New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$131k free cash flow). Share price has been highly volatile over the past 3 months (613% average daily change). Negative equity (-CA$1.7m). Revenue is less than US$1m (CA$30k revenue, or US$22k). Market cap is less than US$10m (€673.3k market cap, or US$720.6k). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: CA$0 (vs CA$0.001 loss in 3Q 2022) Third quarter 2023 results: EPS: CA$0 (improved from CA$0.001 loss in 3Q 2022). Revenue: CA$104 (down 100% from 3Q 2022). Net loss: CA$20.1k (loss narrowed 81% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 03
Second quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.002 loss in 2Q 2022) Second quarter 2023 results: CA$0.001 loss per share (improved from CA$0.002 loss in 2Q 2022). Revenue: CA$10.9k (up 25% from 2Q 2022). Net loss: CA$52.6k (loss narrowed 77% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Board Change • Jul 14
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 6 experienced directors. 1 highly experienced director. Independent Director Manfred Von Nostitz is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Dec 01
Third quarter 2022 earnings released: CA$0.001 loss per share (vs CA$0.007 loss in 3Q 2021) Third quarter 2022 results: CA$0.001 loss per share (improved from CA$0.007 loss in 3Q 2021). Revenue: CA$22.6k (up 219% from 3Q 2021). Net loss: CA$104.0k (loss narrowed 84% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 7 experienced directors. No highly experienced directors. Independent Director Manfred Von Nostitz is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 31
Second quarter 2022 earnings released: CA$0.002 loss per share (vs CA$0.035 loss in 2Q 2021) Second quarter 2022 results: CA$0.002 loss per share (up from CA$0.035 loss in 2Q 2021). Revenue: CA$8.7k (up 450% from 2Q 2021). Net loss: CA$228.8k (loss narrowed 92% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 04
Full year 2021 earnings released: CA$0.047 loss per share (vs CA$0.005 loss in FY 2020) Full year 2021 results: CA$0.047 loss per share (down from CA$0.005 loss in FY 2020). Net loss: CA$4.22m (loss widened CA$3.89m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 27% per year. Reported Earnings • Sep 01
Second quarter 2021 earnings released: CA$0.035 loss per share (vs CA$0.001 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$2.98m (loss widened CA$2.87m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Reported Earnings • Jun 02
First quarter 2021 earnings released: CA$0.004 loss per share (vs CA$0.002 loss in 1Q 2020) First quarter 2021 results: Net loss: CA$325.4k (loss widened 140% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 02
Full year 2020 earnings released: CA$0.005 loss per share (vs CA$0.052 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: CA$54.3k (up 101% from FY 2019). Net loss: CA$326.2k (loss narrowed 90% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings.