For the three and nine ended September 30, 2021 and 2020
For the 3 months ended For the 9 months ended
September 30 September 30
2021 2020 2021 2020
$ $ $ $
Revenue 5,234 3,153 15,876 6,633
Client care costs 2,932 1,606 8,621 3,636
2,302 1,547 7,255 2,997
Operating expenses:
Selling and marketing 1,508 1,054 4,211 2,985
Product and development 1,700 863 3,733 2,089
General and
administrative 2,986 1,366 8,030 3,102
Depreciation and
amortization 447 259 1,383 792
Total operating expenses 6,641 3,542 17,357 8,968
Finance costs 49 42 117 104
Loss in fair value of
warrant liability - 437 - 487
Net loss for the period (4,388) (2,474) (10,219) (6,562)
Exchange differences on
the translation of
foreign
operations 4 - 4 -
Net comprehensive loss
for the period (4,392) (2,474) (10,223) (6,562)
Loss per share
Basic and diluted ($0.18) ($0.41) ($0.43) ($1.10)
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
For the nine months ended September 30, 2021 and 2020
For the 9 months ended September 30
2021 2020
$ $
Operating activities
Net loss for the period (10,219) (6,562)
Add / (deduct) items not involving
cash:
Depreciation of property and
equipment 618 175
Depreciation of right--of--use
assets 301 423
Amortization of intangible assets 464 194
Share--based payment expense 442 75
Interest expense on lease
liabilities 27 75
Non--cash interest expense on
government loans 90 33
Non-cash government grant
recognized on government
loans (128) (260)
Loss on fair value of warrant
liability - 487
Working capital adjustments:
Decrease in accounts receivable and
prepaid expenses 481 69
Increase in accounts payable and
accrued liabilities
and deferred revenue 663 1,628
Cash used in operating activities (7,261) (3,663)
Financing activities
Payments of principal and interest on
lease liabilities (435) (475)
Repayment of over-allotment owing to
selling shareholders (3,124) -
Share issuance costs (390) -
Proceeds from stock option exercised 178 -
Repurchase of common shares under NCIB (975) -
Proceeds from government loans 901 935
Cash (used in) provided by financing
activities (3,845) 460
Investing activities
Additions to property and equipment (212) (55)
Additions to intangible assets (1,746) (1,555)
Cash used in investing activities (1,958) (1,610)
Net decrease in cash and cash
equivalents during the
period (13,064) (4,813)
Cash and cash equivalents, beginning of
period 67,010 11,471
Net foreign exchange differences (4) -
Cash and cash equivalents, end of
period 53,942 6,658
SOURCE MindBeacon Holdings Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2021/15/c3601.html
/CONTACT:
Investor relations: David Galison, (p): (647) 618-2709, (e): investor-relations@mindbeacon.com; Media Relations: (e): media@mindbeacon.com
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