Financial and Operating Highlights
- cash and short-term investments at
March 31, 2022 were$1.87 million ; - accounts receivable payments of approximately
$246,922 was received in Q1-22,$154,326 inApril 2022 , and$390,000 is anticipated to be received inMay 2022 ; - the Company recorded SFD® related revenues of $nil;
- a net loss of
$1.84 million was recorded for Q1-22, including stock based compensation expense ("SBCE") and amortization expense of$0.50 million ; - net loss per common share for the quarter was
$0.03 basic and diluted; - cash flow used in operating activities was
$0.91 million during the quarter; - Net working capital was
$1.35 million atMarch 31, 2022 ; - general and administrative expenses increased by
$0.01 million (1%) as compared to the first quarter of 2021; - the Company extended its aircraft lease until 2024; and
- NXT patent application in
Brazil has been officially granted, bringing the total number of countries in which NXT holds patents to 46.
Message to Shareholders
On the hydrocarbon business development side, as commodity prices remain strong and global economic activity continues to accelerate, we are witnessing an increased level of business development and exploration activity with our customers. Today, we see clear signs of many suspended exploration programs being reactivated with a strong commitment by the industry to lower its environmental footprint. NXT’s patented and non-intrusive SFD® airborne technology not only increases the drill success rates of its customers, but drastically reduces the negative environmental impact of traditional large-scale surface surveys.
SFD® survey opportunities continue to progress well in this environment not only within our core areas of focus in
Summary highlights of NXT's 2022 first quarter financial statements (with comparative figures to 2021) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's first quarter 2022 unaudited condensed consolidated interim financial statements and the related Management's Discussion and Analysis ("MD&A").
(All in Canadian $) | ||||||
Q1-22 | Q1-21 | |||||
Operating results: | ||||||
SFD® related revenue | $ | - | $ | - | ||
SFD® related costs, net | 437,282 | 265,615 | ||||
General & administrative expenses | 912,550 | 900,309 | ||||
Amortization and other expenses, net | 491,036 | 481,368 | ||||
(1,840,868 | ) | (1,647,292 | ) | |||
Net (loss) income and comprehensive loss) income | (1,840,868 | ) | (1,647,292 | ) | ||
Income (loss) per common share – basic | $ | (0.03 | ) | $ | (0.03 | ) |
Income (loss) per common share – diluted | $ | (0.03 | ) | $ | (0.03 | ) |
Number of common shares outstanding as at end of the period | 65,301,972 | 64,494,356 | ||||
Weighted average number of common shares outstanding for the period: | ||||||
Basic | 65,282,940 | 64,472,222 | ||||
Diluted | 65,282,940 | 64,472,222 | ||||
Cash provided by (used in): | ||||||
Operating activities | $ | (913,141 | ) | $ | (847,129 | ) |
Financing activities | (11,844 | ) | (16,556 | ) | ||
Investing activities | (150,272 | ) | 191,261 | |||
Effect of foreign rate changes on cash | (13,877 | ) | (14,499 | ) | ||
Net cash inflow (outflow) | (1,089,134 | ) | (686,923 | ) | ||
Cash and cash equivalents, beginning of the period | 2,257,855 | 2,690,146 | ||||
Cash and cash equivalents, end of the period | 1,168,721 | 2,003,223 | ||||
Cash and cash equivalents | 1,168,721 | 2,003,223 | ||||
Short-term investments | 700,272 | 150,000 | ||||
Total cash and short-term investments | 1,868,993 | 2,153,223 | ||||
Net working capital balance | 1,346,144 | 1,514,112 |
NXT's 2022 first quarter financial and operating results have been filed in
Details of the conference call are as follows:
Date: | |
Time: | |
North American Participants Call: | 1-(800)-806-5484 |
Participant Pass Code | 8249637# |
About
Contact Information
For investor and media inquiries please contact:
George Liszicasz | |
Vice President of Finance & CFO | President & CEO |
+1 403 206 0805 | +1 403 206 0800 |
nxt_info@nxtenergy.com | nxt_info@nxtenergy.com |
www.nxtenergy.com | www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose" or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: business negotiations, opportunities, discussions, including the timing thereof and business strategies. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including those related to the novel coronavirus (2019-nCoV/COVID-19), and the potentially negative effects thereof on the Company's workforce, its supply chain or demand for its products. Additional risk factors facing the Company are described in its most recent Annual Information Form for the year ended
Non-GAAP Measures
This news release contains disclosure respecting non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. This measure is included to enhance the overall understanding of NXT’s ability to assess liquidity at a point in time. Readers are urged to review the section entitled "Non-GAAP Measures” in NXTs MD&A for the three months ended
Source:
2022 GlobeNewswire, Inc., source