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--------------------------------------------------- | |Year Ended June 30 | |-------------------------------------------------| | |2020 |2019 | |-------------------------------------------------| |License and Total Revenues |$ |$ nil | | |5,202,500| | |-------------------------------------------------| |Adjusted EBITDA (LBITDA)(1)|$ |$ | | |3,888,246|(2,682,111)| |-------------------------------------------------| |Net income (loss) |$ |$ | | |2,090,575|(3,771,325)| |-------------------------------------------------| |Basic and diluted net |$ 0.03 |$ (0.06) | |income (loss) per | | | |share | | | ---------------------------------------------------
(1) This is a non-IFRS Measure. See section "Non-IFRS Measure" below for further information.
The Company's net income in the year ended
In comparing our current year and previous year results,our Net Income increased by
- the license revenues earned,
- reduced operating expenses incurred as compared to the prior year, and
- a greater amount of our development costs qualifying for capitalization as intellectual property expenditures. During the
June 30, 2020 year the Company's primary development activities were the continued development of its SMART Seeder technology and the development of the prototype SMART Seeder MAX-S as part of the joint venture withNorwood Sales Inc. ("Norwood")
Our first license agreement sets the standard for additional parallel opportunities around the world, leveraging our strong intellectual property portfolio with other synergistic opportunities will remain a dovetailed approach to our future growth plans."
Clean Seed's financial statements and MD&A for the year-end
ON BEHALF OF THE BOARD
"
Chief Executive Officer
About
The common shares of Clean Seed are listed on the
We are a team of innovators and business management professionals with a proven track record of game changing innovation and production of patented agricultural technologies at an incredibly high level. We pride ourselves as progress facilitators that turn solutions for modern agricultural problem into commercially viable products to fulfill new demand.
Clean Seed's SMART Seeder(TM) technologies are revolutionary seeding tools that utilize the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row variable rate technology at the forefront of agricultural innovation. Our innovations create a new class of highly accurate seeding equipment designed specifically for today's farmer.
For further information please contact Clean Seed at 604-566-9895 and visit our website at http://www.cleanseedcapital.com.
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NON-IFRS MEASURES
In analyzing our results, we supplement our use of financial measures that are calculated and presented in accordance with International Financial Reporting Standards ("IFRS") with "Adjusted EBITDA (LBITDA)".
References to "Adjusted EBITDA (LBITDA)" are to profit (loss) before income taxes, interest on loans, depreciation, amortization and non-cash share-based compensation expenses. Management believes that, in addition to profit or loss, adjusted EBITDA (LBITDA) is a useful supplemental measure in evaluating the Company's performance. This non-IFRS financial measure is not standardized; therefore, it may not be possible to compare these financial measures with other companies' non-IFRS financial measures having the same or similar businesses. Management cautions investors that adjusted EBITDA (LBITDA) should not replace profit or loss as indicators of performance, or cash flows from operating, investing, and financing activities as a measure of the Company's liquidity and cash flows. Reconciliations of non-IFRS financial measures to the most directly comparable IFRS financial measures are contained in our MD&A. See more details in the Company's MD&A for the fiscal year ended
DISCLAIMER
The Company's receipt of licensing fees in fiscal 2020 represented the first revenues of that nature, and there is no assurance the Company will earn or receive any licencing fees or similar revenues in the future. As stated in theCompany's news release of
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Copyright (c) 2020 TheNewswire - All rights reserved., source