Company Quick10K Filing
Quick10K
Rafina Innovations
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2018-10-19 Sale of Shares, Officers, Other Events
8-K 2018-10-03 Officers
8-K 2018-07-09 Amend Bylaw, Regulation FD
8-K 2018-06-26 Enter Agreement, Sale of Shares
8-K 2018-05-24 Enter Agreement, Sale of Shares, Amend Bylaw
8-K 2018-05-23 Enter Agreement, Sale of Shares, Other Events
8-K 2018-05-03 Sale of Shares, Other Events
8-K 2018-02-15 Enter Agreement, Sale of Shares, Control, Officers, Other Events
8-K 2018-02-14 Enter Agreement, Sale of Shares
8-K 2017-07-19 Leave Agreement, Other Events, Exhibits
AABA Altaba 38,810
CBS CBS 17,170
HLNE Hamilton Lane 2,570
COT Cott 1,900
HALL Hallmark Financial Services 197
SGY Talos Petroleum 0
COL Rockwell Collins 0
SOFO Sonic Foundry 0
MSLP Musclepharm 0
LTDH Living 3D Holdings 0
VICA 2019-03-31
Part I -- Financial Information.
Item 1. Financial Statements
Note 1 - Organization and Business Background
Note 2 - Going Concern
Note 3 - Control By Principal Stockholder/Officer
Note 4 - Summary of Significant Accounting Policies
Note 5 - Prepaid Expenses
Note 6 - Other Receivables
Note 7 - Property and Equipment
Note 8 - Office Lease
Note 9 - Loans
Note 10 - Commitments
Note 11 - Related Party Transactions
Note 12 - Capital Stock
Note 13 - Stock Options and Awards
Note 14 - Segment Reporting
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits, Financial Statement Schedules
EX-10.1 ex101.htm
EX-31.1 ex311.htm
EX-31.2 ex312.htm
EX-32.1 ex321.htm

Rafina Innovations Earnings 2019-03-31

VICA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 form10q.htm 10-Q


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the quarterly period ended March 31, 2019
 
 
[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the transition period from __________ to __________

000-53089
Commission File Number
 
Rafina Innovations Inc.
(Exact name of registrant as specified in its charter)
 
 
Nevada
30-0428006
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
Kintyre House, 209 Govan Road, Glasgow Scotland
G51 1HJ
(Address of principal executive offices)
(Zip Code)
 
+44 141 370 0321
(Registrant's telephone number, including area code)
 
 
 (Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 
Yes
 [X]
No
 [   ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 
Yes
 [X]
No
 [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 
 
Large accelerated filer[  ]
Accelerated filer [  ]
Non-accelerated filer[  ] (Do not check if a smaller reporting company)
Smaller reporting company [X]
 
Emerging growth company [X]

      If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 
Yes
 [  ]
No
 [X]

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST 5 YEARS:

Indicate by check mark whether the issuer has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 
Yes
 [   ]
No
 [   ]
 
APPLICABLE ONLY TO CORPORATE REGISTRANTS

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

15,719,681 shares of common stock issued and outstanding as of May 20, 2019






RAFINA INNOVATIONS INC.

 
TABLE OF CONTENTS
 
 
Page
 
PART I – Financial Information
 
 
 
 
 4
 5
 9
 9
 
 
 
 
PART II – Other Information
 
 
 
 
 10
 10
 10
 11
 11
 11
 12
 
 12
 
 
 
 
 
 
 
 
 
2

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (this "Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  These statements relate to future events or our future financial performance.  A number of important factors could cause our actual results to differ materially from those expressed in any forward-looking statements made by us in this Form 10-Q.  In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Report and include information concerning possible or assumed future results of our operations, including statements about potential acquisition or merger targets; business strategies; future cash flows; financing plans; plans and objectives of management; any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts.
 
These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by these forward-looking statements. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other matters addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report.

Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
 
CERTAIN TERMS USED IN THIS REPORT
 
When this report uses the words "we," "us," "our," and the "Company," they refer to Rafina Innovations Inc.  and its consolidated subsidiaries, and "SEC" refers to the Securities and Exchange Commission.
 
3


PART I -- FINANCIAL INFORMATION.



ITEM 1.  FINANCIAL STATEMENTS

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  All such adjustments are of a normal recurring nature.  Operating results for the three-month period ended March 31, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019.  For further information, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 as filed with the Securities and Exchange Commission on May 16, 2019.

 

 
Page
 F-1
 F-2
Condensed Consoldiated Statements of Stockholders Equity (Deficit)  F-3
Condensed Consolidated Statements of Cash Flows (Unaudited)  F-4
 F-5 to F-24



 
4

 
Rafina Innovations Inc.
(Formerly HCi Viocare)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
March 31,
2019
   
December 31, 2018
 
 
           
ASSETS
           
 
           
Current Assets:
           
Cash and cash equivalents
 
$
17,258
     
18,827
 
Accounts receivable
   
58,677
     
80,197
 
Other receivables
   
79,929
     
80,419
 
Inventory
   
4,248
     
4,149
 
Prepaid expenses
   
47,703
     
46,785
 
          Total Current Assets
   
207,815
     
230,377
 
 
               
Property, plant and equipment, net
   
54,539
     
68,283
 
Right of use assets
   
39,528
     
-
 
 
               
Total Assets
 
$
301,882
     
298,660
 
 
               
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
 
               
Current Liabilities:
               
Accounts payable, advances and accrued expenses
 
$
617,080
     
571,531
 
Accounts payable and accrued expenses, related party
   
52,210
     
47,382
 
Income tax penalties payable
   
80,000
     
80,000
 
Advances from a related party
   
15,147
     
14,881
 
Notes payable, third parties
   
78,982
     
79,091
 
Lease liability
   
46,700
     
-
 
          Total Current Liabilities
   
890,119
     
792,885
 
Total Liabilities
   
890,119
     
792,885
 
 
               
Commitments and Contingencies
   
-
     
-
 
 
               
Stockholders' Equity (Deficit):
               
Preferred stock, par value $0.0001, 5,000,000 shares authorized; none issued and outstanding as of March 31, 2019 and December 31, 2018
   
-
     
-
 
Common stock, par value $0.0001, 35,000,000 shares authorized; 15,719,681 shares issued and outstanding as of March 31, 2019 and December 31, 2018
   
1,572
     
1,572
 
Additional paid-in capital
   
40,676,120
     
40,146,912
 
Accumulated deficit
   
(41,208,048
)
   
(40,586,465
)
Accumulated other comprehensive income (loss)
   
(57,881
)
   
(56,244
)
Stockholders' equity (deficit)
   
(588,237
)
   
(494,225
)
Total Liabilities and Stockholders' Equity (Deficit)
 
$
301,882
     
298,660
 


 
See Notes to Unaudited Condensed Consolidated Financial Statements
F-1

Rafina Innovations Inc.
(Formerly HCi Viocare)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
 
 
 
For the Three Months ended
 
 
 
March 31,
 
 
 
2019
   
2018
 
Sales
 
$
54,248
   
$
131,780
 
Cost of goods sold
   
12,517
     
(39,503
)
         Gross Profit
   
66,765
     
92,277
 
 
               
Operating Expenses
               
Depreciation
   
14,995
     
19,455
 
General and administrative expenses
   
57,173
     
127,559
 
Consultancy Fees
   
537,208
     
537,225
 
Professional fees
   
17,652
     
19,436
 
Research and development
   
58,937
     
83,328
 
          Total Operating Expenses
   
685,965
     
787,003
 
 
               
Income (Loss) from Operations
   
(619,200
)
   
(694,726
)
 
               
Other Income (Expenses)
               
Gain (Loss) on foreign currency transaction
   
(678
)
   
1,825
 
Interest Expenses due to third party
   
(1,705
)
   
(614
)
          Total Other Income (Expenses)
   
(2,383
)
   
1,211
)
 
               
Income (Loss) before Provision for Income Tax
   
(621,583
)
   
(693,515
)
 
               
Provision for Income Tax
   
-
     
-
 
 
               
Net Income (Loss)
 
$
(621,583
)
 
$
(693,515
)
 
               
Basic and fully diluted loss per share
 
$
(0.04
)
 
$
(0.06
)
 
               
Weighted average shares outstanding
   
15,719,681
     
12,302,432
 
 
               
Comprehensive Income (Loss):
               
Net loss
 
$
(621,583
)
 
$
(693,515
)
Effect of foreign currency translation
   
(1,637
)
   
(30,881
)
Comprehensive Loss
 
$
(623,220
)
 
$
(724,396
)


 
See Notes to Unaudited Condensed Consolidated Financial Statements
F-2

Rafina Innovations Inc.
(Formerly HCi Viocare)
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
(Unaudited)

 
 
Common stock
   
Additional
Paid-in
   
Accumulated
other
comprehensive
   
Retained
   
Total
 
 
 
Shares
   
Amount
   
Capital
   
income (loss)
   
deficit
   
Deficit
 
Balances, December 31, 2017
   
11,919,306
   
$
1,192
   
$
33,841,702
   
$
(17,340
)
 
$
(34,736,633
)
 
$
(911,079
)
 
                                               
Proceeds from issuance of common stock for private placements
   
607,410
     
61
     
359,319
     
-
     
-
     
359,380
 
Share issuances for stock awards
   
275,000
     
28
     
272,472
     
-
     
-
     
272,500
 
Stock options
   
-
     
-
     
184,643
     
-
     
-
     
184,643
 
Net income (loss)
   
-
     
-
     
-
     
-
     
(693,515
)
   
(693,515
)
Foreign currency translation adjustments
   
-
     
-
     
-
     
(30,881
)
   
-
     
(30,881
)
Balances, March 31, 2018
   
12,801,716
   
$
1,281
   
$
34,658,136
   
$
(48,221
)
 
$
(35,430,148
)
 
$
(818,952
)
 
                                               
Balances, December 31, 2018
   
15,719,681
   
$
1,572
   
$
40,146,912
   
$
(56,244
)
 
$
(40,586,465
)
 
$
(494,225
)
Stock options
   
-
     
-
     
529,208
     
-
     
-
     
529,208
 
Net income (loss)
   
-
     
-
     
-
     
-
     
(621,583
)
   
(621,583
)
Foreign currency translation adjustments
   
-
     
-
     
-
     
(1,637
)
   
-
     
(1,637
)
Balances, March 31, 2019
   
15,719,681
   
$
1,572
   
$
40,676,120
   
$
(57,881
)
 
$
(41,208,048
)
 
$
(588,237
)


 
See Notes to Unaudited Condensed Consolidated Financial Statements

 

F-3

Rafina Innovations Inc.
(Formerly HCi Viocare)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
 
 
For the Three Months Ended
 
 
 
March 31,
 
 
 
2019
   
2018
 
 
           
Operating Activities
           
Net loss
 
$
(621,583
)
 
$
(693,515
)
Adjustments to reconcile net loss to net cash used by operating activities:
               
Stock option expense
   
529,208
     
184,643
 
Shares issued for stock award
   
-
     
272,500
 
Depreciation
   
14,995
     
19,455
 
Amortization of right of use asset
   
639
     
-
 
Changes in operating assets and liabilities:
               
Decrease (Increase) in accounts receivable
   
23,576
     
(34,143
)
Decrease (Increase) in prepaid expense
   
-
     
(3,879
)
Decrease (Increase) in other receivable
   
-
     
(881
)
Increase (Decrease) in accounts payable and accrued expenses
   
39,738
     
(53,412
)
Increase (Decrease) in accounts payable and accrued expenses, related party
   
6,456
     
(102,149
)
Change in right of use liability
   
6,456
     
-
 
Net cash used by operating activities
   
(515
)
   
(411,381
)
 
               
Investing Activities
               
Net cash (used) by investing activities
   
-
     
-
 
 
               
Financing Activities
               
Advances and Loans from related parties
   
567
     
64,603
 
Repayments, advances and loans from related party
   
-
     
(122,427
)
Proceeds from private placement
   
-
     
359,381
 
Net cash provided by financing activities
   
567
     
301,557
 
 
               
Increase (decrease) in cash
   
52
     
(109,824
)
 
               
Cash at beginning of period
   
18,827
     
352,498
 
Effects of exchange rates on cash
   
(1,621
)
   
(8,294
)
Cash at end of period
 
$
17,258
   
$
234,380
 
 
               
Supplemental Disclosures of Cash Flow Information:
               
Cash paid during the year for:
               
Interest
 
$
-
   
$
-
 
Income taxes
 
$
-
   
$
-
 
 
               
Supplemental Non-Cash Activities
               
Reclassification of related party accounts payable and advances to convertible debt, related parties
 
$
-
   
$
721,564
 
 
               


 
See Notes to Unaudited Condensed Consolidated Financial Statements

F-4

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1 - ORGANIZATION AND BUSINESS BACKGROUND
 
Rafina Innovations Inc. (formerly: HCi Viocare) ("VICA" or the "Company") was incorporated on March 26, 2007 under the laws of the State of Nevada. The Company has selected December 31 as its fiscal year end.
 
While the Company has generated revenues from a segment of its planned principal operations, we are not yet able to meet operational overheads and are not yet profitable. We are considered an emerging growth enterprise. The Company was originally formed to sell medical devices with an emphasis on portable medical devices designed for home treatments with the initial focus in the northern regions of China.  The Company's intent was to seek strategic relationships with medical device manufacturers both in China and North America with the aim to be their sales and distribution agent in Northern China and to assist Chinese medical device manufacturers on the development of the North American market.

On September 10, 2013, the controlling shareholder of the Company sold his controlling interest in the shares of the Company and there was a change in the Board of Directors of the Company, effecting a change in control of the Company. The business of the Company remains in the field of medical devices and other opportunities related to their uses. We are currently engaged in the technology development and licensing of bioengineering innovations for the health, sports and wellness sectors, and operate a prosthetic and orthotic (P&O) total rehabilitation clinic in Glasgow, Scotland.

On January 15, 2014, the Company incorporated two wholly-owned subsidiaries in Scotland, U.K., HCi Viocare Technologies Limited and HCi Viocare Clinics UK Limited. The Company intends to operate in Scotland under these two subsidiaries, one of which will undertake the development and marketing of technologies and the other which is a P&O clinic, which will serve as the center of reference and training for the Company's further clinics.

On February 12, 2014, through our wholly owned subsidiary, HCi Viocare Technologies Limited, the Company acquired an interest in a patented technology known as "Socket-Fit". SocketFit is a system that will help overcome technical and resource hurdles endemic to the prosthetic sector. The system has been designed with the aim of offering optimally fitted prosthetic sockets that will reduce the number of prostheses made for patients, resulting in a reduced number of visits by the patient to the prosthetic, and also assisting in the rehabilitation of amputees.  Socket-Fit is a digital system for assessing an amputee's residual limb and for the production of truly functional and comfortable prosthetic sockets. The technology takes account of the external and internal geometry of the amputee's stump, the biomechanical properties of each individual soft tissue layer and the boundary and loading conditions of a complete prosthesis to generate a virtual 3D model of the residual limb making it possible to produce an accurate, functional and comfortable prosthetic socket. By minimizing the time and cost of socket production and reducing the number of faulty sockets there will be a reduction in costs incurred by health services and insurance companies worldwide as well as benefits to the amputee. The Company intends to undertake and fund, through its U.K. subsidiary, a project to improve the nature of the data used in socket modeling software with a view to creating a system that will enable prosthetists to build a socket that evenly distributes weight, provides enhanced comfort, and can be marketed and used across the industry for improved socket creation.

On February 19, 2014, the Company filed a Certificate of Amendment with the Secretary of State of Nevada to change the name of the Company to HCi Viocare effective March 21, 2014.  Effective March 21, 2014, in accordance with approval from FINRA, we changed our name from China Northern Medical Device, Inc. to HCi Viocare. Concurrently we commenced trading on the Over-the-Counter Bulletin Board under the symbol "VICA".
F-5

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements
 
Note 1 - ORGANIZATION AND BUSINESS BACKGROUND (continued)

On April 16, 2014, through our wholly owned subsidiary HCi Viocare Technologies Limited, we acquired all rights and interest in and to the background Intellectual Property Rights ("IPR") for a developing technology known as "Smart Insole".  The Smart Insole system is believed to be a state-of-the-art, pressure and shear (friction)-sensing insole that can wirelessly communicate with connected devices.  The insole has a number of applications, including the mitigation of diabetic foot complications, such as ulceration, infection and amputation, in clinical gait analysis and in sports, as a wearable device to help athletes optimize their performance and prevent injury. The sensing system is very low cost, compared to traditional pressure sensing technologies, in our opinion making such applications affordable to the consumer for the first time.

On June 9, 2014, the Company, through our wholly owned subsidiary, HCi Viocare Clinics, acquired W D Spence Prosthetics Limited (the "Clinic"). The Clinic is located in Glasgow, Scotland, and is a fully operational prosthetics and orthotics clinic. The acquisition of the Clinic is the first step to the Company's and HCi Viocare Clinics' intention to develop the first chain of prosthetics and orthotics (P&O) and diabetic foot rehabilitation clinics in the European market, covering Southern Europe, the Middle East and North Africa.

On March 31, 2015, the Company's wholly owned subsidiary HCi Viocare Clinics and its subsidiary W D Spence Prosthetics Limited completed a merger with the resulting combined entity having the name HCi Viocare Clinics UK Limited.

On July 8, 2015, the Company incorporated HCi Viocare Clinics (Hellas) S A in order to carry out operations for the planning and development of a P&O clinic in Athens, Greece. On August 2, 2017 the Company commenced the dissolution and liquidation of this corporation.  As at the date of this report, the dissolution has not yet been concluded.

On May 24, 2018 the Company incorporated a wholly owned subsidiary for purposes of completing a merger and name change from HCi Viocare to Rafina Innovations, Inc. Concurrently the Company's Board of Directors approved a reverse share split on the basis 20 for 1.  The name change and reverse share split became effective on July 9, 2018.  Unless otherwise noted, impacted share amounts and per share information included in the financial statements and notes thereto have been retroactively adjusted for the reverse share split as if such share split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly differently than previously reported due to rounding of fractional shares as a result of the reverse share split.

Note 2 - GOING CONCERN

The Company incurred net losses of $621,583 and $693,515 for the three months periods ended March 31, 2019 and 2018, respectively and has a retained deficit of $41,208,048. In addition, the Company had a working capital deficiency of $635,604 and a stockholders' deficit of $588,237 at March 31, 2019. These factors raise substantial doubt about the Company's ability to continue as a going concern. 

There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders.
 
F-6

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 2 - GOING CONCERN (continued)

The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.
 
While the Company generates income and has obtained proceeds from loans and private placements of equity securities from third parties, the Company has relied heavily for its financing needs on our officers and directors since inception.

Note 3 - CONTROL BY PRINCIPAL STOCKHOLDER/OFFICER
 
Up until March 2018 our former Chief Executive Officer owned beneficially and, in the aggregate, the majority of the voting power of the Company.  On March 22, 2018 and March 30, 2018 respectively, Sotirios Leontaritis, the former President, Chief Executive Officer and a Director of the Company, entered into a Share Purchase Agreement (the "SPA") and an amendment thereto (the "Addendum"), (collectively herein referred to herein as the "Agreement") with Maschari Ltd. ("Maschari"), a Company incorporated in Cyprus, and controlled by our current Chief Executive Officer and a director, Mr. Constantinos Zertalis, pursuant to which Mr. Leontaritis sold 6,135,529 of his restricted common shares to Maschari.  The shares sold by Mr. Leontaritis represented approximately 42.6% of the Company's total outstanding shares of common stock. Mr. Leontaritis continues to hold 1,775,707 shares of the Company's common stock representing approximately 11.3% of the issued and outstanding shares.  As a result of the aforementioned transaction, Maschari, and our current CEO has the ability to control the approval of most corporate actions, including increasing the authorized capital stock and the dissolution, merger or sale of the Company's assets, as may be presented at Shareholder meetings from time to time. At March 31, 2019, Maschari and our CEO, collectively controlled approximately 43% of our issued and outstanding shares.
 
Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Principals of Consolidation
 
The consolidated financial statements include the accounts of Rafina Innovations Inc. and its wholly-owned subsidiaries, HCi Viocare Technologies Limited, HCi Viocare Clinics UK Limited and HCi Viocare Clinics (Hellas) S.A. On August 2, 2017 the Company commenced the dissolution and liquidation of HCi Viocare Clinics (Hellas) S.A. All significant intercompany balances and transactions have been eliminated.

Basis of Presentation
 
The interim unaudited financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a condensed basis, such that certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.

This report on Form 10-Q should be read in conjunction with the Company's financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended December 31, 2018 filed on May 16, 2019. Results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 and any other future periods.
F-7

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements
 
Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results when ultimately realized could differ from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits in banks with maturities of three months or less, and all highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less.

Foreign Currencies

Items included in the consolidated financial statements of each of the Company and its subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency').  The Company's reporting currency is the U.S. dollar.  The functional currency of subsidiaries based in the UK is pound sterling and the functional currency of the Company's subsidiary based in the Greece is the Euro. All transactions initiated in Pounds and Euro are translated into U.S. dollars in accordance with Accounting Standards Codification ("ASC") 830-30, "Translation of Financial Statements," as follows:
 
i)
assets and liabilities are translated at the closing rate at the date of the balance sheet, or

1USD=0.8912 EUR, 1USD=0.7668 GBP (March 31, 2019), and;
1USD=0.8736 EUR, 1USD=0.7851 GBP (December 31, 2018);

ii)
income and expenses are translated at average exchange rates for three months ended March 31, or

1USD=0.8805 EUR, 1USD=0.7678 GBP (2019), and;
1USD=0.8137 EUR, 1USD=0.7189 GBP (2018);

iii)
all resulting exchange differences are recognized as other comprehensive income, a separate component of equity.

Adjustments arising from such translations are included in accumulated other comprehensive income (loss) in stockholders' equity.

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The standard became effective for the Company beginning January 1, 2018 and permits two methods of adoption: the full retrospective method, which requires the standard to be applied to each prior period presented, or the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. The Company adopted the standard using the modified retrospective method. There was no effect for any adjustments to retained earnings upon adoption of the standard on January 1, 2018.
F-8

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements
 
Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

ASC 842 Leases

ASU No. 2016-02. In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Lease (Topic 842)", a new lease standard requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset ("ROU" asset) representing its right to use the underlying asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has adopted this standard effective January 1, 2019. The Company elected the optional transition method that permits adoption of the new standard prospectively, as of the effective date, without adjusting comparative periods presented. Adoption of the standard resulted in the recognition of $39,528 of rights to use assets and $46,700 of lease liabilities on the consolidated balance sheet as of March 31, 2019 at adoption related to office space. See Note 8 for disclosure required by ASC 842.
  
Inventory
 
Inventories, which consist principally of raw materials and parts, are stated at the lower of cost or market. Cost is determined using the first-in, first-out method and are adjusted to actual cost quarterly based on a physical count. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Work-in-process inventory consists of materials, labor and a predetermined fixed rate of overhead which is valued based on established standards for the stage of completion of each custom order. We do not carry finished goods on hand. Material, labor and overhead costs are determined at the individual clinic level. Presently we only maintain very limited parts and raw materials inventory.
 
Warranty
 
We do not record warranty liabilities at the time of sale for the estimated costs that may be incurred under the terms of the applicable limited warranty as all component parts are covered by our respective industry suppliers.

Advertising Costs
 
The Company expenses advertising costs as incurred or the first time the advertising takes place, whichever is earlier, in accordance with ASC 720-35. Advertising costs were immaterial for the three months periods ended March 31, 2019 and 2018, respectively.

Research and Development Costs
 
The Company charges research and development costs to expense when incurred in accordance with FASB ASC 730, "Research and Development". Research and development costs were $58,937 and $83,328 for the three months periods ended March 31, 2019 and 2018, respectively. 

Related parties
 
For the purposes of these financial statements, parties are considered to be related if one party has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.
F-9

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements
 
Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
  
Stock-based compensation

For stock-based compensation, the Company follows the guidance codified in the Compensation – Stock Compensation Topic of FASB ASC ("ASC 718"). The Company determines the value of stock issued at the date of grant. It also determines at the date of grant, the value of stock at fair market value or the value of services rendered (based on contract or otherwise) whichever is more readily determinable.

Comprehensive Income

FASB ASC 220, "Comprehensive Income", establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income, as defined, includes all changes in equity during a period, exclusive of shareholder transactions. Accordingly, comprehensive income (loss) may include certain changes in shareholders' equity (deficit) that are excluded from net income (loss).

Income Taxes
 
The Company accounts for income taxes in accordance with FASB ASC 740, "Income Taxes", which requires the asset and liability approach for financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets 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.  A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company has a retained deficit from operations. Because there is no certainty that we will realize taxable income in the future, the Company did not record any deferred tax benefit as a result of these losses and recorded a valuation allowance offsetting the entire potential tax benefit.

Income tax years for 2014 through 2016 have been remitted timely and remain open to examination by the taxing authorities. The tax return for fiscal 2017 has not yet been filed. The Company has been assessed late filing penalties of $10,000 per year, as well as accrued interest thereon, for each of the late filed returns for the periods from inception to December 31, 2012. Prior to a change in control at the close of fiscal 2013, prior management had not timely filed its annual tax returns.  We have estimated and accrued penalties of $80,000 as taxes payable in our financial statements. The Company has retained a tax professional to assist in reaching a settlement with the IRS.
 
Segment Reporting
 
FASB ASC 820 "Segments Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. Our proposed business segments are expected to span more than one geographical area. Specifically, the Company intends to operate prosthetic and orthotic rehabilitation clinics with various European based locations, as well as a corporate development and technology center which will undertake ongoing research and marketing activities.

F-10

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Basic and Diluted Loss per Share

The Company reports earnings per share in accordance with FASB ASC 260, "Earnings Per Share." FASB ASC 260 requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company had potentially dilutive securities outstanding (convertible debt and liabilities) for the periods ended March 31, 2019 and December 31, 2018, respectively, however, since the Company reflected a net loss in the periods ended March 31, 2019 and 2018, the effect of considering any common stock equivalents, if outstanding, would have been anti-dilutive. A separate computation of diluted earnings (loss) per share is not presented.
 
 
 
March
31, 2019
   
December 31, 2018
 
Common stock issuable upon conversion of 25,000 Series A Preferred Stock Options
   
500,000
     
500,000
 
Common stock issuable upon exercise of stock options
   
7,500,000
     
7,500,000
 
Total
   
8,000,000
     
8,000,000
 

Fair Value of Measurements

Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
 
Level 3: Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 and Level 2 assets or liabilities.
 
F-11

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
 
Recently Issued Accounting Pronouncements

The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.

Note 5 - PREPAID EXPENSES
 
Prepaid expenses consist of the following:
 
 
 
March 31,
2019
   
December
31, 2018
 
Office lease, including security deposits
 
$
38,276
   
$
37,403
 
Travel advances and other expenses
   
9,427
     
9,382
 
      Total prepaid expense
 
$
47,703
   
$
46,785
 

Note 6 – OTHER RECEIVABLES

From time to time the Company makes short term loans to third parties in order to facilitate its business operations. The loans bear interest ranging from 1.5% to 4% per annum and generally have terms of between 60 to 180 days. In general, the Company forgives accrued interest on principal when these short-term loans are repaid on time.

Note 7 - PROPERTY AND EQUIPMENT

Property and improvements consisted of the following as of March 31, 2019 and December 31, 2018:

 
 
March 31,
2019
   
December 31,
2018
 
Cost
           
Leasehold improvements
 
$
195,678
   
$
193,109
 
Furniture and fixture
   
31,340
     
31,072
 
Computers and equipment
   
32,637
     
32,426
 
Vehicle
   
56,100
     
57,230
 
Machine and plant
   
8,897
     
8,690
 
Lab equipment
   
32,978
     
32,209
 
Subtotal
   
357,630
     
354,736
 
Less: accumulated depreciation and impairment
   
(303,091
)
   
(286,453
)
Total
 
$
54,539
   
$
68,283
 

Leasehold improvements are amortized over the term of the lease: three to ten years.

Furniture is depreciated over three to five years and computer and equipment is depreciated over three years.

Vehicles are depreciated over five years.
 
Machine equipment and lab equipment are depreciated over 4 years.

Depreciation expense amounted to $14,995 and $19,455 for the three month periods ended March 31, 2019 and 2018, respectively.
F-12

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 8 - OFFICE LEASE
 
On March 2, 2015, the Company entered into a lease agreement for a modern, stand-alone 5,300 square foot facility in Glasgow, Scotland with an entry date of March 1, 2015. The building hosts the Company's first Viocare center, a full-service Prosthetic and Orthotic ("P&O") practice with a superior standard of personalized care. The renovations to the clinic were completed in June, and the facility was opened on August 1, 2015 with an official ribbon cutting on 25 September 2015. During the first year from the date of entry, the lease fees are USD$26,085 (GBP £20,000) per annum (exclusive of VAT). On the second anniversary of the date of entry, the lease will increase to USD$52,169 (GBP £40,000) per annum (exclusive of VAT). In the third anniversary of the date of entry, the lease will be USD$52,169 (GBP £40,000) per annum (exclusive of VAT). In the fourth anniversary of the date of entry, the lease will decrease to USD$39,126 (GBP £30,000) per annum (exclusive of VAT). In the fifth anniversary of the date of entry, the lease will be USD$52,169 (GBP £40,000) per annum (exclusive of VAT).

Under the term of the lease agreement, the Company paid a total of $26,082 (GBP £20,000) as security deposits which amount is included on the Company's balance sheet in prepaid expenses.

The table below presents the lease-related assets and liabilities recorded on the balance sheets.
 
 
 
March 31, 2019
 
Assets
     
Operating lease assets
 
$
39,528
 
 
       
Liabilities
       
Operating lease liabilities
 
$
46,700
 

Supplemental cash flow information related to leases were as follows:
 
 
 
Three Months Ended March 31, 2019
 
 
     
Cash used in operating activities:
     
Operating leases
 
$
12,887
 
ROU assets recognized in exchange for lease obligations:
       
Operating leases
 
$
38,320
 

The table below presents the remaining lease term and discount rates for operating leases.
 
 
 
March 31, 2019
 
Remaining lease term
 
11 months
 
Discount rate
   
4.75%
 

Maturities of lease liabilities as of March 31, 2019, were as follows: 

 
 
Operating
Leases
 
 
     
2019 (excluding the three months ended March 31, 2019)
 
$
39,123
 
2020
   
8,693
 
Total lease payments
   
47,816
 
Less: amount of lease payments representing interest
   
(1,116
)
Present value of future minimum lease payments
 
$
46,700
 
F-13

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements
 
Note 9 -   LOANS

On January 5, 2017, HCi Viocare Clinics Hellas S.A., the Company's subsidiary, entered into a loan agreement with a third party to borrow a total of EUR 40,000 (US$44,880) with an annual interest rate of 5%, payable within one year from the date of the agreement. As at March 31, 2019 and December 31, 2018 a total of EUR 44,466 (USD$49,891) and EUR 43,966 (USD $50,323), respectively, including accrued interest to date, remained due and payable in respect of this loan. Interest expenses of $568 and $614 were accrued in the three months periods ended March 31, 2019 and 2018, respectively. The loan was not repaid in January 2018 and is currently in default.

On July 27, 2018, HCi Viocare Clinics UK Limited, the Company's subsidiary, entered into a loan agreement with a third party to borrow a total of EUR 30,000 (US$34,102) with an annual interest rate of 6%, payable within six months from the date of the agreement. As at March 31, 2019 and December 31, 2018 a total of EUR 31,203 (USD $35,488) and EUR 30,759 (USD $34,174), respectively, including accrued interest to date, remained due and payable in respect of this loan. Interest expenses of $498 and $0 were accrued in the three months periods ended March 31, 2019 and 2018, respectively. The loan was not repaid in January 2019 and is currently in default.

Note 10 -   COMMITMENTS

(1)
Consulting Agreement with Dr. Christos Kapatos
 
On April 16, 2014, the Company entered into a Consulting Agreement with Christos Kapatos whereby he will provide his services as Chief Technical Officer for the Company and the Company's wholly-owned subsidiaries.  The contract has a term of one year, renewable for such further term as may be mutually agreed between the parties. In the case that a research and development project is initiated and completed during the term of the agreement, Kapatos shall receive seventy thousand (70,000) shares of the Company's common stock for each research project completed with a valuation less than twenty million dollars ($20,000,000 USD), one hundred and seventy-five thousand (175,000) shares of the Company's common stock for each research project completed with a valuation equal or greater than twenty million US dollars ($20,000,000 USD). Details of compensation under the terms of the consulting agreement are included in Note 11(ii).

On November 21, 2018, Dr. Christos Kapatos resigned his position as Chief Technology Officer and as a consultant due to the Company's breach of Sections 3.1 and 3.2 of that certain Consulting Agreement originally entered into April 16, 2014 (as amended from time to time, including, without limitation, Addendum 1, Addendum 2 and Addendum 3, collectively, the "Consulting Agreement").  The Company declined to cure the noticed breach(es) in the ten (10) day period as allotted from notice date and subsequently accepted the resignation of Dr. Kapatos effective November 21, 2018.  Further, on December 4, 2018 the Company notified Dr. Kapatos of the termination of that certain Acquisition agreement between Dr. Kapatos and HCI VIOCARE TECHNOLOGIES LIMITED, the Company's wholly owned subsidiary, dated April 16, 2014, as amended May 8, 2015 (collectively the "Acquisition Agreement").

(2)
Consulting Agreement with Ms. Paraskevi Pilarinou
 
On December 12, 2017, the Company entered into a consulting agreement (the "Agreement") with Ms. Paraskevi Pilarinou (the "Consultant").  Under the terms and conditions of the Agreement the Consultant shall be employed in the position of Financial Controller of the Company. The Agreement has a three-year term starting on January 2, 2018 and ending on January 1, 2021 and the Consultant shall be remunerated with a monthly fee of EUR2,000 (USD$2,245) and was issued 100,000 shares of the Company's common stock. The 100,000 shares were issued as compensation as of the date of the agreement and were valued at $1 per share or $100,000, the fair market value on the date of issuance in the year ended December 31, 2017.
F-14

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 10 -   COMMITMENTS (continued)

 (3)
Consulting Agreement with Charalampos Sgardelis

On January 2, 2017, the Company entered into a one-year consulting agreement (the "Agreement") with Mr. Charalampos Sgardelis ("Sgardelis"). Under the terms of the Agreement, Sgardelis provides services to the Company as Business Development Manager, for a term of one (1) year and receives compensation of EUR2,000 (USD$2,245) per month.

On February 26, 2018 the Company approved a three (3) year extension to the Agreement (the "Addendum") between the Company and Sgardelis. Under the terms and conditions of the Addendum, Sgardelis is entitled to receive compensation of Three Thousand Euros (3,000 €) (USD$3,434) per month and shall be awarded 250,000 common shares upon execution of the Addendum. The shares were valued at fair market value on the date of issuance or $0.98 per share for total consideration of $245,000. On November 17, 2018, the Company terminated the consulting agreement with Mr. Sgardelis.

(4)
Advisory Agreement with Ravi Vaidyanathan

On March 27, 2018, the Company entered into a one-year advisory agreement (the "Agreement") with Mr. Ravi Vaidyanathan (the "Advisor"). Under the terms and conditions of the Agreement, the Advisor is appointed to the Company's Scientific Advisory Board and is entitled to remuneration for the provision of services in the form of 25,000 shares of the common stock to be issued upon signing of the Agreement. Further, the Advisor shall be granted additional 12,500 shares of the common stock to be issued after a time-period of six (6) months from the signing of the Agreement. The Advisor shall serve on the Scientific Advisory Board in the position of Biomechatronics and Human Augmentation Advisor. The Company or the Advisor may terminate the agreement upon 30 days written notice. The issued shares were valued at fair market value on the date of issuance or $1.10 per share for total consideration of $27,500. On October 3, 2018 the Company's Board of Directors determined to terminate the Company's advisory board and no further shares will be issued to Mr. Vaidyanathan under the terms of this Agreement.

(5)
Addendum to Service Agreement with Nikolaos Gemelos

On January 16, 2018, the Company entered into a one-year service agreement (the "Agreement") with Mr. Nikolaos Gemelos ("Gemelos"). Under the terms of the Agreement, Gemelos provides services to the Company as Consultant, for a term of one (1) year and he is entitled to a success fee of 5% of the amount actually invested in the Company by introduced accredited investors, and 5% of the amount invested in the form of restricted shares of the common stock of the Company. On May 3, 2018, the Company entered into an amendment to the aforementioned Agreement. Under the terms and conditions of this Addendum, Gemelos shall be awarded 5,000 restricted common shares upon execution of the Addendum. The shares were valued at fair market value on the date of issuance or $1.34 per share for total consideration of $6,700.

(6)
Service Agreement with Georgios Dritsoulas

On June 7, 2018, the Company entered into a six-month service agreement with Mr. Georgios Dritsoulas. As per terms of said Agreement, Mr. Dritsoulas will provide services to the Company as Consultant for the development and expansion of the Company's business for a term of six (6) months. Mr. Dritsoulas received compensation of 2,500 restricted common shares as compensation for the services provided. The issued shares were valued at fair market value on the date of issuance or $2 per share for total consideration of $5,000.

F-15

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 11 -   RELATED PARTY TRANSACTIONS

The following table provides details of the Company's related party transactions during the periods ended March 31, 2019 and March 31, 2018:

(a)
Services provided from related parties:

 
 
Three Months ended
March 31,
 
 
 
2019
   
2018
 
Consulting fees paid to former CEO and President (i)
 
$
-
   
$
38,867
 
Consulting fees paid to former Director (ii)
   
-
     
15,361
 
Professional fees paid to former Director (iii)
   
-
     
3,687
 
Consulting fees paid to former VP (iv)
   
-
     
12,903
 
Consulting fees paid to Director and CFO (v)
   
6,814
     
-
 
Stock options granted to Directors and Officers
   
529,208
     
-
 
Stock options granted to former Directors and Officers
   
-
     
184,643
 
 
 
$
536,022
   
$
255,461
 
 
(i)
On September 10, 2013 Mr. Leontaritis was appointed President. On January 15, 2014, the Board of Directors of the Company approved the execution of a consulting agreement between the Company and Sotirios Leontaritis ("Leontaritis"), whereby Leontaritis shall provide services to the Company as the Company's President and Chief Executive Officer in regard to the Company's management and operations for the period from January 1, 2014 to December 31, 2016.   Under the terms of the agreement, the Company agreed to pay to Leontaritis US$60,000 per annum payable in monthly payments of US$5,000 a month for the term of the contract. On January 1, 2017, the Company approved a three-year extension to the consulting agreement. Mr. Leontaritis will continue to serve for a term of three years, effective as of January 1, 2017, and ending on December 31, 2019; the Company shall pay to Leontaritis US$120,000 per annum payable in monthly payments of US$10,000 a month for the term of the contract.  In January 2018, the Company agreed to revise the currency of Mr. Leontaritis salary, and his compensation changed from US$10,000 per month to EUR10,000 (USD$11,650) per month.  Further, Mr. Leontaritis is entitled to acquire at his discretion 150,000 shares of the common stock at a price of $6 per share for a term of five (5) years.  The Company recognized stock-based compensation expense allocated to consulting fees of $367,629 and $245,086 during the years ended December 31, 2018 and 2017. On October 3, 2018 Mr. Leontaritis resigned all positions with the Company and his contract was terminated.   Further concurrent with his resignation, and with an effective date of September 30, 2018, Mr. Leontaritis and the Company entered into an agreement whereunder Mr. Leontaritis settled certain amounts payable to the Company totaling $134,402. The Company recorded a loss on debt settlement of $514 in respect to the transaction.

F-16

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 11 -   RELATED PARTY TRANSACTIONS (continued)

(ii)
On September 30, 2013, the Board of Directors of the Company appointed Dr. Christos Kapatos as a director of the Company. On April 16, 2014, the Company entered into a consulting contract with Dr. Kapatos where under his compensation shall be USD$46,430 (€40,000) per year payable in equal monthly installments beginning on May 1, 2014. On May 1, 2015, the Company approved a one-year extension of the consulting agreement, and on August 2, 2016 the Company approved a further one-year extension so that the agreement will expire April 16, 2017. During fiscal 2017 and fiscal 2016 Dr. Kapatos invoiced the Company Euros €40,000 for services rendered in each fiscal year respectively.
 
On December 12, 2017, the Company approved the issuance of 925,000 common shares to Dr. Christos Kapatos, CTO and Director of the Company, as consideration for the transfer of certain complementary technological developments and work in progress, in the form of a stock award which vested as of the date of grant.  The 925,000 shares have been valued at $925,000, or $1.00 per share, the fair market value on grant date, which amount has been expensed as research and development expenses. Concurrently, the Company approved a six-year extension to the consulting agreement with Dr. Kapatos. The revision to the Agreement ("Addendum No. 3") has a term of six years, being effective as of April 16, 2017, and ending on April 15, 2023, renewable for such further term as may be mutually agreed between the parties. As per Addendum No. 3 Mr. Kapatos shall receive annual compensation of EUR50,000 (US$58,250) and shall be entitled to a 100% bonus of the total annual compensation for every profitable year of the Company. Dr Kapatos shall also be entitled to acquire at his discretion 1,250,000 shares of the common stock at a price of US$1.00 for a term of six years.
 
On May 23, 2018 the Company approved an amendment to the term of the scientific advisory agreement with Dr. Christos Kapatos, board member CTO and member of the Scientific Advisory Board, originally entered into on April 15, 2014 in order to extend the term to April 15, 2019.
 
The Company recognized stock-based compensation expense allocated to consulting fees of $135,900 and $15,100 during the years ended December 31, 2018.
 
Effective October 3, 2018, Dr Christos Kapatos resigned from his position as Director of the Company. 
 
On November 21, 2018, Dr. Christos Kapatos resigned his position as Chief Technology Officer and as a consultant due to the Company's breach of Sections 3.1 and 3.2 of that certain Consulting Agreement originally entered into April 16, 2014 (as amended from time to time, including, without limitation, Addendum 1, Addendum 2 and Addendum 3, collectively, the "Consulting Agreement").  The Company declined to cure the noticed breach(es) in the ten (10) day period as allotted from notice date and subsequently accepted the resignation of Dr. Kapatos effective November 21, 2018.  Further, on December 4, 2018 the Company notified Dr. Kapatos of the termination of that certain Acquisition agreement between Dr. Kapatos and HCI VIOCARE TECHNOLOGIES LIMITED, the Company's wholly owned subsidiary, dated April 16, 2014, as amended May 8, 2015 (collectively the "Acquisition Agreement").
 

(iii)
On September 10, 2013, the Board of Directors of the Company elected Nikolaos Kardaras as Secretary and a director of the Company. During each of fiscal 2017 and fiscal 2016, Mr. Kardaras invoiced the Company EUR12,000 for services rendered in his capacity as a director which amount totaled US$13,500 and $13,300 respectively. During 2018, Mr. Kardaras invoiced the Company EUR9,000 (USD$10,747)
 
On March 3, 2017, the Company approved the issuance of 50,000 common shares for the services provided by Mr. Nikolaos Kardaras in the form of a stock award which vested as of the date of grant. 50,000 shares have been valued at $172,000, the fair market value of $3.44 per share on issue date, which amount has been expensed as stock-based compensation.  On October 3, 2018 Mr. Kardaras resigned as secretary and director of the Company.  He remains the Company's in house legal advisor.
F-17

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 11 -   RELATED PARTY TRANSACTIONS (continued)

(a)
Services provided from related parties (cont'd)

 (iv)
On September 1, 2015, the Board of Directors of the Company approved a consulting agreement with Sergios Katsaros and appointed Mr. Katsaros Vice President. Under the terms of the consulting agreement, Mr. Katsaros will work directly with the Company's President and CEO in order to create and implement the Company's strategic plan and assist in securing additional financing to meet the needs of the Company's business plan and corporate objectives.  The initial term of the contract is six months and Mr. Katsaros will receive compensation of USD$2,330 (€2,000) per month. On March 1, 2016, the Company approved a one-year extension to the consulting agreement and the Company approved the grant of a stock award of 15,000 common shares as compensation for the services provided by Vice President, Sergios Katsaros.  The award vests in three equal instalments of 5,000 shares as of the date of grant, the six-month anniversary of the date of grant and the 12-month anniversary of date of grant. During fiscal 2016 a total of $169,000 in respect of 10,000 vested shares was recorded as stock-based compensation. On March 1, 2017, the final installment of 5,000 shares were issued in accordance with the terms of the award valued at $17,200, the fair market value on grant date, which amount has been expensed as stock-based compensation in 2017.
 
On March 17, 2017, the Company approved the issuance of a further 50,000 common shares for the services provided by Mr. Katsaros, in the form of a stock award which vested as of the date of grant. 50,000 shares have been valued at $170,000, the fair market value of $3.40 per share on grant date, which amount has been expensed as stock-based compensation.
 
On December 12, 2017 the Company approved a three-year extension to the consulting agreement between the Company and Mr. Katsaros effective as of January 2, 2018.  The revision to the Agreement has a term of three years, being effective as of January 2, 2018, and ending on January 1, 2021, renewable for such further term as may be mutually agreed between the parties. Mr. Katsaros shall be remunerated with a monthly stipend of EUR3,500 (US$4,006), and shall be entitled to a 100% bonus of the total annual compensation for every profitable year of the Company. Mr. Katsaros shall also be entitled to acquire at his discretion 500,000 shares of the common stock at a price of US$1.00 for a term of five years commencing January 2, 2018.
 
The Company recognized stock-based compensation expense allocated to consulting fees of $50,400 during year ended December 31, 2018.
 
On November 17, 2018, the Company's management terminated a consulting contract with Mr. Sergios Katsaros which took effect as of December 22, 2018.

(v)
On October 3, 2018, the Board of Directors of the Company appointed Miss Paraskevi Pylarinou ("Pylarinou") as a member of the Board of Directors, Secretary and CFO of the Company.

(vi)
On October 3, 2018 the Board of Directors appointed Mr. Constantinos Zertalis as a member of the Board of Directors and the President of the Company. On October 19, 2018 the Company's Board of Directors appointed Mr. Constantinos Zertalis, CEO, President and Director as Chairman of the Board of Directors.
 
During the year ended December 31, 2018, Mr. Zertalis advanced EUR13,000 (USD$14,586) to the Company.
 
During the three months ended March 31, 2019, Mr. Zertalis advanced further EUR500 (USD$561) to the Company.

On October 19, 2018 the Company's Board of Directors approved the grant of a total of 1,500,000 stock awards which vested on the date of grant, and a total of 7,500,000 directors' stock options for exercise at $0.70 per share which options vest as to 1,500,000 shares on grant date, and 1,500,000 shares each year thereafter for a total of four additional years. The Company recognized stock-based compensation expense allocated to consulting fees of $2,558,718 during year ended December 31, 2018 in respect of the aforementioned awards and options.  The Company recognized stock-based compensation expense allocated to consulting fees of $529,208 during the three month periods ended March 31, 2019 in respect of the aforementioned options.

F-18

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 11 -   RELATED PARTY TRANSACTIONS (continued)

(b)
Accounts payable and accrued liabilities from related parties:

 
 
March 31,
   
December 31,
 
 
 
2019
   
2018
 
Former Director (ii)
   
14,560
     
14,853
 
Consulting fees for former VP (iv)
   
19,594
     
19,989
 
Former Director (iii)
   
2,244
     
2,289
 
Director and CFO (v)
   
12,892
     
8,573
 
CEO and President
   
2,920
     
1,678
 
 
 
$
52,210
   
$
47,382
 
 
(c)
Advances / other receivable from related parties:

 Advances from related parties:
 
March 31,
 
 
December 31,
 
 
 
2019
 
 
2018
 
CEO and President
 
 
15,147
 
 
 
14,881
 
 
 
$
15,147
 
 
$
14,881
 
 
(d)
Convertible Debt, related parties:

On February 15, 2018, the Company and certain shareholders holding in excess of 5% of the Company's common stock and concurrently holding a position on the Company's Board, or acting in the capacity of any officer of the Company or its subsidiaries, agreed that repayment against pre-existing debt payable by the Company on the agreement date shall be  suspended until such time as  the Company concludes a full profitable year of operations. Further the parties agreed that any such pre-existing debt or portion thereof shall be convertible at any time into restricted shares of the Company's common stock at a price equal or greater to $0.60 per share. On the date of the agreement the fair market value of the Company's common stock as traded on OTCMarkets was $0.806 per share. The Company accounted for this transaction by applying ASC 470-20-35.  As the convertible debt has no stated redemption date, the Company will recognize the discount as interest expense on the earliest conversion date.  
 
The Company has reclassified all debts payable as of February 15, 2018 to our CEO and CTO from advances and accounts payable, related party, to convertible debt, related party. 

On each of May 31, 2018 and on June 26, 2018, the Company entered into Debt Settlement and Subscription Agreements with the President of the Company, Mr. Sotirios Leontaritis to settle total debt in the amount of $679,371 in respect to certain unpaid salary, advances for operational shortfalls and certain unsettled expense reimbursements into 942,374 shares of the Company's common stock at fair market value on the date(s) of issuance. The Company valued the aforementioned issuances at the closing price of the Company's stock as traded on the OTCMarkets on the date of issue. The difference in price resulted in the Company recording loss on debt settlement in the amount of $1,321,971 in respect of the transaction.

On June 26, 2018, the Company entered into a Debt Settlement and Subscription Agreement with a Director of the Company, Dr. Christos Kapatos to settle total debt in the amount of US$131,870 in respect to certain unpaid salary, advances for operational shortfalls and certain unsettled expense reimbursements into 219,784 shares of the Company's common stock at a price of US$0.60 per share. The Company valued those issuances at the closing price of the Company's stock as traded on the OTCMarkets on the date of issue. The difference in price resulted in the Company recording loss on debt settlement in the amount of $285,718 in respect to the transaction.
F-19

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 12 -   CAPITAL STOCK
 
The Articles of Incorporation authorize the Company to issue 5,000,000 shares of preferred stock with a par value of $0.0001, and 35,000,000 shares of common stock with a par value of $0.0001.  No shares of preferred stock have been issued; however, the Company has granted 25,000 fully vested stock options for the purchase of 25,000 shares of Series A Preferred Stock of the Company at a price of $0.04 per share for a period of five (5) years from the date of vesting. (ref: Note 13 below)

On May 24, 2018, the Company's Board of Directors approved a reverse share split on the basis 20 for 1.  The reverse share split became effective on July 9, 2018. Unless otherwise noted, impacted share amounts and per share information included in the financial statements and notes thereto have been retroactively adjusted for the reverse share split as if such share split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly differently than previously reported due to rounding of fractional shares as a result of the reverse share split.

Share issuances during the three month period ended March 31, 2019

There were no shares issued during the three months ended March 31, 2019.

Share issuances during the year ended December 31, 2018

During the year ended December 31, 2018, 855,717 shares of common stock were issued in respect of various private placements for total cash proceeds of $664,911.

During the year ended December 31, 2018, the Company issued 1,782,500 shares to employees, board members and consultants valued at $1,341,700, for services rendered in the form of stock awards and share based compensation.  The Company valued these issuances based on the closing price of the Company's stock as reflected on the OTC Markets on the respective dates of issuance.

During the year ended December 31, 2018, the Company issued 942,374 shares valued at fair market value on the date(s) of issuance for a total of $2,001,342 to Mr. Leontaritis to settle debt in the amount of $679,371.  The Company valued those issuances at the closing price of the Company's stock as traded on the OTCMarket on the date of issue. The difference in price resulted in the Company recording a loss on debt settlement in the amount of $1,321,971. On October 3, 2018 Mr. Leontaritis resigned all positions with the Company and his contract was terminated.  Further concurrent with his resignation, and with an effective date of September 30, 2018, Mr. Leontaritis and the Company entered into an agreement whereunder Mr. Leontaritis settled certain amounts payable to the Company totaling $134,402. The Company recorded a loss on debt settlement of $514 in respect to the transaction.
 
During the year ended December 31, 2018, the Company issued 219,784 shares valued at fair market value on the date of issuance of $417,588 to Dr. Christos Kapatos to settle debt in the amount of $131,870.  The Company valued those issuances at the closing price of the Company's stock as traded on the OTC Market on the date of issue. The difference in price resulted in the Company recording loss on debt settlement in the amount of $285,718.

Designation of Series A Preferred Stock

On January 13, 2014, the Company filed a Certificate of Designation with the Secretary of State of the State of Nevada.   The Certificate of Designation sets forth the rights, preferences and privileges of a class of the Company's preferred stock.  Such class shall be designated as the "Series A Preferred Stock" and the number of shares constituting such series shall be 5,000,000 shares.  The holders of Series A Preferred Stock will be entitled to a preference over all of the shares of the Company's common stock.  Holders of Series A Preferred Stock shall have 50 votes per share of Series A Preferred Stock held by them and shall be entitled to notice of any stockholders' meeting and to vote as a single class upon any matter submitted to the stockholders for a vote.  Each share of Series A Preferred Stock is convertible into 20 shares of our common stock at any time at the holder's option.  Shares of Series A Preferred Stock shall not be entitled to any dividends.  The preferred stock shall be entitled to a preference over all of the shares of common stock of the Company with respect to the distribution of assets in the event of the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or any other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs.

F-20

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 13 - STOCK OPTIONS AND AWARDS

A total of 25,000 stock options granted during April and June of fiscal 2014 entitling each holder the right to purchase a total of 5,000 shares of Series A Preferred Stock of the Company at a price of $0.04 per share for a period of five (5) years remain unexercised and outstanding as at December 31, 2018.  The Series A Preferred shares are convertible on the basis of 20 shares of common stock for each one share held and have voting rights of 50 votes per share of Series A Preferred stock held at any meetings of the stockholders.

On January 1, 2017, the Company approved a three-year extension to the consulting agreement. Mr. Leontaritis will continue to serve for a term of three years, effective as of January 1, 2017, and ending on December 31, 2019. Further, Mr. Leontaritis is entitled to acquire, at his discretion, 150,000 shares of the common stock at a price of $6 per share for a term of five (5) years.

On December 12, 2017, Dr. Christos Kapatos, director, was issued a stock option as part of an extension to his employment contract under which, at his discretion, he may acquire 1,250,000 shares of the common stock at a price of US$1.00 for a term of six years. The options expired subsequent to year end unexercised.

Mr. Katsaros shall also be entitled to acquire, at his discretion, 500,000 shares of the common stock at a price of US$1.00 for a term of five years commencing January 2, 2018.

On October 3, 2018 each of Mr. Leontaritis and Dr. Kapatos resigned all positions with the Board of Directors.  Subsequently, on November 21, 2018, Dr Kapatos resigned as an officer and terminated his consulting contract.  In addition, the consulting contract with Mr. Katsaros was terminated on November 17, 2018 with an effective date of December 22, 2018. As a result, any unexercised stock options are expected to expire within 90 days of the respective contract terminations.

On October 19, 2018, the Company's Board of Directors approved the grant of 1,500,000 directors' stock options at $0.70 per share each year for five years, which options vest annually on the original date of grant.

The Company accounts for share-based payments pursuant to ASC 718, "Stock Compensation" and, accordingly, the Company records compensation expense for share-based awards based upon an assessment of the grant date fair value for stock options using the Black-Scholes option pricing model. The fair value of stock options under the Black-Scholes model requires management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Company's stock price and expected dividends.

Stock compensation expense for stock options is recognized over the vesting periods.

The Company recognized stock-based compensation expense allocated to consulting fees of $529,208 and $184,643 during the three month periods ended March 31, 2019 and 2018, respectively. The unrecognized amount of $3,164,598 will be expensed in future periods.
  
The following table summarizes information concerning stock options outstanding as of March 31, 2019, and December 31, 2018:

Series A Preferred Stock:
 
 
 
March 31, 2019
   
December 31, 2018
 
 
 
Series A
Preferred stock
   
Weighted Average Exercise Price
$
   
Series A
Preferred stock
   
Weighted Average
Exercise Price
$
 
Outstanding at beginning of the year
   
25,000
     
0.04
     
25,000
     
0.04
 
   Granted
   
-
     
-
     
-
     
-
 
   Exercised
   
-
     
-
     
-
     
-
 
   Expired or canceled
   
-
     
-
     
-
     
-
 
Outstanding at the period
   
25,000
     
0.04
     
25,000
     
0.04
 

The aforementioned options have an average remaining life of 0.07 years. 

F-21

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 13 - STOCK OPTIONS AND AWARDS (continued)

Common stock:
 
 
 
March 31, 2019
   
December 31, 2018
 
 
 
Common
stock
   
Weighted Average Exercise Price
$
   
Common
stock
   
Weighted Average
 Exercise Price
$
 
Outstanding at beginning of the year
   
7,500,000
     
0.70
     
1,400,000
     
1.54
 
   Granted
   
-
     
-
     
8,000,000
     
0.72
 
   Exercised
   
-
     
-
     
-
     
-
 
   Expired or canceled
   
-
     
-
     
(1,900,000
)
   
1.39
 
Outstanding at the end of period
   
7,500,000
     
0.70
     
7,500,000
     
0.70
 
Exercisable (vested) at the end of period
   
1,500,000
     
0.70
     
1,500,000
     
0.70
 
 
The aforementioned exercisable options have an average remaining life of 4.50 years.  There are 6,000,000 unvested options at the end of March 31, 2019 and December 31, 2018.

Valuation Assumptions

The Company accounts for share-based payments pursuant to ASC 718, "Stock Compensation" and, accordingly, the Company records compensation expense for share-based awards based upon an assessment of the grant date fair value for stock options using the Black-Scholes option pricing model. The fair value of stock options under the Black-Scholes model requires management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Company's stock price and expected dividends.

Stock compensation expense for stock options is recognized over the vesting period of the award.

The following table presents the range of the weighted average fair value of options granted and the related assumptions used in the Black-Scholes model for stock option grants:

Series A Preferred Stock:
 
 
Options Granted
September 30, 2014
 
Fair value of options granted
1.40 ~ 2.00
 
Assumptions used:
   
Expected life (years) (a)
   
1.00
 
Risk free interest rate (b)
   
0.11%
 
Volatility (c)
117.09 ~ 119.83 %
 
Dividend yield (d)
   
0.00
 
 
F-22

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 13 - STOCK OPTIONS AND AWARDS (continued)

Valuation Assumptions (continued)

Common stock:
 
 
Option Grant dates
Fair value of options granted
0.038 ~ 0.925
Assumptions used:
 
Expected life (years) (a)
5 ~ 6
Risk free interest rate (b)
1.93% ~ 3.05%
Volatility (c)
175.40% ~ 254.86%
Dividend yield (d)
 0.00
 
The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company's common stock over a period consistent with that of the expected term of the options. The expected term of the options are estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. The dividend yield rate is not considered in the model, as the Company has not established a dividend policy for the stock.

Note 14 - SEGMENT REPORTING

The Company's operations are classified into two reportable segments that provide different products or services. Separate management of each segment is required because each business unit is subject to different marketing, operations, and growth and technology development strategies.
 
The Clinics segment derives its revenue from provision of services at our P&O Clinic located in Glasgow, Scotland. The Technology segment derives its income from the licensing of its proprietary technologies and ultimately recurring royalty income as well as technology access fees. Presently we are only deriving income from our UK-based operations.  We expect this to be the case until such time as we are able to expand our chain of P&O Clinics.
 
There are no inter-segment sales however, the Company's two primary operating segments do share costs on certain operational overhead including facility rent and staff salaries.

Three months ended March 31, 2019:

  
 
Clinics
(UK)
   
Technology
(UK)
   
All Other
(Greece)
   
Total
 
 
                       
Revenue
 
$
54,248
   
$
-
   
$
-
   
$
54,248
 
Depreciation & amortization
 
$
1,511
   
$
10,531
   
$
2,953
   
$
14,995
 
Net (Loss) from operations
 
$
26,859
   
$
(73,524
)
 
$
(574,918
)
 
$
(621,583
)
Interest expenses
 
$
(498
)
 
$
(639
)
 
$
(568
)
 
$
(1,705
)
Income tax expenses
   
-
     
-
     
-
     
-
 
Assets
 
$
70,868
   
$
141,981
   
$
89,033
   
$
310,882
 
Expenditure on long-lived assets
 
$
     
$
     
$
-
   
$
-
 

F-23

Rafina Innovations Inc.
(Formerly HCi Viocare)
Notes to Unaudited Consolidated Financial Statements

Note 14 - SEGMENT REPORTING (continued)

Three months ended March 31, 2018:

  
 
Clinics
(UK)
   
Technology
(UK)
   
All Other
(Greece)
   
Total
 
 
                       
Revenue
 
$
126,890
   
$
4,890
   
$
-
   
$
131,780
 
Depreciation & amortization
 
$
2,357
   
$
11,247
   
$
5,851
   
$
19,455
 
Net (Loss) from operations
 
$
20,469
   
$
(76,551
)
 
$
(637,433
)
 
$
(693,515
)
Interest expenses
 
$
-
   
$
-
   
$
(614
)
 
$
(614
)
Assets
 
$
277,638
   
$
146,554
   
$
140,906
   
$
565,098
 
Expenditure on long-lived assets
 
$
-
   
$
-
   
$
-
   
$
-
 

Note 15 - SUBSEQUENT EVENTS

On April 5, 2019 the Company and a third party entered into an agreement whereunder outstanding debt in the amount of $120,232 was agreed to be settled by way of issuance of One Million Three Hundred and Seventy-Four Thousand and Seventy Eight (1,374,078) shares of common stock at $0.0875 per share. The issuance will be valued at fair market value on the date of the agreement.  As at the date of this report the shares have not yet been issued.

The Company has evaluated subsequent events from the balance sheet date through the date that the financial statements were issued and determined that there are no additional subsequent events to disclose.



F-24

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations
 
The following discussion and analysis of the results of operations and financial condition of Rafina Innovations Inc.  for the three-month period ended March 31, 2019 be read in conjunction with the financial statements and notes. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results of the timing of events could differ materially from those projected in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Special Note Regarding Forward-Looking Statements and Business sections in our Form 10-K as filed with the Securities and Exchange Commission on May 16, 2019. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements.
 
BUSINESS OVERVIEW
 
We were incorporated in the State of Nevada on March 26, 2007 as a company intending to sell medical devices in the northern regions of China. Our intent was to seek strategic relationships with medical device manufacturers both in China and North America with the aim to be their sales and distribution agent in northern China. We also intended to assist Chinese medical device manufacturers on the development of the North American market. The Company did not find suitable relationships with which to progress its business until it undertook a change in management in September 2013. With the change in management, the Company determined that it would initially concentrate on the development and marketing of medical and athletic devices in Europe where management had identified several opportunities for entry into the market for prosthetics and orthotics, as well as sensor-based technology, and we commenced commercialization of our various products. We currently have various patents, and patents in progress, for the development of certain healthcare innovations including various athletic applications relative to our FlexisenseTM sensor technology.  In addition, during fiscal 2015, we opened our first Prosthetics and Orthotics total rehabilitation clinic in Glasgow, Scotland.  During fiscal 2016, our flagship P&O clinic in Scotland completed its first full year of operations after relocation to a larger state of the art facility which allowed for a substantive increase in our period over period revenues.  Presently our revenue stream is derived primarily from the Company's flagship P&O clinic with some initial commercial income from prospective licensing partners for applications of our developed technology.

We continue to implement our growth strategy, our complementary business model of 1) creating the first cross-border independent chain of Prosthetics & Orthotics (P&O) and Diabetic Foot clinics in Europe and the Middle East and 2) developing a wide portfolio of proprietary hardware solutions with first in line the FlexisenseTM sensor system, aiming to empower the user by providing on demand information in the fields of Digital Health, Prosthetics, Orthotics, Diabetes, Assistive Devices, Sports and Wellbeing, and licensing to established industry participants.

Rafina Innovations Inc. is listed on the OTC Markets in the USA (OTCMarkets: VICA) and has its flagship clinic and R&D center in Glasgow, UK. Executive management of the Company are located in Athens and Cyprus and provide the Company office space free of charge.

We have two wholly-owned Scottish subsidiaries: HCi Viocare Technologies Inc. and HCi Viocare Clinics UK Limited, one wholly owned Greek subsidiary, HCi Viocare Clinics (Hellas) S A. Our Greek subsidiary is currently being liquidated and dissolved. While we commenced the dissolution in August 2017, the process has not yet been completed as of the date of this report. On July 19, 2018 we incorporated a Cyprus subsidiary, Rafina Innovations (Cyprus) Ltd. in order to better facilitate our international banking requirements.

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The Company's technologies and R&D portfolio presently consists of:
 
•  
Filing of 3 patents in the UK: pressure sensor system; pressure & shear; pressure & positioning (Dec 2014) (all of which patents were abandoned upon the filing of a new International (PCT) patent application in December 2015 which covers over 140 countries around the world, and includes further advances made to the sensor systems, and a wider range of applications in products that touch people's everyday lives;
Filing of 4 national patents for the Flexisense technology, following the progression of the PCT patent:
Chinese Patent Application
United States Patent Application
Canadian Patent Application
European Patent Application
 
•  
2 further patents drafted and pending filing during fiscal 2019, with a further 4 patent applications currently in draft form;

•  
In excess of 12 prototypes: including 4 different types of pressure & shear insoles and diabetic walkers; smart cushion, smart mattress, biPAP machine and Flexicuff for deep vein thrombosis, with several of these prototypes in the commercialization stage;
 
•  
1 proof of concept device: robotic surgical assistive device;

•  
High level diagrams or complex documentation and software for other innovations in the portfolio.
 
• 
Various customized prototypes in testing and development with commercial partners.
 
Key business developments and material events in the most recent three months and to date

In February 2019 the Company announced it has commenced development on a prototype for sleep apnoea through a biPAP machine that management believes can positively impact those with sleep apnoea, a respiratory failure which occurs during sleep. Additionally, in February 2019, the Company announced it has developed a product prototype to assist patients with Deep Vein Thrombosis called the Flexi Cuff.  Deep Vein Thrombosis ("DVT") occurs when blood clots form inside veins deep inside the body. Rafina's cuff prototype has several advantages. Its inflation/deflation functionality is smooth and increases blood flow as required. Noise levels are extremely low while the cuff is operating, and the cuff has a long battery life due to an innovative pump design (circa 12 hours). The product is lightweight making it very portable and it can be charged using a simple USB cable. 

On March 14, 2019, Mr. Sotirios Leontaritis resigned as director of each of the Company's wholly owned subsidiaries, HCi Viocare Technologies and HCi Viocare Clinics. Concurrently Miss Paraskevi Pylarinou was appointed to fill the vacancies on the boards. Ms. Pylarinou is the sole director of HCi Viocare Technologies and one of two directors of HCi Viocare Clinics, Mr. Brian Maguire being the other.

Additional information on the Company's activities, technologies and management team can be found at the Company's website: http://www.rafinainnovations.com

Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.

RESULTS OF OPERATIONS
 
Comparison of the Three Months Ended March 31, 2019 and 2018

Revenue, Cost of Revenue, and Gross Profit - We have incurred losses since inception. We generated $54,248 in revenues from operations and costs of goods sold of $22,833 for the three months ended March 31, 2019. During the current three-month period we also recorded a credit of $35,350 to costs of goods sold relative to a vendor refund, which resulted in a net credit to of $12,517 in the period.  This is compared to $131,780 in revenue and $39,503 in costs of goods sold for the three-month period ended March 31, 2018.   The current quarter decrease in revenue is due to the fact that prior quarter comparative results involved large prosthetic procedures with a reduction to similar procedures at the P&O clinic in the current three months ended March 31, 2019.

Operating Expenses – Operating expenses totaled $685,965 in the three months ended March 31, 2019 and were decreased as compared to operating expenses of $787,003 in the prior three-month comparative period.   Professional fees reflect a slight decrease period over period from $19,436 in fiscal 2018 to $17,652 in the current three-month period ended March 31, 2019.  Consulting fees remained consistent period over period and totaled $537,208 and $ 537,225 in the three months ended March 31, 2019 and 2018, respectively. Consulting expenses include $529,208 in share-based compensation in the current three months ended March 31. 2019 as compared to $184,643 in share-based compensation in the prior comparative three-month period.  Research and development expenses decreased in the three months ended March 31, 2019 as compared to results from the same three-month period in 2018 and general and administrative expenses also decreased dramatically from $127,559 to $57,173 as we are no longer operating our larger executive office in Athens, Greece.
 
Loss from Operations – During the three-month periods ended March 31, 2019 and 2018 we recorded losses from operations of $619,200 and $694,726, respectively.
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Other expenses - During the three months ended March 31, 2019, the Company recorded a loss on foreign currency translation of $678 as compared to a gain of $1,825 in the prior comparative three-month period.  Further we recorded interest expenses to third parties of $1,705 in the current three-month period, compared to $614 in the prior three months ended March 31, 2018.

Net Loss - During the comparative three-month periods ended March 31, 2019 and 2018 we recorded a net loss of $621,583 and $693,515, respectively.

CAPITAL RESOURCES AND LIQUIDITY
 
At March 31, 2019, we had $17,258 cash on deposit, $58,677 in accounts receivables, $79,929 in other receivables, $4,248 in inventory, and prepaid expenses of $47,703 for total current assets of $207,815.  Further we had current liabilities of $669,290 in accounts payable and accrued expenses (including amounts due to related parties), $80,000 in income taxes payable, $15,147 in advances from related parties and $78,982 in short term notes from third parties.   We had a working capital deficit of $635,604 as at March 31, 2019. While the Company's prosthetics and orthotics clinic in Glasgow has increased its patient through-put year over year, sales are still not sufficient to cover our consolidated operational expenses.  We commenced generating revenue from commercial evaluation of our available technologies in fiscal 2016, however we did not record revenue in this segment in the three months ended March 31, 2019, as we continue to work towards larger commercial licensing contracts.  Presently we rely on our advances from our President, third party loans, and private placements from qualified investors to fund our general operating expenses.  During the most recent three months ended March 31. 2019 we only secured a small advance of $567.  The Company will be required to conclude a larger equity-based financing to meet its operational overheads for the balance of fiscal 2019.

The Company expects it will need to raise a total of $5,000,000 to $15,000,000 to fund its proposed operations for the next twelve to 36 months, including the planned expansion of its P&O Clinics. It intends to fund operations by a combination of related party loans, debt financing and equity placements, as well as through joint venture partnerships negotiated in our recently completed quarter. The Company is seeking equity private placements from qualified investors with which to fund operations until such time as it can secure alternate financing arrangements.  The Company is also seeking joint venture partners for its various Insole technology applications as a further means to fund ongoing commercialization efforts.

There can be no assurance that continued funding will be available on satisfactory terms.
 
GOING CONCERN

The Company incurred net losses of $621,583 and $693,515 for the three months periods ended March 31, 2019 and 2018, respectively and has a retained deficit of $41,208,048. In addition, the Company had a working capital deficiency of $635,604 and a stockholders' deficit of $588,237 at March 31, 2019. These factors raise substantial doubt about the Company's ability to continue as a going concern. 
There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders. 
While the Company generates income and has obtained proceeds from loans and private placements of equity securities from third parties, the Company has relied heavily for its financing needs on our officers and directors since inception.
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NEED FOR ADDITIONAL FINANCING
 
Costs associated with being a public company are much higher than those of a private company. Rafina Innovations Inc.  has chosen public registration before the business has developed a predictable cash flow. There are present registration expenses and future legal and accounting expenses, future reporting requirements to the SEC, future exchange listing requirements, and future investor relations costs that must be borne by a public company but not by a private company. These costs can be a burdensome expense which could adversely affect our financial survival. The ongoing regulatory costs, reporting requirements, and management details, which must be met when registering and maintaining a public company, may make the economic viability of Rafina Innovations Inc. very doubtful.  In addition, the Company requires additional financing in order to continue to execute its business plan which includes the commercialization of our technologies, the ongoing operation of a P&O clinic in Glasgow, the opening of several additional P&O clinics, as well as ongoing research and development to bring new technologies to market.
 
In the past we have relied on advances from related parties, loans and private placements from accredited investors to cover our operating costs. There can be no assurance that any other capital will be available if and when required from qualified investors or related parties.  We do not have sufficient capital presently to meet our ongoing operational costs.  There can be no assurance that we will identify and conclude contracts for our various technologies which will result in profitable operation, or that we will be able to increase the current level of operation at our P&O clinic to meet our current funding requirement. We cannot assure that we will be successful in consummating any acquisition or contracts on favorable terms or that we will be able to profitably manage any business venture we acquire. Should we require additional capital, we may seek additional advances from officers, sell common stock or find other forms of debt financing.
 
CRITICAL ACCOUNTING POLICIES
 
Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("GAAP"). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, and revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.
 
Our significant accounting policies are summarized in Note 4 of our financial statements for the three-month period ended March 31, 2019.  While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause a material effect on our consolidated results of operations, financial position or liquidity for the periods presented in this report.

8

RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Lease (Topic 842)", a new lease standard requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset ("ROU" asset) representing its right to use the underlying asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has adopted this standard effective January 1, 2019. The Company elected the optional transition method that permits adoption of the new standard prospectively, as of the effective date, without adjusting comparative periods presented. Adoption of the standard resulted in the recognition of $39,528 of rights to use assets and $46,700 of lease liabilities on the consolidated balance sheet as of March 31, 2019 at adoption related to office space.
Further during fiscal 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers. There was no impact on the Company's financial statements as a result of adopting Topic 606 during fiscal 2018.

There were various other accounting standards and interpretations issued recently, none of which are expected to have a material effect on the Company's operations, financial position or cash flows. 

OFF BALANCE SHEET ARRANGEMENTS
 
We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as "special purpose entities" (SPEs).
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
 
Not applicable.
 
Item 4. Controls and Procedures.
 
Evaluation of Disclosure Controls and Procedures

Our management, under supervision and with the participation of the Company's Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e). Based upon this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of March 31, 2019, because of the material weakness in our internal control over financial reporting ("ICFR") described below, our disclosure controls and procedures were not effective.
 
Disclosure controls and procedures are controls and other procedures that are designed to ensure that required information to be disclosed in our reports filed or submitted under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that required information to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

During the period covered by this report, there were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
9


PART II - OTHER INFORMATION
 
Item 1. Legal Proceedings. 
 
Viocare, Inc. a New Jersey corporation (the «Plaintiff») filed a complaint on October 24, 2016 in the United States District Court, District of Nevada objecting to the use of the name «viocare» by Rafina Innovations Inc. , of Nevada (the «Defendant»). The Company and Viocare Inc. have agreed to terms of settlement effective October 19, 2017.  Under the terms of the settlement, among other concessions the Company has agreed to the following:

 - To remove "Viocare" from its registered name in the State of Nevada, its website and all usage in the United States of America and Canada, including any registered trademarks;
 
 - To remove "Viocare" from the subsidiary UK registered company "HCI VIOCARE TECHNOLOGIES LIMITED", its website, if any, and all usage in the United States of America and Canada, including any registered trademarks;

 - It is allowed to the Company to use the trademark "VIOCARE" only on its activities in health care services field excluding the territory of U.S.A. and Canada.

 - No objection to the Plaintiff's use of its mark in Europe provided Plaintiff does not use for P&O clinics, or goods and services related diabetic foot care; and,

- The Company undertook to terminate the website at http://www.hciviocare.com and assign Company's URL(s) to Plaintiff.

The Company has completed a name change in the State of Nevada effective July 9, 2018, in order to comply with this settlement and will alter the name of its UK subsidiary company HCI VIOCARE TECHNOLOGIES LIMITED to RAFINA TECHNOLOGIES LIMITED as soon as practicable.
 
We know of no other material, active or pending legal proceedings against our Company, nor of any proceedings that a governmental authority is contemplating against us.
 
Item 1A. Risk Factors.
 
Smaller reporting companies are not required to provide the information required by this item.
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On April 5, 2019 the Company and a third party entered into an agreement whereunder outstanding debt in the amount of $120,232 was agreed to be settled by way of issuance of One Million Three Hundred and Seventy-Four Thousand and Seventy-Eight (1,374,078) shares of common stock at $0.0875 per share. The issuance will be valued at fair market value on the date of the agreement.  As at the date of this report the shares have not yet been issued.

Exemption From Registration. The shares of Common Stock referenced herein and acquired under private placement were issued in reliance upon the exemption from securities registration afforded by the provisions of Regulation S of the Securities Act of 1933, as amended, ("Securities Act"), as promulgated by the U.S. Securities and Exchange Commission under the Securities Act. Our reliance upon the exemption under Rule 903 of Regulation S of the Securities Act was based on the fact that the sales of the securities were completed in an "offshore transaction", as defined in Rule 902(h) of Regulation S. We did not engage in any directed selling efforts, as defined in Regulation S, in the United States in connection with the sale of the securities. The investor was not a US person, as defined in Regulation S, and was not acquiring the securities for the account or benefit of a US person.
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Other than as disclosed above there were no unregistered securities to report which were sold or issued by the Company without the registration of these securities under the Securities Act of 1933 in reliance on exemptions from such registration requirements, within the period covered by this report, which have not been previously included in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.

Item 3. Defaults Upon Senior Securities.
 
None.
 
Item 4. Mine Safety Disclosures.
 
Not applicable.
 
Item 5. Other Information.

Changes in Management

On March 14, 2019, Mr. Sotirios Leontaritis resigned as director of each of the Company's wholly owned subsidiaries, HCi Viocare Technologies and HCi Viocare Clinics. Concurrently Miss Paraskevi Pylarinou was appointed to fill the vacancies on the boards.

Trademark

The Company has received two oppositions for use of the filed trade mark «Flexisense» by the Company in certain usage classes.  The first being a USPTO Office Action and another from the company Grupo Flexi de Leon, S.A. de C.V. 

The FLEXISENSE word mark (Serial Number 86969718) and the class IC 025 in connection with footwear and shoes has been abandoned due to opposition of Grupo Flexi de Leon S.A. de C.V.

With regard to the FLEXISENSE design mark (Serial Number 86969716), we are required to submit specimens to show use in each class in the application: IC 009, IC 010 and IC 012. As our technologies team is currently working on an immediate but prospective mattress project, Flexisense sensor specimens for insole application are not yet available. Therefore, we have filed an extension of time for another six months from May 31, 2018, and we are expecting the consent of USPTO. At this time we have had no further correspondence with the USPTO.
11

Item 6. Exhibits, Financial Statement Schedules

 
Exhibits:
Description
 
Filed herewith
Filed herewith
Filed herewith
Filed herewith
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
*
101.DEF
XBRL Taxonomy Extension Definition Linkbase
*
101.INS
XBRL Instance Document
*
101.LAB
XBRL Taxonomy Extension Label Linkbase
*
101.PRE
XBRL Taxonomy Extension Presentation Linkbase
*
101.SCH
XBRL Taxonomy Extension Schema
*
 
*To be filed by amendment.

 
SIGNATURES

 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
 
 
Rafina Innovations Inc.
 
 
 
 
Date:
May 20, 2019
By:
/s/ Constantinos Zertalis
 
 
Name:
Constantinos Zertalis
 
 
Title:
Chief Executive Officer and President (Principal Executive Officer)
       
Date:
May 20, 2019
By:
/s/ Paraskevi Pylarinou
 
 
Name:
Paraskevi Pylarinou
 
 
Title:
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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