VANCOUVER, BC, May 31, 2022
/CNW/ - Pathfinder Ventures Inc. (TSXV: RV) (OTCQB: RVRVF)
(the "Company" or "Pathfinder.") is pleased to announce it has
filed on SEDAR the consolidated financial statements and management
discussion and analysis ("MD&A") for the three months ended
March 31, 2022 and 2021.
Pathfinder Ventures is committed to developing the business
opportunities that exist given the growing trend of people looking
to explore, reside and vacation in RVs.
The consolidated financial statements and MD&A can be viewed
at www.sedar.com. The financial information provided herein should
be read in conjunction with and is qualified by additional
information and disclosures contained in the consolidated financial
statements, including the notes thereto, and the MD&A.
Mr. Joe Bleackley, CEO, Founder and Director of Pathfinder,
commented, "In the first quarter of 2022, the Pathfinder team
focused on preparing all locations and staff for a busy spring and
summer camping season. We finished off outstanding projects
and upgrades at our 3 British Columbia locations as we strive to
deliver the best possible experience for our RV guests. Our
RV Resorts are seeing increased reservations and occupancy rates
and we're looking forward to building upon our current foundation
with expansions and more locations."
Q1 2022 Highlights
- Revenues increased to $459,078
from $313,735 in the comparative
period;
- Consulting expense decreased to $10,272 from $98,831 in the comparative period.
- Financing costs were $nil compared with $20,433 in the comparative period as the no new
financing arrangements were completed during Q1 2022.
- Cash and cash equivalents at March 31,
2022 were $2,068,772, compared
to $2,092,893 at December 31, 2021.
- Cash used in operating activities was $256,651, compared to $286,904 during Q1 2021.
- 12,512 camp resort site nights (as defined below) occupied in
Q1 2022, compared to 11,588 camp resort site nights occupied in the
comparative period;
Highlights Subsequent to
March 31, 2022
On April 7, 2022, the Company
completed the purchase of property adjacent to its existing
Pathfinder Camp Resorts location in Agassiz B.C. for the cash purchase price of
$750,000. Pathfinder plans,
subject to land-use and rezoning approvals, to use this 1.892-acre
property to expand the Agassiz
campground. The purchase was funded by cash on hand and a
$600,000 mortgage. The mortgage
is secured by a first charge over the property, an existing
commercial security agreement and an assignment of rents.
Financial Summary
|
Q1
2022
|
Q1 2021
|
|
|
|
Occupied Site Nights
(1)
|
12,512
|
11,588
|
Revenue
|
459,078
|
313,765
|
Operating
expenses
|
1,178,862
|
746,497
|
Net loss
|
(748,258)
|
(435,502)
|
Net loss per
share
|
(0.01)
|
(0.01)
|
Adjusted EBITDA (loss)
(2)
|
(307,278)
|
(284,920)
|
|
|
(1)
|
Occupied Site Nights is
the sum of all actual nights the sites were occupied by visitors to
the camp resorts when summing all occupied sites across the
Company's three camp resorts (for example: 1 camp site is available
7 Site Nights per week).
|
(2)
|
Adjusted EBITDA is a
non-GAAP financial measure that is calculated as income (loss) from
operations before depreciation and amortization, interest,
accretion, financing costs, and share-based compensation.
Management will continue to drive towards positive Adjusted EBITDA
through additional cost cutting initiatives and maximizing the
operating capacity of the camp resort parks.
|
Financial Performance
Revenues for Q1 2022 were $459,078, compared to Q1 2021 revenues of
$313,735. This increase over the
prior year is attributable to the acquisitions of the three camp
resorts in the latter part of Q4 2020.
Operating expenses for Q1 2022 were $1,178,862, compared to Q1 2021 operating
expenses of $746,497. This increase
over the prior year is attributable to the acquisitions of the
three camp resort parks, which resulted in the operating results of
those parks being consolidated into the Company's financials.
Significantly impacting this increase in operating expenses
are:
- Depreciation of $191,053,
compared to $45,638 during the
comparative period, which relates to the Company's expenditures on
properties and equipment since the prior year period, with these
capital assets then depreciating over their respective useful
lives.
- Interest expense of $156,167,
compared to $74,585 during the
comparative period, as a result of interest payments on mortgages
that the Company entered into during 2021 for the purposes of
funding acquisitions.
- Property costs of $172,098,
compared to $67,496 during the
comparative period, which relates to repairs, maintenance, and
operational costs of the properties acquired in 2021.
- Salaries and benefits of $306,832, compared to $129,159 during the comparative period, which
relates to having three operating locations in Q1 2022 and the
additional full time and part-time employees required to run the
camp resorts.
- Share-based compensation of $69,174, compared to $nil during the comparative
period, which relates to the Company's issuance of stock options
during fiscal 2021.
Net loss from operations for Q1 2022 was $747,952, compared to Q1 2021 of $443,479. This increase over comparative period
is primarily attributable to the items noted above.
Non-IFRS Financial
Measures
The discussion of consolidated financial results in this press
release includes references to "Adjusted EBITDA" (earnings before
interest, taxes, depreciation, and amortization), which is a
non-IFRS performance measure. The Company presents these measures
to provide additional information regarding the Company's financial
results and performance. Please refer to the Company's MD&A for
the three months ended March 31, 2022
and 2021 for a reconciliation of these measures to reported IFRS
results.
About Pathfinder
Ventures
Pathfinder Ventures Inc. is developing a network of premier
branded, upscale and family-friendly RV parks and campgrounds under
the "Pathfinder Camp Resorts" name. Pathfinder currently has
three camp resorts located in B.C. and is focused on growing its
network through both acquisitions and new construction. The
Corporation is taking advantage of the rapidly growing market of
Canadians who want to experience the great outdoors in an RV.
On behalf of the board of
directors of the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the
United States. The securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold
within the United States or to U.S. persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Forward-Looking Information
Cautionary Statement
This news release contains forward-looking statements
relating to the future operations of the Corporation and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Corporation, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Corporation's expectations include risks detailed from time to
time in the filings made by the Corporation with securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Corporation. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Corporation does not undertake any obligation to update publicly or
to revise any forward-looking statements that are contained or
incorporated in this press release.
In the case of RV, this news release includes certain
"forward-looking statements" which are particular to RV and are not
comprised of historical facts. Forward-looking statements include
estimates and statements that describe RV's future plans,
objectives or goals, including words to the effect that RV or its
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently
available to RV, RV provides no assurance that actual results will
meet management's expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, RV's objectives,
goals or future plans, statements, its projected revenues and
earnings, and anticipated future growth in new markets. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, the
ability of the RV to successfully implement its development
strategy and whether this will yield the expected benefits;
competitive factors in RV's industry sector; the success or failure
of product development programs; currently existing applicable laws
and regulations or future applicable laws and regulations that may
affect RV' s business; decisions of regulatory authorities and the
timing thereof; Covid-19 related risks, availability of properties;
the economic circumstances surrounding RV's business, including
general economic conditions in Canada, the US and worldwide; changes in
exchange rates; changes in the equity market; inflation;
uncertainties relating to the availability and costs of financing
needed in the future; and those other risks disclosed in the filing
statement or other disclosure document prepared and supplied on
sedar. Although RV believes that the assumptions and factors
used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. RV disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
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SOURCE Pathfinder Ventures Inc.