MCLOUD TECHNOLOGIES CORP. Proforma Balance Sheet
April-20 | December-31 | |||
2021 | 2020 | |||
Proforma/Unaudited | Audited | |||
$ | $ | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 14,365,483 | $ | 1,110,889 |
Trade and other receivables | 8,389,248 | 6,747,463 | ||
Contract asset - current | 149,652 | 153,178 | ||
Prepaid expenses and deposits | 2,024,962 | 1,326,319 | ||
Current portion of long-term receivables | 5,340,463 | 5,857,386 | ||
Total current assets | $ | 30,269,808 | $ | 15,195,235 |
Non-current assets | ||||
Contract asset - non-current | $ | 161,716 | $ | 161,716 |
Prepaid expenses and deposits - NC | 718,731 | 718,731 | ||
Long-term receivables | 2,389,975 | 2,091,059 | ||
Right-of-use assets | 3,547,000 | 3,660,717 | ||
Property and equipment | 420,000 | 506,387 | ||
Derivative asset | 131,400 | 131,400 | ||
Intangible assets | 26,511,000 | 27,766,839 | ||
27,052,000 | 27,086,727 | |||
Total non-current assets | $ | 60,931,822 | $ | 62,123,576 |
Total assets | $ | 91,201,630 | $ | 77,318,811 |
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Bank indebtedness | $ | 989,480 | $ | 976,779 |
Trade payables and accrued liabilities | 10,272,000 | 12,078,028 | ||
Deferred revenue | 1,863,680 | 1,771,120 | ||
Due to related party | 827,654 | 846,228 | ||
Loans and borrowings | 3,726,000 | 4,149,092 | ||
Warrant liabilities | 562,240 | 710,924 | ||
Current portion of lease liabilities | 788,000 | 835,472 | ||
Other liabilities - current | 0 | 5,285,997 | ||
Business acquisition payable | 1,416,920 | 1,594,297 | ||
Total current liabilities | $ | 20,445,974 | $ | 28,247,937 |
Non-current liabilities | ||||
Convertible debentures | $ | 31,374,085 | $ | 19,534,988 |
Lease liabilities | 2,929,000 | 3,109,604 | ||
Loans and borrowings - NC | 9,735,000 | 9,953,626 | ||
Deferred income tax liability | 4,168,905 | 4,168,905 | ||
Business acquisition payable - non-current | 821,560 | 845,232 | ||
Total liabilities | $ | 69,474,524 | $ | 65,860,292 |
EQUITY | ||||
Share capital | $ | 97,610,611 | $ | 83,120,611 |
Contributed surplus | 8,965,000 | 8,518,476 | ||
Accumulated other comprehensive income (loss) | 1,980,231 | 1,669,596 | ||
Deficit | (90,494,606) | (85,686,366) | ||
Equity attributable to shareholders | $ | 18,061,236 | $ | 7,622,317 |
Non-controlling interest | 3,665,870 | 3,836,202 | ||
TOTAL LIABILITIES AND EQUITY | $ | 91,201,630 | $ | 77,318,811 |
Non-Brokered Financing
The Company also announces that it will no longer be proceeding with its previously announced non-brokered unit offering.
About
mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud's AI-powered AssetCare™ platform, mCloud offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.
Headquartered in
mCloud's common shares trade on the TSXV under the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's convertible debentures trade on the TSXV under the symbol MCLD.DB. For more information, visit www.mcloudcorp.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein includes, but is not limited to, certain pro-forma financial information of the Company.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to a number of risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's annual information form dated
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions, including, but not limited to the following: the Company will remain in compliance with regulatory requirements; the Company will have sufficient working capital and will, if necessary, be able to secure additional funding necessary for the continued operation and development of its business; key personnel will continue their employment with the Company and the Company will be able to obtain and retain additional qualified personnel, as needed, in a timely and cost efficient manner; and general economic conditions and global events, including the impact of COVID-19.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
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SOURCE
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