Unaudited Condensed Interim Consolidated Financial Statements

Voxtur Analytics Corp.

For the three months ended March 31, 2021 and 2020

(In thousands of Canadian dollars, except per share amounts)

Voxtur Analytics Corp.

Unaudited Condensed Interim Consolidated Statements of Financial Position (In thousands of Canadian dollars)

As at

Note

March 31, 2021

December 31, 2020

Assets

Current Assets:

Cash

$

41,170

$

6,002

Trade and other receivables, net

20

7,400

2,377

Contract assets

149

114

Prepaid expenses and other current assets

1,087

698

49,806

9,191

Non-current Assets:

Other non-current assets

415

507

Contract assets

245

133

Investment

21

3,681

3,297

Interest in joint ventures

260

-

Right-of-use assets

7

1,237

1,337

Property and equipment

462

461

Intangible assets

5

75,720

16,048

Goodwill

6

61,168

8,178

143,188

29,961

Total Assets

$

192,994

$

39,152

Liabilities and Shareholders' Equity

Current Liabilities:

Accounts payable and accrued liabilities

$

6,275

$

3,510

Unearned revenue

8

2,543

2,018

Lease obligations

9

351

348

Current portion of long-term debt

10

4,250

1,250

13,419

7,126

Non-current Liabilities:

Unearned revenue

8

1,388

1,238

Lease obligations

9

971

1,071

Long-term debt

10

24,150

3,868

Convertible debentures

11

430

7,644

Deferred tax liability

12,091

324

39,030

14,145

Shareholders' Equity

140,545

17,881

Going concern

2(a)

Subsequent events

22

Total Liabilities and Shareholders' Equity

$

192,994

$

39,152

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Page | 2

Voxtur Analytics Corp.

Unaudited Condensed Interim Consolidated Statements of Comprehensive Loss (In thousands of Canadian dollars, except per share amounts)

Three months ended

Note

March 31, 2021

March 31, 2020

Revenue

14,15,16

$

14,468

$

5,111

Direct operating expenses

7,260

2,688

Gross margin

7,208

2,423

Other operating expenses:

Technology and operations

2,322

1,499

Selling and business development

1,291

506

General and administration

9,587

1,809

13,200

3,814

Loss from operations

(5,992)

(1,391)

Other income

22

-

Finance costs, net

17

(688)

(285)

Foreign exchange gain (loss)

(471)

1,389

Loss for the period before income tax

$

(7,129)

$

(286)

Income tax recovery (expense)

(223)

25

Loss for the period

$

(7,352)

$

(261)

Other comprehensive income (loss):

Items that will not be reclassified to loss

for the period:

Change in fair value of investment

21

384

160

Foreign exchange loss on the translation of

foreign operations

(1,507)

(120)

(1,123)

40

Comprehensive loss for the period

$

(8,475)

$

(221)

Weighted average number of common shares

Basic and diluted

18

293,275,461

108,651,784

Loss per share

Basic and diluted

18

$

(0.03)

$

-

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Page | 3

Voxtur Analytics Corp.

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (In thousands of Canadian dollars)

Three months ended March 31, 2021

Common

Non-voting

Warrant

Contributed

Other

Note

share capital

share capital

capital

surplus

reserve

Deficit

AOCI1

Total Equity

Balance at December 31, 2020

$

30,402

$

-

$

2,455

$

7,057

$

1,291

$

(25,016)

$

1,692

$

17,881

Loss for the period

-

-

-

-

-

(7,352)

-

(7,352)

Other comprehensive income (loss):

-

Change in fair value of investment

21

-

-

-

-

-

-

384

384

Foreign exchange loss on the translation of

foreign operations

-

-

-

-

-

-

(1,507)

(1,507)

Comprehensive loss for the period

-

-

-

-

-

(7,352)

(1,123)

(8,475)

Issuance of common shares

12(a)

88,747

27,656

-

-

-

-

-

116,403

Conversion of debentures

12(d)

8,558

-

-

-

(1,233)

-

-

7,325

Warrants exercised

12(c)

3,740

-

(555)

-

-

-

-

3,185

Warrants expired

-

-

(4)

4

-

-

-

-

Options exercised

12(b)

15

-

-

(5)

-

-

-

10

Conversion of restricted share units

12(e)

1,623

-

-

(1,623)

-

-

-

-

Share-based compensation

16

-

-

-

4,216

-

-

-

4,216

Balance at March 31, 2021

$

133,085

$

27,656

$

1,896

$

9,649

$

58

$

(32,368)

$

569

$

140,545

Three months ended March 31, 2020

Common

Non-voting

Warrant

Contributed

Other

Note

share capital

share capital

capital

surplus

reserve

Deficit

AOCI1

Total Equity

Balance at December 31, 2019

$

22,881

$

-

$

1,147

$

6,647

$

1,332

$

(18,850)

$

409

$

13,566

Loss for the period

-

-

-

-

-

(261)

-

(261)

Other comprehensive income (loss):

Change in fair value of investment

-

-

-

-

-

-

160

160

Foreign exchange loss on the translation of

foreign operations

-

-

-

-

-

-

(120)

(120)

Comprehensive loss for the period

-

-

-

-

-

(261)

40

(221)

Share-based compensation

-

-

-

17

-

-

-

17

Balance at March 31, 2020

$

22,881

$

-

$

1,147

$

6,664

$

1,332

$

(19,111)

$

449

$

13,362

  • AOCI is defined as Accumulated other comprehensive income.

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Page | 4

Voxtur Analytics Corp.

Unaudited Condensed Interim Consolidated Statements of Cash Flows (In thousands of Canadian dollars)

Three months ended

Note

March 31, 2021

March 31, 2020

Cash flows from operating activities

Loss for the period

$

(7,352)

$

(261)

Adjustments for:

Amortization of equipment

33

45

Amortization of intangible assets

5

1,590

450

Amortization of right-of-use assets

7

89

93

Bad debt expense

-

73

Unrealized foreign exchange (gain) loss

288

(1,575)

Finance costs, net

17

688

285

Income tax (recovery) expense

223

(25)

Share-based compensation expense

4,216

17

(225)

(898)

Changes in non-cash operating assets and liabilities

19

(1,775)

(426)

Interest paid

(214)

(30)

Interest received

8

3

Cash used in operating activities

(2,206)

(1,351)

Cash flows from financing activities

Repayment of lease obligations

(101)

(103)

Repayment of long-term debt

(9,334)

-

Proceeds from term loan

10

27,000

-

Proceeds from issuance of common shares

12(a)

34,973

-

Proceeds from warrants exercised

12(c)

3,186

-

Proceeds from options exercised

12(b)

10

-

Debt and equity issuance costs

(2,126)

-

Cash provided by financing activities

53,608

(103)

Cash flows from investing activities

Purchase of Voxtur, net of cash received

4

(16,200)

-

Purchase of equipment

(35)

(5)

Cash used in investing activities

(16,235)

(5)

Increase (decrease) in cash for the period

35,167

(1,459)

Effect of exchange rate fluctuations on cash

1

-

Cash - beginning of period

6,002

3,560

Cash - end of period

$

41,170

$

2,101

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Page | 5

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Voxtur Analytics Corp. published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 21:59:05 UTC.