Consolidated Financial Statements
Voxtur Analytics Corp.
(previously known as - iLOOKABOUT Corp.)
For the years ended December 31, 2020 and 2019
(In thousands of Canadian dollars, except per share amounts)
Voxtur Analytics Corp. (previously known as - iLOOKABOUT Corp.) Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
As at | Note | December 31, 2020 | December 31, 2019 | ||
Assets | |||||
Current Assets: | |||||
Cash | $ | 6,002 | $ | 3,560 | |
Trade and other receivables, net | 25 | 2,377 | 2,269 | ||
Contract assets | 5 | 114 | 70 | ||
Prepaid expenses and other current assets | 698 | 640 | |||
9,191 | 6,539 | ||||
Non-current Assets: | |||||
Other non-current assets | 507 | 165 | |||
Contract assets | 5 | 133 | 157 | ||
Investment | 26 | 3,297 | 1,994 | ||
Right-of-use assets | 9 | 1,337 | 1,719 | ||
Property and equipment | 6 | 461 | 505 | ||
Deferred tax asset | 10 | - | 145 | ||
Intangible assets | 7 | 16,048 | 11,054 | ||
Goodwill | 8 | 8,178 | 7,455 | ||
29,961 | 23,194 | ||||
Total Assets | $ | 39,152 | $ | 29,733 | |
Liabilities and Shareholders' Equity | |||||
Current Liabilities: | |||||
Accounts payable and accrued liabilities | $ | 3,510 | $ | 3,737 | |
Unearned revenue | 11 | 2,018 | 1,389 | ||
Lease obligations | 12 | 348 | 330 | ||
Current portion of long-term debt | 13 | 1,250 | 188 | ||
7,126 | 5,644 | ||||
Non-current Liabilities: | |||||
Unearned revenue | 11 | 1,238 | 840 | ||
Lease obligations | 12 | 1,071 | 1,439 | ||
Long-term debt | 13 | 3,868 | 1,115 | ||
Convertible debentures | 14 | 7,644 | 6,959 | ||
Deferred tax liability | 10 | 324 | 170 | ||
14,145 | 10,523 | ||||
Shareholders' Equity | 17,881 | 13,566 | |||
Going concern | 2(a) | ||||
Subsequent events | 27 | ||||
Total Liabilities and Shareholders' Equity | $ | 39,152 | $ | 29,733 |
The accompanying notes are an integral part of these consolidated financial statements.
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Voxtur Analytics Corp. (previously known as - iLOOKABOUT Corp.) Consolidated Statements of Comprehensive Loss
(In thousands of Canadian dollars, except per share amounts)
Years ended | Note | December 31, 2020 | December 31, 2019 | |||
Revenue | 16,17,19 | $ | 20,511 | $ | 14,934 | |
Direct operating expenses | 11,184 | 6,778 | ||||
Gross margin | 9,327 | 8,156 | ||||
Other operating expenses: | ||||||
Technology and operations | 5,927 | 3,839 | ||||
Selling and business development | 1,739 | 1,270 | ||||
General and administration | 7,448 | 5,523 | ||||
15,114 | 10,632 | |||||
Loss from operations | (5,787) | (2,476) | ||||
Other income | 20 | 2,282 | 413 | |||
Finance costs, net | 22 | (1,269) | (372) | |||
Foreign exchange loss | (799) | (93) | ||||
Loss for the year before income tax recovery | $ | (5,573) | $ | (2,528) | ||
Income tax recovery (expense) | 10 | (593) | 645 | |||
Loss for the year | $ | (6,166) | $ | (1,883) | ||
Other comprehensive loss: | ||||||
Items that will not be reclassified to loss | ||||||
for the year: | ||||||
Change in fair value of investment | 26 | 1,037 | 630 | |||
Foreign exchange gain on the translation of | ||||||
foreign operations | 245 | 84 | ||||
1,282 | 714 | |||||
Comprehensive loss for the year | $ | (4,884) | $ | (1,169) | ||
Weighted average number of common shares | ||||||
Basic and diluted | 23 | 126,566,493 | 96,831,784 | |||
Loss per share | ||||||
Basic and diluted | 23 | $ | (0.05) | $ | (0.02) |
The accompanying notes are an integral part of these consolidated financial statements.
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Voxtur Analytics Corp. (previously known as - iLOOKABOUT Corp.) Consolidated Statements of Changes in Shareholders' Equity
(In thousands of Canadian dollars)
Year ended December 31, 2020
Common | Warrant | Contributed | Other | AOCI1 | |||||||||||
Note | share capital | capital | surplus | reserve | Deficit | Total Equity | |||||||||
Balance at December 31, 2019 | $ | 22,881 | $ | 1,147 | $ | 6,647 | $ | 1,332 | $ | (18,850) | $ | 409 | $ | 13,566 | |
Loss for the year | - | - | - | - | (6,166) | - | (6,166) | ||||||||
Other comprehensive loss: | - | ||||||||||||||
Change in fair value of investment | 26 | - | - | - | - | - | 1,037 | 1,037 | |||||||
Foreign exchange gain on the translation of | |||||||||||||||
foreign operations | - | - | - | - | - | 245 | 245 | ||||||||
Comprehensive loss for the year | - | - | - | - | (6,166) | 1,282 | (4,884) | ||||||||
Issuance of common shares and warrants | 15(a) | 7,204 | 1,315 | - | - | - | - | 8,519 | |||||||
Conversion of debentures | 15(c) | 279 | - | - | (41) | - | - | 238 | |||||||
Warrants exercised | 15(b) | 38 | (6) | - | - | - | - | 32 | |||||||
Share-based compensation | 21 | - | - | 410 | - | - | - | 410 | |||||||
Balance at December 31, 2020 | $ | 30,402 | $ | 2,456 | $ | 7,057 | $ | 1,291 | $ | (25,016) | $ | 1,691 | $ | 17,881 | |
Year ended December 31, 2019 | |||||||||||||||
Common | Warrant | Contributed | Other | AOCI1 | |||||||||||
Note | share capital | capital | surplus | reserve | Deficit | Total Equity | |||||||||
Balance at December 31, 2018 | $ | 18,352 | $ | 230 | $ | 6,287 | $ | - | $ | (16,967) | $ | (305) | $ | 7,597 | |
Loss for the year | - | - | - | - | (1,883) | - | (1,883) | ||||||||
Other comprehensive loss: | |||||||||||||||
Change in fair value of investment | - | - | - | - | - | 630 | 630 | ||||||||
Foreign exchange gain on the translation of | |||||||||||||||
foreign operations | - | - | - | - | - | 84 | 84 | ||||||||
Comprehensive loss for the year | - | - | - | - | (1,883) | 714 | (1,169) | ||||||||
Issuance of common shares, warrants and | |||||||||||||||
convertible debentures | 4,354 | 1,050 | - | 1,332 | - | - | 6,736 | ||||||||
Warrants expired | - | (133) | 133 | - | - | - | - | ||||||||
Options exercised | 175 | - | (82) | - | - | - | 93 | ||||||||
Share-based compensation | - | - | 309 | - | - | - | 309 | ||||||||
Balance at December 31, 2019 | $ | 22,881 | $ | 1,147 | $ | 6,647 | $ | 1,332 | $ | (18,850) | $ | 409 | $ | 13,566 |
1 AOCI is defined as Accumulated other comprehensive income.
The accompanying notes are an integral part of these consolidated financial statements.
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Voxtur Analytics Corp. (previously known as - iLOOKABOUT Corp.) Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Years ended | Note | December 31, 2020 | December 31, 2019 | ||
Cash flows from operating activities | |||||
Loss for the year | $ | (6,166) | $ | (1,883) | |
Adjustments for: | |||||
Amortization of equipment | 6 | 150 | 152 | ||
Amortization of intangible assets | 7 | 2,018 | 926 | ||
Amortization of right-of-use assets | 9 | 371 | 235 | ||
Bad debt expense | - | 39 | |||
Unrealized foreign exchange (gain) loss | (781) | 46 | |||
Finance costs, net | 22 | 1,269 | 372 | ||
Loan foregiveness | 20 (c) | (623) | - | ||
Income tax (recovery) expense | 10 | 593 | (645) | ||
Share-based compensation expense | 410 | 309 | |||
(2,760) | (449) | ||||
Changes in non-cash operating assets and liabilities | 24 | (373) | (2,036) | ||
Interest paid | (162) | (17) | |||
Interest received | 12 | 113 | |||
Tax credits received | 20 (a) | 76 | 1,320 | ||
Cash used in operating activities | (3,207) | (1,069) | |||
Cash flows from financing activities | |||||
Repayment of lease obligations | (409) | (260) | |||
Repayment of secured term credit facility | (188) | - | |||
Repayment of debt financing of vehicles | - | (6) | |||
Proceeds from term loans, net | 13 | 4,625 | 1,287 | ||
Proceeds from issuance of common shares and | |||||
warrants | 15(a) | 7,626 | - | ||
Proceeds from warrants exercised | 15(b) | 32 | - | ||
Proceeds from options exercised | - | 93 | |||
Debt and equity issuance costs | (52) | (48) | |||
Cash provided by financing activities | 11,634 | 1,066 | |||
Cash flows from investing activities | |||||
Advances of note receivable | 4 | - | (1,056) | ||
Purchase of Apex, net of cash received | 4 | (5,879) | - | ||
Settlement of pre-existing relationship | 4 | - | (261) | ||
Purchase of equipment | 6 | (80) | (38) | ||
Purchase of intangible asset | 7 | (26) | (22) | ||
Cash used in investing activities | (5,985) | (1,377) | |||
Increase (decrease) in cash for the year | 2,442 | (1,380) | |||
Effect of exchange rate fluctuations on cash | - | (12) | |||
Cash - beginning of year | 3,560 | 4,253 | |||
Cash - obtained from acquisition | 4 | - | 699 | ||
Cash - end of year | $ | 6,002 | $ | 3,560 |
The accompanying notes are an integral part of these consolidated financial statements.
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Voxtur Analytics Corp. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 14:14:05 UTC.