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.
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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.
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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.
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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.