trust managed by Mr. McEnulty.

Equity Compensation Plans

The following table sets forth certain information concerning all equity compensation plans previously approved by stockholders and all previous equity compensation plans not previously approved by stockholders, as of May 31, 2022, our most recent fiscal year end:

Equity Compensation Plan Information

Plan Category

Number of Securities

to be Issued Upon

Exercise of

Outstanding Options,

Warrants and Rights

(a)

Weighted-Average

Exercise Price

of Outstanding

Options, Warrants

and Rights

(b)

Number of Securities

Remaining Available

for Future Issuance

Under Equity

Compensation Plans

(Excluding Securities

Reflected in Column (a))

(c)

Equity Compensation Plans

Approved By Security Holders

None

Not Applicable

None

Equity Compensation Plans

Not Approved By Security Holders(1)

2,050,000

$0.35

None

(1)At May 31, 2022 we had the following individual compensation arrangements under which we issued options to purchase shares of our common stock:

·On August 24, 2017, we granted to Ms. Silina non-transferrable options to purchase up to 300,000 shares of our common stock at an exercise price of $0.35 per share. The options vested immediately and expired unexercised on August 23, 2022.

·On August 24, 2017, we granted to Da Costa Management Corp., an entity owned and operated by Mr. da Costa, non-transferrable options to purchase up to 1,500,000 shares of our common stock at an exercise price of $0.35 per share. The options vested immediately and expired unexercised on August 23, 2022.

·On August 24, 2017, we granted to our consultant non-transferrable options to purchase up to 250,000 shares of our common stock at an exercise price of $0.35 per share. The options vested immediately and expired unexercised on August 23, 2022.

Changes in Control

We are not aware of any arrangements that might result in a change in control of our Company subsequent to the date of this Annual Report on Form 10-K.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Director Independence

Our common stock is quoted on the OTC Link alternative trading system on the OTCQB marketplace, which does not have director independence requirements. In determining whether any of our directors are independent, we have applied the definition of “independent director” in Section 803 of the NYSE MKT Company Guide. We have determined that, under that definition, as of the date of this Annual Report on Form 10-K, Dr. George Adams is an independent director.

Transactions with Related Persons

Since June 1, 2020, the directors, executive officers, or holders of more than 5% of our common stock, or members of their immediate families, as described below, have completed transactions with us in which they had direct or indirect material interests that exceeded the lesser of $120,000 or 1% of the average of our total assets at year end for the last two completed fiscal years.

Frank McEnulty

As at May 31, 2022, we were indebted to Mr. McEnulty, our CEO, and a member of our Board of Directors, in the amount of $126,200 on account of unpaid management fees. During the year ended May 31, 2022, we incurred $11,000 in management fees to Mr. McEnulty (May 31, 2021 - $12,000). Mr. McEnulty resigned form his position as CEO of the Company on April 25, 2022, however, he continues to server on the board of directors of the Company.

Yanika Silina

As at May 31, 2022, we were indebted to Ms. Silina, our CFO, Treasurer, Corporate Secretary, and a member of our Board of Directors, in the amount of $5,643 on account of unpaid management and accounting fees and reimbursable expenses. During the year ended May 31, 2022, we incurred $30,000 in management fees to Ms. Silina (May 31, 2021 - $28,500).

John da Costa

As at May 31, 2022, we were indebted to Da Costa Management Corp., a company founded and operated by Mr. da Costa, our COO and a member of our Board of Directors, in the amount of $778,586 on account of unpaid consulting and accounting fees and reimbursable expenses. During the year ended May 31, 2022, we incurred $93,911 in consulting and accounting fees to Da Costa Management Corp (May 31, 2021 - $157,920).

Bradley Hargreaves

As at May 31, 2022, Mr. Hargreaves, our Vice President of Technology and Operations and a member of our Board of Directors, was indebted to us in the amount of $2,418 on account of advances for reimbursable expenses. During the year ended May 31, 2022, we borrowed from Mr. Hargreaves $5,875 (CA$7,500) in exchange for demand promissory note that accumulates interest at 6% per annum compounded monthly. As at May 31, 2022, we owed Mr. Hargreaves a total of $6,110 under the promissory note payable. During the year ended May 31, 2022, we incurred $47,738 in consulting fees to Mr. Hargreaves (May 31, 2021 - $46,025).

Richard Jeffs

During the year ended May 31, 2022, Mr. Jeffs, our major securityholder, advanced us a total of $288,096 under 6% notes payable due on demand (May 31, 2021 - $90,413). As at May 31, 2022, we were indebted to Mr. Jeffs in the amount of $442,423 under the notes payable due on demand and accruing interest at 6% per annum compounded monthly (May 31, 2021 - $140,860). During the year ended May 31, 2022, we accrued $15,720 in interest on the notes payable (May 31, 2021 - $3,677).

On October 11, 2022, the Company and Mr. Jeffs agreed to consolidate the loans Mr. Jeffs advanced to the Company between August 28, 2019 and October 11, 2022, totaling approximately USD$539,325. In addition, the Company agreed to secure the amounts outstanding under the amended loans by granting to Mr. Jeffs a security interest over the Company’s eBalance® Technology and any and all products developed by the Company and its Subsidiary that are based on the eBalance® Technology, as well as all eBalance® trademarks and certifications which the Company and its Subsidiary have been granted. The amounts and accrued interest on the loans continue to be due on demand and accumulate annual interest at 6% compounded monthly.

Subsequent to May 31, 2022, the Company entered into several loan agreements with Mr. Jeffs for a total of $169,987 (of which, $99,000 were included in $539,325 consolidation). The loans bear interest at 6% per annum compounded monthly, are payable on demand, and are secured by the Company’s eBalance® Technology and any and all products that are based on the eBalance® Technology, as well as all eBalance® trademarks and certifications which the Company and its Subsidiary have been granted.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for Cell MedX’s audit of annual financial statements and for review of financial statements included in

Cell MedX’s Form 10-Q’s or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were:

2022 - $34,500 - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

2021 - $39,000 - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountants that are reasonably related to the performance of the audit or review of Cell MedX’s financial statements and are not reported in the preceding paragraph:

2022 - $Nil - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

2021 - $2,500 - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were:

2022 - $4,090 - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

2021 - $2,673 - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

All Other Fees

The aggregate fees billed in each of the last two fiscal years for the products and services provided by the principal accountant, other than the services reported in paragraphs (1), (2), and (3) were:

2022 - $Nil - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

2021 - $Nil - Dale Matheson Carr-Hilton Labonte, L.L. P. Chartered Accountants

Approval Policies and Procedures

We do not have a separately standing audit committee. As such, our entire board of directors acts as our audit committee. Our Board of Directors annually reviews the qualifications of our principal accountant and approves their engagement as our principal accountant prior to their engagement. All of the non-audit services provided by our principal accountant were either pre-approved by our Board of Directors prior to engagement of the principal accountant for those services, or were approved by our Board of Directors prior to completion of their audit of our annual financial statements

Approval Policies and Procedures

ITEM 15. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES.

Financial Statements

The financial statements of Cell MedX Corp. have been included in Item 8 above.

Financial Statement Schedules

All schedules for which provision is made in Regulation S-X are either not required to be included herein under the related instructions or are inapplicable or the related information is included in the footnotes to the applicable financial statement and, therefore, have been omitted from this Item 15.

Exhibits

All Exhibits required to be filed with the Form 10-K are included in this Annual Report or incorporated by reference to Cell MedX Corp.’s previous filings with the SEC, which can be found in their entirety at the SEC website at www.sec.gov under SEC File Number 000-54500.

Exhibit
Number		Description of Document
3.1		Articles of Incorporation (2)
3.2		Articles of Merger - Sports Asylum, Inc. and Plandel Resources, Inc.(3)
3.3		Articles of Merger - Cell MedX Corp. and Sports Asylum, Inc.(3)
3.4		Bylaws (1)
4.1		Specimen Stock Certificate (1)
10.1		Technology Purchase Agreement dated October 16, 2014 among Cell MedX Corp., Jean Arnett, and Brad Hargreaves.(4)
10.2		First Amendment Agreement dated October 28, 2014 to that Technology Purchase Agreement dated October 16, 2014 among Cell MedX Corp., Jean Arnett, and Brad Hargreaves.(5)
10.3		Second Amendment Agreement dated November 13, 2014 to that Technology Purchase Agreement dated October 16, 2014 among Cell MedX Corp., Jean Arnett, and Brad Hargreaves.(6)
10.4		Stock Option Agreement dated August 5, 2015 among Cell MedX Corp. and Frank E. McEnulty.(7)
10.5		Stock Option Agreement dated August 24, 2017 among Cell MedX Corp. and Yanika Silina(8)
10.6		Stock Option Agreement dated August 24, 2017 among Cell MedX Corp. and Da Costa Management Corp.(8)
10.7		Stock Option Agreement dated August 24, 2017 among Cell MedX Corp. and John Giovanni Di Cicco.(8)
10.8		Intellectual Property Royalty Agreement between Cell MedX Corp. and Brek Technologies Inc., dated for reference September 6, 2018.(9)
10.9		Royalty Agreement between Cell MedX Corp. and Mr. Richard Norman Jeffs, dated for reference September 6, 2018.(9)
10.10		Credit Line Agreement dated December 27, 2018, between Richard Norman Jeffs and Cell MedX Corp.(10)
10.11		Distribution Agreement between Cell MedX Corp. and Live Current Media, Inc., dated for reference March 21, 2019. (11)
10.12		Loan Agreement and Note Payable dated September 4, 2019, among Cell MedX Corp. and Longview Investment Limited (12)
10.13		Loan Agreement and Note Payable dated September 6, 2019, among Cell MedX Corp. and Rain Communications Corp. (12)
10.14		Loan Agreement and Note Payable dated September 16, 2019, among Cell MedX Corp. and Longview Investment Limited(12)
10.15		Loan Agreement and Note Payable dated September 19, 2019, among Cell MedX Corp. and Rain Communications Corp. (12)
10.16		Loan Agreement and Note Payable dated September 20, 2019, among Cell MedX Corp. and Longview Investment Limited(12)
10.17		Loan Agreement and Note Payable dated October 30, 2019, among Cell MedX Corp. and Longview Investment Limited (12)

Exhibit
Number		Description of Document
10.18		Loan Agreement and Note Payable dated October 30, 2019, among Cell MedX Corp. and Rain Communications Corp. (12)
10.19		Loan Agreement and Note Payable dated December 3, 2019, among Cell MedX Corp. and Longview Investment Limited (13)
10.20		Loan Agreement and Note Payable dated January 6, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.21		Loan Agreement and Note Payable dated January 9, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.22		Loan Agreement and Note Payable dated January 31, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.23		Buyback agreement between Live Current Media Inc. and Cell MedX Corp., dated January 29, 2020.(14)
10.24		Loan Agreement and Note Payable dated February 17, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.25		Loan Agreement and Note Payable dated March 4, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.26		Loan Agreement and Note Payable dated March 25, 2020, among Cell MedX Corp. and Longview Investment Limited(13)
10.27		Loan Agreement and Note Payable dated April 13, 2020, among Cell MedX Corp. and Longview Investment Limited(15)
10.28		Loan Agreement dated July 3, 2020, among Cell MedX Corp. and David Jeffs.(15)
10.29		Loan Agreement and Note Payable dated August 31, 2020, among Cell MedX Corp. and Tradex Capital Corp.(15)
10.30		Loan Agreement and Note Payable dated September 2, 2020, among Cell MedX Corp. and Rain Communications Corp.(16)
10.31		Loan Agreement and Note Payable dated October 26, 2020, among Cell MedX Corp. and Rain Communications Corp.(16)
10.32		Loan Agreement and Note Payable dated December 14, 2020, among Cell MedX (Canada) Corp. and Richard Jeffs. (17)
10.33		Loan Agreement and Note Payable dated December 23, 2020, among Cell MedX (Canada) Corp. and Richard Jeffs. (17)
10.34		Loan Agreement and Note Payable dated January 21, 2021, among Cell MedX Corp. and Rain Communications Corp. (17)
10.35		Loan Agreement and Note Payable dated February 16, 2021, among Cell MedX Corp. and Rain Communications Corp. (17)
10.36		Loan Agreement and Note Payable dated March 29, 2021, among Cell MedX (Canada) Corp. and Susan Jeffs.(19)
10.37		Loan Agreement and Note Payable dated April 15, 2021, among Cell MedX Corp. and Richard Jeffs. (19)
10.38		Loan Agreement and Note Payable dated May 18, 2021, among Cell MedX Corp. and Richard Jeffs. (19)
10.39		Independent Contractors Services Agreement between the Company and Mr. Issacs and Mr. Cavalli dated for reference May 24, 2021. (18)
10.40		Independent Contractors Services Agreement between the Company and Jim MacFarlane, dba Griffith Armada Capital, dated for reference May 24, 2021. (18)
10.41		Loan Agreement and Note Payable dated June 22, 2021, among Cell MedX (Canada) Corp. and Richard Jeffs. (19)
10.42		Loan Agreement and Note Payable dated October 7, 2021, among Cell MedX (Canada) Corp. and Richard Jeffs.(20)

Exhibit
Number		Description of Document
10.43		Loan Agreement and Note Payable dated October 26, 2021, among Cell MedX (Canada) Corp. and Richard Jeffs. (20)
10.44		Loan Agreement and Note Payable dated November 24, 2021, among Cell MedX (Canada) Corp. and Richard Jeffs. (20)
10.45		Loan Agreement and Note Payable dated November 29, 2021, among Cell MedX Corp. and Bradley Hargreaves. (20)
10.46		Loan Agreement and Note Payable dated December 30, 2021, among Cell MedX (Canada) Corp. and Richard Jeffs. (21)
10.47		Loan Agreement and Note Payable dated January 27, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs. (21)
10.48		Loan Agreement and Note Payable dated February 24, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs. (21)
10.49		Loan Agreement and Note Payable dated March 29, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs. (21)
10.50		Loan Agreement and Note Payable dated April 28, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.51		Loan Agreement and Note Payable dated May 31, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.52		Loan Agreement and Note Payable dated June 27, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.53		Loan Agreement and Note Payable dated July 28, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.54		Loan Agreement and Note Payable dated October 3, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.(22)
10.55		Loan Agreement and Note Payable dated October 11, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs. (22)
10.56		Loan Agreement and Note Payable dated October 11, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs. (22)
10.57		Loan Agreement and Note Payable dated October 11, 2022, among Cell MedX Corp. and Richard Jeffs. (22)
10.58		Loan Agreement and Note Payable dated October 11, 2022, among Cell MedX Corp. and Richard Jeffs. (22)
10.59		Loan Agreement dated September 2, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.60		Loan Agreement dated September 6, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.61		Loan Agreement dated November 3, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.62		Loan Agreement dated November 28, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.63		Loan Agreement dated December 30, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
10.64		Loan Agreement dated January 24, 2023, among Cell MedX Corp. and David Jeffs.
10.65		Loan Agreement dated January 24, 2023, among Cell MedX Corp. and Amir Vahabzadeh.
10.66		Loan Agreement dated January 30, 2022, among Cell MedX (Canada) Corp. and Richard Jeffs.
14.1		Code of Ethics(3)
21.1		List of Significant Subsidiaries
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit
Number		Description of Document
32.2		Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following materials from this Annual Report on Form 10-K for the years ended May 31, 2022 and 2021 formatted in XBRL (extensible Business Reporting Language):
		(1) Consolidated Balance Sheets at May 31, 2022 and 2021. (2) Consolidated Statements of Operations for the years ended May 31, 2022 and 2021. (3) Consolidated Statement of Stockholders’ Deficit as at May 31, 2022. (4) Consolidated Statements of Cash Flows for the years ended May 31, 2022 and 2021.

(1)Filed as an exhibit to the Company’s Registration Statement on Form S-1 filed with SEC on July 13, 2010

(2)Filed as an exhibit to the Company’s Amendment No. 1 to Registration Statement on Form S-1 filed with SEC on October 13, 2010

(3)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on October 9, 2014

(4)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on October 17, 2014

(5)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on November 3, 2014

(6)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with SEC on November 18, 2014

(7)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on August 11, 2015

(8)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on October 17, 2017

(9)Filed as an exhibit to the Company’s Annual Report on Form 10-K filed with the SEC on September 13, 2018

(10)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on December 31, 2018

(11)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on March 27, 2019

(12)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on January 14, 2020

(13)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on April 14, 2020

(14)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on January 31, 2020

(15)Filed as an exhibit to the Company’s Annual Report on Form 10-K filed with the SEC on September 15, 2020

(16)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on January 14, 2021

(17)Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on April 9, 2021

(18)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021

(19)Filed as an exhibit to the Company’s Annual Report on Form 10-K filed with the SEC on August 30, 2021

(20)Filed as an exhibit to the Company’s Annual Report on Form 10-Q filed with the SEC on January 12, 2022

(21)Filed as an exhibit to the Company’s Annual Report on Form 10-Q filed with the SEC on April 14, 2022

(22)Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on October 18, 2022

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, Cell MedX Corp. has caused this report to be signed on its behalf by the undersigned duly authorized persons.

	CELL MEDX CORP.


Date: April 7, 2023	By:	/s/ *Dwayne Yaretz*
	Name:	Dwayne Yaretz
	Title:	Chief Executive Officer and Director (Principal Executive Officer)



Date: April 7, 2023	By:	/s/ *Yanika Silina*
	Name:	Yanika Silina
	Title:	Chief Financial Officer
		(Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of Cell MedX Corp. and in the capacities and on the dates indicated have signed this report below.

Signature	Title	Date

/s/ *Dwayne Yaretz* Dwayne Yaretz	Chief Executive Officer, (Principal Executive Officer) and Member of the Board of Directors	April 7, 2023

/s/ Yanika Silina Yanika Silina	Chief Financial Officer, (Principal Financial Officer and Principal Accounting Officer) Corporate Secretary, Treasurer and Member of the Board of Directors	April 7, 2023

/s/ *Joao (John) da Costa* Joao (John) da Costa	Chief Operating Officer and Member of the Board of Directors	April 7, 2023

/s/ Bradley Hargreaves Bradley Hargreaves	Vice President, Technology and Operations and Member of the Board of Directors	April 7, 2023

/s/ Frank E. McEnulty Frank McEnulty	Member of the Board of Directors	April 7, 2023

/s/ George Adams George Adams	Member of the Board of Directors	April 7, 2023

Title of each class	Name of each exchange on which registered

None	N/A

Larger accelerated filer	☐	Accelerated filer	☐
i Non-accelerated filer	☒	Smaller reporting company	i ☒
		Emerging growth company	i ☐

Class	Outstanding at April 7, 2023
common stock - $0.001 par value	i 62,923,063

This ‘10-K’ Filing	Date	Other Filings

	4/24/23
Filed on:	4/7/23
	3/12/23
	2/28/23
	1/24/23
	1/15/23
	12/30/22
	11/30/22
	11/28/22
	11/3/22
	10/18/22	8-K
	10/11/22	8-K
	10/3/22
	9/6/22
	9/2/22
	8/31/22
	8/23/22
	7/30/22
	7/28/22
	6/27/22
For Period end:	5/31/22	NT 10-K
	4/28/22
	4/25/22	3, 8-K
	4/14/22
	3/29/22
	3/15/22
	2/28/22	10-Q
	2/24/22
	2/7/22	4
	1/30/22
	1/27/22
	1/12/22	10-Q
	1/1/22
	12/30/21
	11/30/21	10-Q
	11/29/21	4
	11/24/21	4
	10/26/21
	10/7/21
	8/31/21	10-Q
	8/30/21	10-K
	8/10/21
	8/9/21
	6/24/21
	6/22/21
	6/1/21	4
	5/31/21	10-K
	5/26/21	8-K
	5/25/21
	5/24/21	8-K
	5/18/21
	5/3/21
	4/15/21
	4/9/21	10-Q, 424B3
	3/29/21
	2/28/21	10-Q
	2/16/21	4
	1/30/21
	1/21/21
	1/14/21	10-Q
	12/23/20
	12/14/20
	11/30/20	10-Q
	10/26/20
	9/15/20	10-K
	9/2/20
	8/31/20	10-Q, NT 10-K
	8/18/20
	8/13/20	4
	7/30/20	4, 8-K
	7/17/20
	7/3/20
	6/8/20	3, 8-K
	6/2/20
	6/1/20
	5/31/20	10-K, NT 10-K
	4/14/20	10-Q
	4/13/20	4
	3/31/20
	3/25/20
	3/4/20
	2/17/20
	1/31/20	4, 8-K
	1/29/20	8-K
	1/14/20	10-Q
	1/9/20
	1/6/20
	12/3/19
	10/30/19
	9/20/19
	9/19/19
	9/16/19
	9/6/19	10-K
	9/4/19
	8/28/19
	5/8/19
	3/27/19	8-K
	3/21/19	8-K
	12/31/18	4, 8-K
	12/27/18	4, 8-K
	9/13/18	10-K
	9/12/18
	9/6/18
	3/23/18	3, 8-K
	1/19/18
	12/1/17	3, 8-K
	11/14/17
	10/17/17	10-Q
	10/16/17	10-Q
	8/24/17	4
	7/24/17
	1/12/17	4
	9/26/16	4, 8-K
	4/26/16
	12/15/15
	12/4/15
	10/1/15
	8/26/15
	8/11/15	8-K
	8/5/15	4
	11/25/14	3, 4, 8-K
	11/24/14
	11/18/14	8-K
	11/13/14	8-K
	11/3/14	8-K
	10/28/14	8-K
	10/17/14	8-K
	10/16/14	8-K
	10/9/14	10-Q, 8-K
	3/6/14	3, 8-K
	10/13/10	S-1/A
	7/13/10	S-1
	3/19/10
		List all Filings

Cell MedX Corp. – ‘10-K’ for 5/31/22

On: Friday, 4/7/23, at 3:03pm ET · For: 5/31/22 · Accession #: 1393905-23-167 · File #: 0-54500

Previous ‘10-K’: ‘10-K’ on 8/30/21 for 5/31/21 · Next & Latest: ‘10-K’ on 9/1/23 for 5/31/23 · 29 References:

Annual Report — Form 10-K

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‘10-K’ — Cell Medx Corp. – Form 10-K SEC Filing

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This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

7 Subsequent Filings that Reference this Filing

22 Previous Filings that this Filing References

Part I	1
Item 1. Business.	1
Item 1A. Risk Factors.	9
Item 1B. Unresolved Staff Comments.	13
Item 2. Properties.	13
Item 3. Legal Proceedings.	13
Item 4. Mine Safety Disclosures.	13
Part II	14
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.	14
Item 6. Selected Financial Data.	17
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	17
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.	22
Item 8. Financial Statements and Supplementary Data.	22
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	23
Item 9A. Controls and Procedures.	23
Item 9B. Other Information	24
Part III	24
Item 10. Directors, Executive Officers, and Corporate Governance.	24
Item 11. Executive Compensation.	27
Item 12. Security Ownership of Certain Beneficial Holders and Management.	29
Item 13. Certain Relationships and Related Transactions, and Director Independence.	31
Item 14. Principal Accounting Fees and Services	32
Item 15. Exhibits, Financial Statements Schedules	33
Signatures	38

Cell MedX Corp. – ‘10-K’ for 5/31/22

On: Friday, 4/7/23, at 3:03pm ET · For: 5/31/22 · Accession #: 1393905-23-167 · File #: 0-54500

Annual Report — Form 10-KFiling Table of Contents

‘10-K’ — Cell Medx Corp. – Form 10-K SEC FilingDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

7 Subsequent Filings that Reference this Filing

22 Previous Filings that this Filing References

Annual Report — Form 10-K

Filing Table of Contents

‘10-K’ — Cell Medx Corp. – Form 10-K SEC Filing

Document Table of Contents