Quarterly Revenues increased
by 25% with a $13.6 Million Backlog:
$7.5 million of Bookings at 3-year
high
TORONTO, March 30, 2022 /CNW/ - Redline
Communications Group Inc. (TSX: RDL), a leading provider of
mission-critical data infrastructure for remote & harsh
environments, today announced operating results for the fourth
quarter and year ended December 31,
2021.
All figures are in US Dollars unless otherwise noted.
- Quarterly Revenues increased 13% to $5.9
million from $5.2 million in
Q3 2021 and increased $1.2 million or
25% compared to Q4 2020.
- Annual revenues increased by 6% to $19.5
million in 2021 compared to $18.5
million in 2020
- Q4 2021 Gross margin was 48% compared to 52% for Q4 2020 and
66% for Q3 2021.
- Over 60% of revenues were fulfilled via distribution and
reseller partners, a slight sequential decrease from the over 70%
in Q3 2021.
- Bookings of $7.5 million in Q4
2021 increased by 19% compared to Q3 2021 , which was the highest
bookings achievement in a quarter since Q4 2018
- Backlog increased to $13.6
million at the end of Q4 2021, a 9% sequential increase
compared to $12.5 million at the end
of Q3 2021.
- Adjusted EBITDA loss was $1.4
million in Q4 2021 compared to losses of $0.2 million in Q3 2021 and $1.6 million in Q4 2020.
- Redline also closed a CAD$ 7.0
million term loan facility in Q4 2021.
"We are pleased to report quarter over quarter and year over
year improvements in revenues, gross profit and backlog coupled
with our highest quarterly bookings in three years," stated
Richard Yoon, Chief Executive
Officer. "The increase in revenues, backlog and bookings are all
positive signs that customers are ramping up their digital
transformation plans, which we expect to drive demand for Redline
solutions in the coming quarters. We are also excited to close a
significant term loan financing in the quarter ensuring we have the
liquidity to continue developing new 5G solutions that the market
is demanding."
Financial and Business
Review
Gross margin of 48% in Q4 2021 was down 18% percentage points
from Q3 2021 due to the Company taking a $730,000 provision against all remaining TV White
Space ("TWS") inventory in the quarter. TWS has been written
down to zero and is an insignificant component of the Company's
revenue in the recent past and going forward. Further write
downs relating to TWS will not occur. In the absence of the
provision, gross margin would have been 61% for the quarter.
Total operating expenses for Q4 2021 were $4.4 million, an increase of 2% compared to
$4.3 million in Q4 2020 and up
$0.5 million or 13% sequentially from
Q3 2021. The quarter over quarter increases are mainly
due to transaction costs associated with the financing as well as
annual variable compensation costs that are expensed in Q4 of each
year.
Adjusted EBITDA loss for Q4 2021 was $1.4
million, an increase of $1.2
million from Q3 2021 due to the additional inventory
provision taken against the TV White space inventory and annual
variable compensation costs. Adjusted EBITDA for Q4
2021 is an $0.2 million improvement
over Q4 2020.
|
Key financial
highlights for the three months ended December 31, 2021 ("Q4 2021")
include:
|
|
|
|
|
|
|
|
|
|
Q4
2021
|
Q3
2021
|
Increase
(decrease)
|
%
Change
|
Q4
2020
|
Increase
(decrease)
|
%
Change
|
|
Revenue
|
$5.9 M
|
$5.2 M
|
$0.7 M
|
13%
|
$4.7 M
|
$1.2 M
|
25%
|
|
Gross profit margin
%
|
48%
|
66%
|
(18%)
|
|
52%
|
(4%)
|
|
|
Operating
expenses
|
$4.4 M
|
$3.9 M
|
$0.5 M
|
13%
|
$4.3 M
|
$0.1 M
|
2%
|
|
Net loss
|
$2.3 M
|
$0.1 M
|
($2.2 M)
|
-2200%
|
$1.6 M
|
($0.7 M)
|
-44%
|
|
Adjusted EBITDA
loss1
|
$1.4 M
|
$0.2 M
|
($1.2 M)
|
-600%
|
$1.6 M
|
$0.2 M
|
13%
|
|
CEWS benefit
|
$0.02 M
|
$0.2 M
|
($0.18)
|
-90%
|
$0.1 M
|
($0.08 M)
|
-80%
|
|
Bookings1
|
$7.5 M
|
$6.3 M
|
$1.2 M
|
19%
|
$5.5 M
|
$2.0 M
|
36%
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
September 30,
2021
|
Increase
(decrease)
|
%
Change
|
December 31,
2020
|
Increase
(decrease)
|
%
Change
|
|
Cash
|
$10.1 M
|
$3.8 M
|
$6.3 M
|
166%
|
$5.3 M
|
$4.8 M
|
91%
|
|
Inventory
|
$4.0 M
|
$4.7 M
|
($0.7 M)
|
-15%
|
$5.5 M
|
($1.5 M)
|
-27%
|
|
Order
Backlog1
|
$13.6 M
|
$12.5 M
|
$1.1 M
|
9%
|
$11.8 M
|
$1.8 M
|
15%
|
|
Key financial
highlights for the year ended December 31, 2021
include:
|
|
|
|
|
|
|
|
|
|
Annual
2021
|
Q3 2021
YTD
|
Increase
(decrease)
|
%
Change
|
Annual
2020
|
Increase
(decrease)
|
%
Change
|
|
Revenue
|
$19.5 M
|
$13.6 M
|
$5.9 M
|
42%
|
$18.5 M
|
$1.0 M
|
6%
|
|
Gross profit margin
%
|
60%
|
65%
|
(5%)
|
|
56%
|
4%
|
|
|
Operating
expenses
|
$16.1 M
|
$11.7 M
|
$4.4 M
|
38%
|
$15.6 M
|
$0.5 M
|
3%
|
|
Net loss
|
$4.3 M
|
$2.0 M
|
($2.3 M)
|
-115%
|
$3.9 M
|
($0.4 M)
|
-10%
|
|
Adjusted EBITDA
loss1
|
$3.3 M
|
$1.9 M
|
($1.4 M)
|
-74%
|
$4.1 M
|
$0.8 M
|
20%
|
|
CEWS benefit
|
$0.93 M
|
$0.91 M
|
0.02 M
|
0%
|
$1.2 M
|
($0.3 M)
|
-25%
|
|
Bookings1
|
$22.5 M
|
$15.0 M
|
$7.5 M
|
51%
|
$22.6 M
|
($0.1 M)
|
-
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
September 30,
2021
|
Increase
(decrease)
|
%
Change
|
December 31,
2020
|
Increase
(decrease)
|
%
Change
|
|
Cash
|
$10.1 M
|
$3.8 M
|
$6.3 M
|
166%
|
$5.3 M
|
$4.8 M
|
91%
|
|
Inventory
|
$4.0 M
|
$4.7 M
|
($0.7 M)
|
-15%
|
$5.5 M
|
($1.5 M)
|
-27%
|
|
Order
Backlog1
|
$13.6 M
|
$12.5 M
|
$1.1 M
|
9%
|
$11.8 M
|
$1.8 M
|
15%
|
Conference Call and Webcast –
March 30, 2022, at 10:00 a.m. ET
A conference call and webcast to discuss the results has been
scheduled. Details are below:
When: Wednesday, March 30, 2022, at
10:00 a.m. Eastern Time.
Dial in 1-416-764-8659 approximately 10 minutes before the
conference call
Passcode 68004202.
A recording of the call will be available through April 6, 2022, on Redline's website or by dialing
1-416-764-8677 and entering the passcode 004202#.
About Redline
Communications
Redline Communications (TSX:RDL) designs and manufactures
powerful wide-area wireless networks for mission-critical
applications in challenging locations. Redline networks are used by
oil & gas companies onshore and offshore, mining companies on
surface and underground operations, by municipalities to remotely
monitor infrastructure, and by specialized telecom service
providers to deliver premium services. Hundreds of businesses
worldwide rely on Redline to engineer, plan and deliver ruggedized,
secure and reliable networks for their IoT, voice, data, and video
communications needs in locations that include the deserts of the
Middle East, the rainforests of
South America, and the frozen
Alaskan slopes. For more information visit www.rdlcom.com.
|
NOTES:
|
|
|
1
|
To better assess the
health and growth of the Redline's business, the Company reports
certain non-IFRS metrics, including "Bookings", "Order Backlog",
"Adjusted EBITDA" and "Adjusted EBITDA Margin". Further information
including definitions of these measures and a reconciliation to
their closest IFRS measure, if applicable, can be found in the
Company's Management Discussion and Analysis for the three and
twelve months ended December 31, 2021 ("Q4 2021 MD&A"), copies
of which are available on SEDAR at www.sedar.com. Further details
on the three and twelve months ended December 31, 2021, can be
found in the condensed consolidated statement of financial
position, statement of comprehensive loss, statement of changes in
equity and statement of cash flows reproduced at the end of this
press release. The selected financial information included in this
release is qualified in its entirety by, and should be read
together with the condensed consolidated financial statements
of the Company for the three and twelve months ended December 31,
2021, and the Q4 2021 MD&A.
|
|
Adjusted EBITDA
(Loss)
|
|
|
|
|
|
(Expressed in thousands
of U.S. dollars)
|
|
|
|
|
The table below
reconciles Adjusted EBITDA (loss) to net profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
Year ended December
31,
|
|
|
(unaudited)
|
(audited)
|
|
(in
thousands)
|
2021
|
2020
|
2021
|
2020
|
|
Revenue
|
$
|
5,869
|
$
|
4,683
|
$
|
19,547
|
$
|
18,515
|
|
Net profit
(loss)
|
(2,361)
|
(1,648)
|
(4,340)
|
(3,900)
|
|
Add back:
|
|
|
|
-
|
|
Share based
payments
|
28
|
41
|
108
|
183
|
|
Depreciation and
amortization
|
279
|
268
|
1,046
|
1,068
|
|
Canada Emergency Wage
Subsidy
|
(23)
|
(123)
|
(936)
|
(1,163)
|
|
Finance (income)
expense
|
96
|
8
|
119
|
24
|
|
(Gain) loss on fair
market value
of financial instruments
|
526
|
(185)
|
552
|
(336)
|
|
Foreign exchange (gain)
loss
|
102
|
47
|
105
|
(4)
|
|
Income tax
expense
|
6
|
19
|
60
|
77
|
|
Total
|
1,014
|
75
|
1,054
|
(150)
|
|
|
|
|
|
|
|
Adjusted EBITDA
(loss)
|
$
|
(1,347)
|
$
|
(1,573)
|
$
|
(3,286)
|
$
|
(4,050)
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
-23%
|
-34%
|
-17%
|
-22%
|
Forward Looking Statements
Certain statements in this release may constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws. In some cases,
forward-looking statements can be identified by terms such as
"could", "expect", "may", "will", "anticipate", "believe",
"intend", "estimate", "plan", "potential", "project" or other
expressions concerning matters that are not historical facts.
Readers are cautioned not to place undue reliance upon any such
forward-looking statements. Such forward-looking statements are not
promises or guarantees of future performance and involve both known
and unknown risks and uncertainties that may cause the actual
results, performance, achievements or developments of Redline to
differ materially from the results, performance, achievements or
developments expressed or implied by such forward-looking
statements. Forward-looking statements, by their nature, are based
on certain assumptions regarding expected growth, management's
current plans, estimates, projections, beliefs, opinions and
business prospects and opportunities (collectively, the
"Assumptions"). While the Company considers these Assumptions to be
reasonable, based on the information currently available, they may
prove to be incorrect.
Many risks, uncertainties and other factors could cause the
actual results of Redline to differ materially from the results,
performance, achievements or developments expressed or implied by
such forward-looking statements. These risks, uncertainties and
other factors include but are not limited to the following:
significant competition, competitive pricing practices, cautious
capital spending by customers, industry consolidations, rapidly
changing technologies, evolving industry standards, frequent new
product introductions, short product life cycles and other trends
and industry characteristics affecting the telecommunications
industry; any material, adverse effects on Redline's performance if
its expectations regarding market demand for particular products
prove to be wrong; any negative developments associated with
Redline's suppliers and contract manufacturing agreements including
the Company's reliance on certain suppliers for key components;
potential penalties, damages or cancelled customer contracts from
failure to meet delivery and installation deadlines and any defects
or errors in Redline's current or planned products; fluctuations in
foreign currency exchange rates; potential higher operational and
financial risks associated with Redline's efforts to expand
internationally; a failure to protect Redline's intellectual
property rights, or any adverse judgments or settlements arising
out of disputes regarding intellectual property; changes in
regulation of the wireless industry or other aspects of the
industry; any failure to successfully operate or integrate
strategic acquisitions, or failure to consummate or succeed with
strategic alliances; and Redline's potential inability to attract
or retain the personnel necessary to achieve its business
objectives or to maintain an effective risk management strategy
(collectively, the "Risks").
For additional information on these Risks, see Redline's most
recently filed Annual Information Form ("AIF") and Annual MD&A,
which are available on SEDAR at www.sedar.com and on the Company's
website at www.rdlcom.com. Redline assumes no obligation to update
or revise any forward-looking statements or forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by law. All forward
looking statements contained in this release are expressly
qualified in their entirety by this cautionary statement.
|
REDLINE
COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
Consolidated Statements
of Financial Position
|
|
|
|
|
|
|
(Expressed in U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
|
|
$
|
10,071,592
|
|
$
|
5,334,486
|
|
Trade
receivables
|
|
|
4,709,988
|
|
4,237,183
|
|
Other
receivables
|
|
|
308,079
|
|
180,881
|
|
Inventories
|
|
|
4,049,386
|
|
5,492,931
|
|
Deferred cost of
revenue
|
|
|
23
|
|
498
|
|
Prepaid expenses and
other deposits
|
|
|
911,063
|
|
431,559
|
|
|
|
|
20,050,131
|
|
15,677,538
|
|
Non-current
assets:
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
624,198
|
|
901,234
|
|
Intangible
assets
|
|
|
894,002
|
|
1,148,050
|
|
Right of use
assets
|
|
|
575,333
|
|
565,213
|
|
Other
assets
|
|
|
65,688
|
|
65,223
|
|
|
|
|
2,159,221
|
|
2,679,720
|
|
Total
Assets
|
|
|
$
|
22,209,352
|
|
$
|
18,357,258
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
$
|
4,946,019
|
|
$
|
3,944,374
|
|
Income tax
payable
|
|
|
27,493
|
|
29,459
|
|
Deferred
revenue
|
|
|
1,701,548
|
|
2,057,944
|
|
Lease
liabilities
|
|
|
397,808
|
|
250,068
|
|
|
|
|
7,072,868
|
|
6,281,845
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Deferred
revenue
|
|
|
838,790
|
|
364,391
|
|
Lease
liabilities
|
|
|
390,808
|
|
554,396
|
|
Other financial
liabilties - Loan from Strategic Innovations Fund
|
|
|
416,230
|
|
-
|
|
Other financial
liabilties - Warrants associated with term
loan
|
|
|
947,808
|
|
-
|
|
Deferred grant Income
- Loan from Strategic Innovations Fund
|
|
|
666,791
|
|
-
|
|
Term loan
(principal and accrued interest)
|
|
|
4,950,515
|
|
-
|
|
|
|
|
8,210,942
|
|
918,787
|
|
Total
Liabilities
|
|
|
15,283,810
|
|
7,200,632
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
|
172,929,341
|
|
172,929,341
|
|
Contributed
surplus
|
|
|
9,813,158
|
|
9,704,769
|
|
Deficit
|
|
|
(175,816,957)
|
|
(171,477,484)
|
|
|
|
|
6,925,542
|
|
11,156,626
|
|
Total Liabilities
and Equity
|
|
|
$
|
22,209,352
|
|
$
|
18,357,258
|
|
REDLINE
COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements
of Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue
|
|
|
$
|
5,869,330
|
|
$
|
4,682,586
|
|
$
|
19,547,430
|
|
$
|
8,515,390
|
|
Cost of
revenue
|
|
|
3,047,848
|
|
2,261,793
|
|
7,876,860
|
|
8,170,951
|
|
Gross profit
|
|
|
2,821,482
|
|
2,420,794
|
|
11,670,570
|
|
10,344,439
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,429,507
|
|
1,357,115
|
|
4,869,234
|
|
4,473,962
|
|
General and
administrative
|
|
|
1,418,382
|
|
1,296,248
|
|
4,792,365
|
|
4,895,446
|
|
Sales and
marketing
|
|
|
1,292,702
|
|
1,373,832
|
|
5,142,645
|
|
5,332,922
|
|
Operations and customer
support
|
|
|
334,659
|
|
276,158
|
|
1,305,824
|
|
944,006
|
|
|
|
|
4,475,250
|
|
4,303,353
|
|
16,110,068
|
|
15,646,336
|
|
Loss before undernoted
items
|
|
|
(1,653,768)
|
|
(1,882,560)
|
|
(4,439,498)
|
|
(5,301,897)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expenses:
|
|
|
|
|
|
|
|
|
|
|
Canada Emergency Wage
Subsidy
|
|
|
(23,171)
|
|
(122,664)
|
|
(935,892)
|
|
(1,163,382)
|
|
Finance
expense
|
|
|
95,986
|
|
7,790
|
|
119,365
|
|
23,970
|
|
Loss (gain) on
fair market value of financial instruments
|
|
525,572
|
|
(184,939)
|
|
552,137
|
|
(336,107)
|
|
Foreign exchange loss
(gain)
|
|
|
101,817
|
|
47,023
|
|
104,671
|
|
(4,147)
|
|
|
|
|
700,204
|
|
(252,790)
|
|
(159,719)
|
|
(1,479,666)
|
|
Loss before income
taxes
|
|
|
(2,353,972)
|
|
(1,629,770)
|
|
(4,279,779)
|
|
(3,822,231)
|
|
Income tax
expense
|
|
|
6,483
|
|
18,832
|
|
59,694
|
|
77,476
|
|
Net loss and total
comprehensive loss
|
|
|
$
|
(2,360,455)
|
|
$
|
(1,648,602)
|
|
(4,339,473)
|
|
(3,899,707)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.14)
|
|
$
|
(0.10)
|
|
$
|
(0.25)
|
|
$
|
(0.23)
|
|
Basic and
diluted
|
|
|
$
|
(0.11)
|
|
$
|
(0.10)
|
|
$
|
(0.25)
|
|
$
|
(0.23)
|
|
REDLINE
COMMUNICATIONS GROUP INC.
|
|
|
|
|
Consolidated Statements
of Changes in Equity
|
|
|
|
|
(Expressed in U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
Deficit
|
Total
|
|
Balance at
January 1, 2020
|
|
$
|
172,929,341
|
$
|
9,525,694
|
$
|
(167,577,777)
|
14,877,258
|
|
Net loss
|
|
-
|
-
|
(3,899,707)
|
(3,899,707)
|
|
Stock option
expense
|
|
-
|
179,075
|
-
|
179,075
|
|
Balance at
December 31, 2020
|
|
$
|
172,929,341
|
$
|
9,704,769
|
$
|
(171,477,484)
|
$
|
11,156,626
|
|
Balance at
January 1, 2021
|
|
$
|
172,929,341
|
$
|
9,704,769
|
$
|
(171,477,484)
|
$
|
11,156,626
|
|
Net loss
|
|
-
|
-
|
(4,339,473)
|
(4,339,473)
|
|
Stock option
expense
|
|
-
|
108,389
|
-
|
108,389
|
|
Balance at
December 31, 2021
|
|
$
|
172,929,341
|
$
|
9,813,158
|
$
|
(175,816,957)
|
$
|
6,925,542
|
|
REDLINE
COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
|
Consolidated Statements
of Cash Flows
|
|
|
|
|
|
|
|
(Expressed in U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Year ended December
31,
|
|
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
Cash flows from (used
in) operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,360,455)
|
$
|
(1,648,602)
|
|
$
|
(4,339,473)
|
$
|
(3,899,707)
|
|
Adjustments to
reconcile net loss to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
Finance
expense
|
|
95,986
|
7,790
|
|
119,365
|
23,969
|
|
|
Depreciation and
Amortization
|
|
279,321
|
267,981
|
|
1,046,141
|
1,068,676
|
|
|
Stock option
expense
|
|
27,856
|
41,449
|
|
108,389
|
179,075
|
|
|
Foreign exchange (gain)
loss on cash held in foreign currency
|
|
(38,801)
|
(12,166)
|
|
(58,863)
|
27,119
|
|
|
Foreign exchange loss
(gain) on borrowings and lease liabilities
|
|
43,476
|
35,387
|
|
48,475
|
(15,069)
|
|
|
Loss on disposal of
assets
|
|
-
|
-
|
|
1,753
|
5,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,952,617)
|
(1,308,161)
|
|
(3,074,213)
|
(2,610,269)
|
|
Change in non-cash
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease in deferred
cost of revenue
|
|
-
|
556
|
|
475
|
6,412
|
|
|
Decrease in deferred
revenue
|
|
457,449
|
358,713
|
|
118,003
|
26,639
|
|
|
Change in other
non-cash operating assets and liabilities
|
|
1,834,692
|
1,231,462
|
|
1,363,250
|
2,936,808
|
|
Cash (used in)
generated from operating activities
|
|
339,524
|
282,570
|
|
(1,592,485)
|
359,590
|
|
Cash flows from (used
in) investing activities:
|
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
(209,137)
|
(38,332)
|
|
(385,720)
|
(277,628)
|
|
Proceeds on sale of
property, plant and equipment
|
|
6,334
|
-
|
|
10,934
|
-
|
|
Acquisition of
intangible assets
|
|
(82,356)
|
-
|
|
(152,141)
|
(240,173)
|
|
Cash (used in)
investing activities
|
|
(285,159)
|
(38,332)
|
|
(526,927)
|
(517,801)
|
|
Cash flows from (used
in) financing activities:
|
|
|
|
|
|
|
|
Interest
income
|
|
2,399
|
3,184
|
|
8,280
|
25,439
|
|
Interest
expense
|
|
(98,385)
|
(10,974)
|
|
(120,621)
|
(44,722)
|
|
Government Loan (SIF)
including Deferred Grant Income
|
|
282,769
|
-
|
|
1,075,998
|
-
|
|
Term Loan
Financing
|
|
4,907,080
|
-
|
|
4,907,080
|
-
|
|
Repayment of
borrowings
|
|
-
|
-
|
|
-
|
(701,491)
|
|
Lease Right of Use
Asset
|
|
200,061
|
-
|
|
251,335
|
-
|
|
Repayment of lease
liabilities
|
|
(66,845)
|
(48,486)
|
|
(272,225)
|
(267,016)
|
|
Cash generated from
(used in) financing activities
|
|
6,174,887
|
(56,276)
|
|
6,797,655
|
(987,790)
|
|
Foreign exchange gain
(loss) on cash held in foreign currency
|
|
38,801
|
12,166
|
|
58,863
|
(27,119)
|
|
Increase (Decrease) in
cash
|
|
6,268,053
|
200,128
|
|
4,737,106
|
(1,173,120)
|
|
Cash, beginning of the
period
|
|
3,803,539
|
5,134,358
|
|
5,334,486
|
6,507,606
|
|
Cash, end of the
period
|
|
$
|
10,071,592
|
$
|
5,334,486
|
|
$
|
10,071,592
|
$
|
5,334,486
|
SOURCE Redline Communications Group Inc.
