Unaudited Interim Condensed Consolidated Financial Statements
For the three and six months ended June 30, 2022 and 2021
EverGen Infrastructure Corp.
Unaudited Interim Condensed Consolidated Financial Statements
All amounts in Canadian $000s, unless otherwise indicated
NOTICE OF NO REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited interim condensed consolidated financial statements of EverGen Infrastructure Corp. for the three and six months ended June 30, 2022 have been prepared by and are the responsibility of the Company's management.
Under National Instrument 51-102, continuous disclosure obligations, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The Company's independent auditor has not performed a review of these interim financial statements in accordance with standards established for a review of interim financial statements by an entity's auditor.
EverGen Infrastructure Corp.
Unaudited Interim Condensed Consolidated Financial Statements
All amounts in Canadian $000s, unless otherwise indicated
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
June 30, | December 31, | ||
As at | Notes | 2022 | 2021 |
Current assets | |||
Cash and cash equivalents | 17,379 | 19,597 | |
Restricted cash | 3 | 17 | 2,688 |
Accounts receivable | 4 | 1,929 | 2,122 |
Prepaid expenses and other assets | 843 | 612 | |
20,168 | 25,019 | ||
Property, plant and equipment | 5 | 19,805 | 17,007 |
Intangible assets | 6 | 23,400 | 24,376 |
Goodwill | 14,208 | 14,208 | |
Equity accounted investments | 7 | 1,000 | - |
Total assets | 78,581 | 80,610 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 2,245 | 3,197 | |
Loans payable | 8 | 700 | 700 |
Lease liabilities | 9 | 384 | 298 |
Deferred revenue | 36 | - | |
Contingent consideration | 279 | 279 | |
3,644 | 4,474 | ||
Loans payable | 8 | 5,408 | 5,758 |
Lease liabilities | 9 | 3,669 | 2,999 |
Deferred tax | 5,376 | 6,007 | |
Total liabilities | 18,097 | 19,238 | |
Shareholders' equity | |||
Share capital | 10b | 60,304 | 60,597 |
Share warrants | 3,484 | 3,484 | |
Contributed surplus | 10a | 1,572 | 1,477 |
Accumulated deficit | 10b | (4,876) | (4,186) |
Total shareholders' equity | 60,484 | 61,372 | |
Total liabilities and shareholders' equity | 78,581 | 80,610 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. Subsequent events note 19
On behalf of the board of directors: | |
Signed: "Chase Edgelow" | Signed: "Mary Hemmingsen" |
Chase Edgelow, Director | Mary Hemmingsen, Director |
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EverGen Infrastructure Corp.
Unaudited Interim Condensed Consolidated Financial Statements
All amounts in Canadian $000s, unless otherwise indicated
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited)
(Thousands of Canadian Dollars and shares, except per share amounts)
Three months ended | Six months ended | ||||
June 30, | June 30, | June 30, | June 30, | ||
Notes | 2022 | 2021 | 2022 | 2021 | |
Revenue | 11 | 2,359 | 3,349 | 3,786 | 4,934 |
Cost of goods sold | 1,065 | 866 | 1,771 | 1,463 | |
Gross profit | 1,294 | 2,483 | 2,015 | 3,471 | |
Operating costs | 1,081 | 421 | 1,582 | 643 | |
General and administrative expenses | 12 | 1,011 | 441 | 1,847 | 1,687 |
Depreciation and amortization | 5,6 | 757 | 672 | 1,490 | 1,264 |
Share-based payment expense | 10a | 277 | 332 | 52 | 745 |
Finance costs - net | 13 | 117 | 123 | 229 | 230 |
Contingent consideration loss | - | 867 | - | 867 | |
Other (income) expense - net | 14 | (921) | (32) | (1,793) | 35 |
Net loss before income tax expense (recovery) | (1,028) | (341) | (1,392) | (2,000) | |
Income tax expense (recovery) | |||||
Current | 70 | 85 | 4 | 3 | |
Deferred | (552) | (251) | (631) | (670) | |
Net loss and comprehensive loss | (546) | (175) | (765) | (1,333) | |
Loss per share - basic and diluted | ($0.04) | ($0.02) | ($0.06) | ($0.14) | |
Weighted average number of common shares | |||||
outstanding | 13,357 | 9,819 | 13,362 | 9,222 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
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EverGen Infrastructure Corp.
Unaudited Interim Condensed Consolidated Financial Statements
All amounts in Canadian $000s, unless otherwise indicated
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(Thousands of Canadian Dollars and shares)
Share | Share | Share | Share | Share | Share | Contributed | Accumulated | |||
capital | capital | warrants | warrants | rights | rights | surplus | deficit | Total | ||
Notes | # | $ | # | $ | # | $ | $ | $ | $ | |
Balance, December 31, 2021 | 13,367 | 60,597 | 2,682 | 3,484 | - | - | 1,477 | (4,186) | 61,372 | |
Net loss for the period | - | - | - | - | - | - | - | (765) | (765) | |
Repurchase of common shares | 10b | (60) | (293) | - | - | - | - | - | 75 | (218) |
Share-based payment expense | 10a | - | - | - | - | - | - | 52 | - | 52 |
Capitalized share-based expense | - | - | - | - | - | - | 43 | - | 43 | |
Balance, June 30, 2022 | 13,307 | 60,304 | 2,682 | 3,484 | - | - | 1,572 | (4,876) | 60,484 | |
Balance, December 31, 2020 | 8,203 | 32,790 | 340 | 1,068 | 462 | 32 | 252 | (2,233) | 31,909 | |
Net loss for the period | - | - | - | - | - | - | - | (1,333) | (1,333) | |
Share-based payment expenses | - | - | - | - | - | - | 745 | - | 745 | |
Common shares issued on private placements | 375 | 2,320 | - | - | - | - | - | - | 2,320 | |
Common shares issued in exchange for | ||||||||||
consulting services relating to acquisitions | 50 | 250 | - | - | - | - | (250) | - | - | |
Special Warrant Financing | 1,059 | 7,225 | 530 | 1,250 | - | - | - | - | 8,475 | |
Issuance in exchange for advisor services in | ||||||||||
connection with Special Warrant Financing | 13 | 95 | - | - | - | - | - | - | 95 | |
Broker Options issued for broker services in | ||||||||||
connection with Special Warrant Financing | - | - | 23 | 41 | - | - | - | - | 41 | |
Broker Unit Warrants issued for broker services | ||||||||||
in connection with Special Warrant | ||||||||||
Financing brokered private placement | - | - | 11 | 44 | - | - | - | - | 44 | |
Common shares issued as consideration for | ||||||||||
acquisitions | 125 | 1,000 | - | - | - | - | - | - | 1,000 | |
Common shares issued on satisfaction of share | ||||||||||
rights | 462 | 32 | - | - | (462) | (32) | - | - | - | |
Finder Warrants issued for services in | ||||||||||
connection with Special Warrant Financing | ||||||||||
non-brokered private placement | - | - | 7 | 12 | - | - | - | - | 12 | |
Share issue cost, net of tax | - | (843) | - | - | - | - | - | - | (843) | |
Balance, June 30, 2021 | 10,287 | 42,869 | 911 | 2,415 | - | - | 747 | (3,566) | 42,465 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
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EverGen Infrastructure Corp. published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 14:07:02 UTC.