BuildDirect Reports Second Quarter 2024 Financial Results

August 28, 2024 6:30 AM EDT | Source: BuildDirect.com Technologies, Inc.

  • Delivered adjusted EBITDA of $0.6 million for Q2 2024; the Company has delivered 10 consecutive quarters of positive adjusted EBITDA.

  • Delivered revenue and gross profit of $16.2 million and $6.2 million or 38.2%, respectively, in Q2 2024 vs $19.1 million and $7.6 million or 39.7%, respectively in Q2 2023; this represents a reduction in revenue and gross profit of $2.9 million and $1.4 million or 150 bps, respectively, year-over-year.

  • Working capital increased $0.6 million to $2.9 million at June 30, 2024 from $2.3 million at March 31, 2024.

  • Company to host Second Quarter 2024 earnings conference call on Wednesday, August 28, 2024 at 1:30 PM (PDT) / 4:30 PM (EDT)

BuildDirect reports in United States ("US") dollars and in accordance with IFRS, unless otherwise noted. All references to dollars herein are in US dollars ($) unless otherwise specified.

Vancouver, British Columbia--(Newsfile Corp. - August 28, 2024) - BuildDirect.com Technologies Inc. (TSXV: BILD) ("BuildDirect" or the "Company") a leading omnichannel building material retailer, today announced its financial results for the Second Quarter Ended June 30, 2024 ("Q2 2024").

"During Q2 2024, the Company reported an adjusted EBITDA of $0.6 million and continued to improve its operational economics," said Shawn Wilson, CEO of BuildDirect. "We're assembling a team and building operations with strong scalability potential, always keeping our growth strategies in focus," he continued.

Shawn also noted, "The Company now operates six Pro Centers in addition to its e-commerce business and is strategically positioned to pursue expansion opportunities across North America with our omni-channel approach. Currently, our Pro Centers are present in only two of the top 50 markets in North America, underscoring substantial growth opportunities. Our business model is focused on careful execution, smart capital allocation, and the establishment of attractive unit economics. As we continue to advance, we are actively working on strategies to scale our Pro Center growth-both through developing organic locations and exploring strategic acquisition opportunities."

Kerry Biggs, the new CFO of BuildDirect, added, "We are focused on ensuring that our financial strategies align with the company's growth objectives. Whether through organic expansion or acquisitions, we are committed to smart capital allocation and pursuing opportunities for long-term value for our shareholders."

Q2 2024 Financial Results Conference Call

The Company will host a conference call to discuss the Company's financial results.

Time: 1:30 PM (PDT) / 4:30 PM (EDT)
Date: Wednesday, August 28, 2024
Register: https://builddirect.zoom.us/meeting/register/tZEqduCprT0tHtxdP0sB0z6b1vdio5vCA_FH

The replay will be available approximately 24 hours after the completion of the conference call. In addition, an archived replay will be available on the Investor Relations section of the Company's website at https://ir.builddirect.com/events-and-presentation.

Among other things, the Company will discuss the long-term financial outlook on the conference call and related materials will be available on the Company's website at https://ir.builddirect.com/events-and-presentation. Investors should carefully review the factors, assumptions, risks, and uncertainties included in such related materials concerning such as the long-term financial outlook.

Second Quarter 2024 Financial Highlights

  1. Financial Position

The following table summarizes the Company's financial position at June 30, 2024 and December 31, 2023.



As at

As at





June 30,

December 31,





2024

2023

Change
Cash and cash equivalents$2,323,515
$2,601,893
$(278,378)
Working capital (1)
2,906,173

2,824,829

81,344
Total assets
22,987,485

25,357,709

(2,370,224)
Total liabilities
19,767,631

21,174,177

(1,406,546)
Total shareholders' equity
3,219,854

4,183,532

(963,678)
 

 

 

 
Common shares outstanding
42,032,706

41,941,535

91,171
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.

 

  1. Financial Results

The following tables summarize the Company's selected financial results for the three and six months ended June 30, 2024, and 2023.



Three months ended

Three months ended





June 30,

June 30,





2024

2023

Change
Revenue$16,182,846
$19,104,525
$(2,921,679)
Loss from operations
(227,626)
(93,477)
(134,149)
Comprehensive loss
(517,029)
(975,778)
458,749
Adjusted EBITDA (1)
578,326

1,064,555

(486,229)
Basic and diluted loss per share$(0.01)$(0.02)$0.01


 

 

 


Six months ended

Six months ended

 


June 30,

June 30,

 


2024

2023

Change
Revenue$31,772,698
$36,950,824
$(5,178,126)
Loss from operations
(544,607)
(73,004)
(471,603)
Comprehensive loss
(1,106,353)
(1,319,440)
213,087
Adjusted EBITDA(1)
1,082,567

2,107,011

(1,024,444)
Basic and diluted loss per share$(0.03)$(0.03)$0.01
1 A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.

 

  1. Revenue and Gross Profit per Segment

The Company reports results in two segments: (1) BuildDirect and (2) Acquired Retailers ("Retailers"). We measure each reportable operating segment's performance based on Revenue. Our BuildDirect segment comprises revenue through our BuildDirect e-commerce and brick and mortar operations. The Retailers segment comprises revenue of flooring building materials through our acquired brick and mortar locations and include installation services. The BuildDirect and Retailers segments contributed 20% and 80% of the Company's revenue respectively in Q2 2024 compared to 31% and 69% of the Company's revenue, respectively, in the three months ended June 30, 2023 "Q2 2023". Likewise, the BuildDirect and Retailers segments contributed 22% and 78% of our sales respectively in the six months period ended June 30, 2024 "H1 2024" compared to 30% and 70% of our sales, respectively, in the six months ended June 30, 2023 "H1 2023".

The following table summarizes revenue and gross profit per Segment for Q2 2024 and Q2 2023:

Three months ended June 30, 2024






 











BuildDirect

Retailers

Total
Revenue
3,267,898

12,914,948

16,182,846
Cost of goods sold
1,558,517

8,439,573

9,998,090
Gross profit
1,709,381

4,475,375

6,184,756
Gross profit %
52.3%

34.7%

38.2%
 

 

 

 
 

 

 

 
Three months ended June 30, 2023

 

 
 

 

 

 


BuildDirect

Retailers

Total
Revenue
5,883,590

13,220,935

19,104,525
Cost of goods sold
3,103,276

8,425,779

11,529,055
Gross profit
2,780,314

4,795,156

7,575,470
Gross profit %
47.3%

36.3%

39.7%
 

 

 

 

 

Overall, revenue in Q2 2024 was $16.2 million compared to $19.1 million in Q2 2023 for a decrease of $2.9 million or 15.3%.

Revenue in Q2 2024 for the BuildDirect segment was $3.3 million compared to $5.9 million for the same period in the prior year, a decrease of $2.6 million or 44.5%. The decrease can be attributed to the Company's strategy to shift its e-commerce product mix to higher gross margin direct-sourced products and the timing around building stronger inventory levels to support the strategic shift.

Revenue in Q2 2024 for Retailers was $12.9 million compared to $13.2 million for the same period in the prior year for a decrease of $0.3 million or 2.3%. This decrease can be attributed to weaker housing remodeling and new construction activities, posited to be driven by higher mortgage interest rates.

Gross profit in Q2 2024 was $6.2 million compared to $7.6 million in Q2 2023 for a decrease of $1.4 million or 18.4%. The decrease can be attributed to the lower revenue noted earlier for the BuildDirect and Retailers segments. In addition, gross profit as a percentage of revenue decreased slightly from 39.7% in Q2 2023 to 38.2% in Q2 2024. The decrease was due mainly to gross profit as a percentage of revenue in the Retailers segment decreasing to 34.7% from 36.3% in Q2 2024 vs Q2 2023, respectively. Although, this decrease was offset by an increase in gross profit as a percentage of revenue in the BuildDirect segment in Q2 2024 vs Q2 2023 to 52.3% from 47.3%, respectively.

  1. Working capital1

The following table summarizes Working Capital on June 30, 2024, and December 31,2023.



June 30,

December 31,


2024

2023
Total current assets$13,585,174
$14,603,934
Total current liabilities
10,679,001

11,779,105
Working capital
2,906,173

2,824,829
 

 

 

 

Current assets include cash and cash equivalents of $2.3 million on June 30, 2024, compared to $2.6 million at December 31, 2023 for a decrease of $0.3 million.

1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.

E. Quarterly Financial Information

The below table summarizes the results of operations for the eight most recently completed fiscal quarters. The information has been prepared in accordance with IFRS Accounting Standards and is unaudited quarterly information.

USD
Q2 2024

Q1 2024

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

Q3 2022
(Unaudited)























Revenue
16,182,846

15,589,852

16,916,952

18,411,622

19,104,525

17,846,299

21,694,512

22,007,379
Gross Profit
6,184,756

6,090,951

5,957,814

7,321,604

7,575,470

6,992,441

7,897,610

6,921,305
Gross Margin %
38.2%

39.1%

35.2%

39.8%

39.7%

39.2%

36.4%

31.4%
Net Loss
(517,029)
(589,324)
(1,971,942)
(480,818)
(975,778)
(343,661)
(4,658,265)
(893,206)
Net Loss per Share:
 

 

 

 

 

 

 

 
Basic Loss per Share
(0.01)
(0.01)
(0.05)
(0.01)
(0.02)
(0.01)
(0.15)
(0.03)
Diluted Loss per Share
(0.01)
(0.01)
(0.05)
(0.01)
(0.02)
(0.01)
(0.15)
(0.03)
EBITDA (1)
573,376

486,772

(757,295)
976,906

636,355

1,280,844

(3,968,016)
802,084
Adjusted EBITDA (1)
578,326

504,230

73,069

1,370,956

1,064,555

1,042,456

411,651

294,559
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.

 

The preceding table provides certain quarterly financial information that is unaudited, but reflects all adjustments of a normal, recurring nature which are, in the Company's opinion, necessary to present a fair statement of the results of operations for the periods presented. Quarter-to-quarter comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication of future performance.

The Company has maintained positive Adjusted EBITDA through changing its strategy to focus on the more profitable Pro Customer base, scale down e-commerce operations and reduce operating expenses.

Subsequent events to Q2 2024

On July 3, 2024, the Company announced the appointment of Kerry Biggs as the Company's new Chief Financial Officer and the corresponding resignation of Marshall Rosichuk as Interim-CFO effective July 22, 2024 and July 21, 2024 respectively.

Actual results may differ materially from the Company's financial outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below. The Company's unaudited condensed interim consolidated financial statements and accompanying notes and the Management's Discussion and Analysis for the three and six-months ended June 30, 2024 and June 30, 2023 are available on the Company's website at www.BuildDirect.com and on the Company's SEDAR+ profile available at www.sedarplus.ca.

About BuildDirect

BuildDirect is a growing omnichannel building material retailer. BuildDirect connects North American home improvement B2B and B2C organizations, and homeowners with quality building materials and services through its robust global supply chain network. BuildDirect's growth trajectory, strong product offering, and proprietary heavyweight delivery network are delivering value today, solidifying its position as an innovative player in the home improvement industry. For more information, visit www.BuildDirect.com.

Forward-Looking Information:

This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof.

Forward-looking statements in this press release may include, without limitation, statements relating to the Company being strategically positioned to pursue expansion opportunities across North America, substantial growth opportunities for the Company's Pro Centers and the Company actively working on strategies to scale its Pro Center growth-both through developing organic locations and exploring strategic acquisition opportunities, the Company's business model focused on careful execution, smart capital allocation and the establishment of attractive unit economics, the alignment of the Company's financial strategies with the Company's growth objectives, pursuing opportunities for long-term value for the Company's shareholders, the profitability of the Company's Pro Customer base and the delivery of positive Adjusted EBITDA results.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the "Risks and Uncertainties" section of our Management Discussion & Analysis. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.

These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Non-IFRS Measures:

Reference is made in this press release to the following non-GAAP measures: Adjusted EBITDA and Working Capital. These non-GAAP measures are commonly used by investors and other interested parties to evaluate the Company's financial performance and are employed by the Company to measure its operating and economic performance and to assist in business decision-making. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. These measures are provided as additional information to complement those IFRS measures by providing further understanding of the results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the financial information reported under IFRS. Refer also to appendix tables and the "Second Quarter 2024 Financial Highlights" of this press release as well as our Management's Discussion and Analysis (for the three and six months ended June 30, 2024, and June 30, 2023) for definitions and reconciliations of non-IFRS measures to the nearest IFRS measures. The disclosure under such Management's Discussion and Analysis is incorporated by reference into this news release.

We define EBITDA as net income or loss before interest, income taxes and amortization. Adjusted EBITDA removes fair value adjustment of convertible debt and warrants, fair value adjustment of inventory, restructuring expenses, non-recurring bad debt expense, foreign exchange gains and losses, and share-based compensation items from EBITDA. Further, we define working capital as current assets less current liabilities.

We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investment decisions. Management uses these measures in managing the business and making decisions. EBITDA and adjusted EBITDA are not intended as substitutes for IFRS measures.

Non-IFRS Measures (continued):



Three months ended

Three months ended


June 30,

June 30,


2024

2023
Total loss and comprehensive loss for the period
(517,029)
(975,778)
Add:
 

 
Interest Expense, Net
306,471

498,098
Income Tax Expense
84,375

195,000
Depreciation and amortization
699,559

919,035
EBITDA
573,376

636,355
EBITDA - % (1)
3.5%

3.3%
 

 

 
Add (deduct):
 

 
Stock-based compensation
51,112

74,286
Change in fair value of warrants
(24,275)
153
Finance fee
20,000

-
Foreign exchange (gain) loss
(41,887)
250,720
Software implentation expenses
-

103,042
Adjusted EBITDA
578,326

1,064,556
Adjusted EBITDA - % (2)
3.6%

5.6%
 

 

 
1 EBITDA % is a ratio of EBITDA divided by Total Revenue
2 Adjusted EBITDA % is a ratio of Adjusted EBITDA divided by Total Revenue

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Shawn Wilson, CEO,
1.778.382.7748;

BuildDirect Investor Relations
ir@builddirect.com

Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
(Expressed in United States dollars)

 
As at June 30, 2024

 As at December 31, 2023
 


$

$
 
Assets





 
Current assets:





 
Cash and cash equivalents
2,323,515

2,601,893
 
Short-term investments
445,415

445,415
 
Trade and other receivables (note 3)
3,541,045

4,152,899
 
Inventories (note 4)
5,571,122

6,174,201
 
Prepaid materials, expenses, and deposits
1,704,077

1,229,526
 
Total current assets
13,585,174

14,603,934
 
Non-current assets:
 

 
 
Property and equipment (note 5)
578,793

563,231
 
Intangible assets (note 6)
2,703,614

3,525,883
 
Right-of-use assets (note 7)
1,615,943

2,160,700
 
Non-current deposits
434,040

434,040
 
Goodwill (note 6
2,530,622

2,530,622
 
Deferred tax asset
1,539,299

1,539,299
 
Total non-current assets
9,402,311

10,753,775
 
Total Assets
22,987,485

25,357,709
 
 

 

 
 
Liabilities and Shareholders' Equity
 

 
 
 
       
Current liabilities:
 

 
 
Accounts payable and accrued liabilities (note 8)
5,434,947

5,895,863
 
Income taxes payable
361,214

210,339
 
Current portion of lease liabilities (note 9)
1,187,341

1,319,526
 
Deferred revenue (note 10)
1,573,420

1,559,755
 
Current portion of loan payable (note 11)
949,806

982,912
 
Current portion of promissory note (note 13)
1,172,273

1,135,710
 
Current portion of deferred consideration payable (note 14)
-

675,000
 
Total current liabilities
10,679,001

11,779,105
 
Non-current liabilities:
 

 
 
Lease liabilities (note 9)
744,225

1,310,248
 
Loan payable (note 11)
7,397,779

6,514,693
 
Warrants (note 12)
47,910

75,224
 
Promissory note (note 13)
898,716

1,494,907
 
Total non-current liabilities
9,088,630

9,395,072
 
 
       
Shareholders' equity:
 

 
 
Share capital (note 15)
123,136,971

123,109,599
 
Share based payment reserve
11,438,883

11,323,580
 
Deficit
(131,356,000)
(130,249,647) 
Total Shareholders' equity
3,219,854

4,183,532
 
Total Liabilities and Equity
22,987,485

25,357,709
 
 

 

 
 
Going Concern (note 2(b)); Commitments and contingencies (note 18)
See accompanying notes to Condensed Consolidated Interim Financial Statements.

 

 

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)



For the three months ended June 30

For the six months ended June 30


2024

2023

2024

2023
 












Revenue (note 16)$16,182,846
$19,104,525
$31,772,698
$36,950,824
 

 

 

 

 
Cost of goods sold (note 5)
9,998,090

11,529,055

19,496,991

22,382,913
 

 

 

 

 
Gross Profit
6,184,756

7,575,470

12,275,707

14,567,911
 

 

 

 

 
Operating expenses:
 

 

 

 
Fulfillment costs
1,007,785

1,404,869

2,005,552

2,564,525
Selling and marketing
1,384,578

1,390,105

2,747,135

2,721,915
Administration
3,214,579

3,804,933

6,453,053

7,244,968
Research and development
105,881

150,005

214,179

272,603
Depreciation and amortization
699,559

919,035

1,400,395

1,836,904


6,412,382

7,668,947

12,820,314

14,640,915
 

 

 

 

 
Loss from operations
(227,626)
(93,477)
(544,607)
(73,004)
 

 

 

 

 
Other income (expense):
 

 

 

 
Interest income
15,274

20,852

37,376

35,980
Interest expense
(321,745)
(518,950)
(651,607)
(1,045,714)
Rental income
55,281

61,670

111,476

123,340
Fair value adjustment of warrants (note 13)
24,275

(153)
27,314

21,551
Finance fee (note 11)
(20,000)
-

(20,000)
-
Foreign exchange gain
41,887

(250,720)
85,570

8,407


(205,028)
(687,301)
(409,871)
(856,436)
 

 

 

 

 
Loss before income taxes
(432,654)
(780,778)
(954,478)
(929,440)
 

 

 

 

 
Income tax expense
(84,375)
(195,000)
(151,875)
(390,000)
 

 

 

 

 
Total loss and comprehensive loss for the period$(517,029)$(975,778)$(1,106,353)$(1,319,440)
 

 

 

 

 
Deficit, beginning of period$(130,838,971)$(126,821,109)$(130,249,647)$(126,477,447)
 

 

 

 

 
Deficit, end of period$(131,356,000)$(127,796,887)$(131,356,000)$(127,796,887)
 

 

 

 

 
Loss per share:
  

 


 
Basic and diluted loss per share (note 21)
(0.01)
(0.02)
(0.03)
(0.03)


 


 

 


 

 
See accompanying notes to Condensed Consolidated Interim Financial Statements.
 

Condensed Consolidated Interim Statement of Changes in Equity (Deficiency)
(Unaudited)
(Expressed in United States dollars)

For the six months ended June 30, 2024 and 2023


 Common Shares   Share based payment reserve        
   Number   Amount     Deficit   Total  
      $   $   $   $  
 
















Balance - December 31, 2022
40,819,913

122,803,204

11,121,785

(126,477,447)
7,447,542
Issuance of share capital (note 15)
1,121,622

306,395

-

-

306,395
Loss and comprehensive loss for the year
-

-

-

(1,319,440)
(1,319,440)
Share-based payment expense (note 15)
-

-

116,729

-

116,729
Balance - June 30, 2023
41,941,535

123,109,599

11,238,514

(127,796,887)
6,551,226
 

 

 

 

 

 
Balance - December 31, 2023
41,941,535

123,109,599

11,323,580

(130,249,647)
4,183,532
Issuance of share capital (note 15)
91,171

27,372

-

-

27,372
Loss and comprehensive loss for the year
-

-

-

(1,106,353)
(1,106,353)
Share-based payment expense (note 15)
-

-

115,303

-

115,303
Balance - June 30, 2024
42,032,706

123,136,971

11,438,883

(131,356,000)
3,219,854


 

 

 

 

 

 
See accompanying notes to Condensed Consolidated Interim Financial Statements
 

Condensed Consolidated Interim Statement of Cash Flows
(Unaudited)
(Expressed in United States dollars)



For the three months ended June 30

For the six months ended June 30


2024

2023

2024

2023
 












Cash provided by (used in):











 












Operating activities:











Loss for the period $(517,029)$(975,778)$(1,106,353)$(1,319,440)
Add (deduct) adjustments and items not affecting cash:
 

 

 

 
Depreciation
699,559

919,037

1,400,395

1,836,906
Income tax expense
84,375

195,000

151,875

390,000
Stock-based compensation expense
51,122

74,286

115,303

116,729
Other interest and finance cost
292,700

465,655

587,875

933,641
Interest paid on leases
27,263

53,296

61,950

112,075
Interest earned on lease receivables and other
(15,278)
(20,852)
(37,376)
(35,980)
Finance fee
20,000

-

20,000

-
Fair value adjustment on convertible debt and warrants
(24,275)
153

(27,314)
(21,551)
Unrealized foreign exchange (gain) loss
(39,698)
15,556

(79,497)
13,101


578,739

726,351

1,086,858

2,025,481
 

 

 

 

 
Income taxes paid
-

(194,500)
(1,000)
(194,500)
Changes in non-cash operating working capital:
 

 

 

 
Trade and other receivables
176,350

(595,478)
469,152

(449,985)
Inventories
375,066

(713,767)
603,079

(535,914)
Prepaid materials, expenses, and deposits
2,768

628,165

(474,551)
286,655
Accounts payable and accrued liabilities
(1,033,754)
847,500

(436,602)
870,264
Deferred revenue
(10,461)
(663,158)
13,665

173,137
Total operating activities
88,708

35,113

1,260,601

2,175,138
 

 

 

 

 
Investing activities:
 

 

 

 
Purchase of property and equipment
(19,600)
(17,067)
(48,929)
(23,801)
Principal received on lease receivables
72,151

65,963

142,702

130,464
Total investing activities
52,551

48,896

93,773

106,663
 

 

 

 

 
Financing activities:
 

 

 

 
Proceeds from exercise of options
23,652

-

27,372

306,395
Interest paid
(86,992)
(260,923)
(186,758)
(496,998)
Principal lease payments
(350,728)
(356,897)
(698,207)
(707,865)
Promissory note repayment
(311,250)
(311,250)
(622,500)
(622,500)
Deferred consideration repayment
-

-

(675,000)
(675,000)
Loan repayment
(238,322)
(189,193)
(477,815)
(416,898)
Loan proceeds
1,000,000

-

1,000,000

-
Total financing activities
36,360

(1,118,263)
(1,632,908)
(2,612,866)
Effects of currency translation on cash and cash equivalents
244

-

156

-
Increase/(Decrease) in cash and cash equivalents
177,863

(1,034,254)
(278,378)
(331,095)
Cash and cash equivalents, beginning of period
2,145,652

4,810,913

2,601,893

4,107,754
Cash and cash equivalents, end of period$2,323,515
$3,776,659
$2,323,515
$3,776,569


 

 

 

 

 
See accompanying notes to Condensed Consolidated Interim Financial Statements

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221352

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