- Delivered adjusted EBITDA of $0.504 million for Q1 2024; the Company has delivered 9 consecutive quarters of positive adjusted EBITDA.
- Delivered revenue and gross profit of $15.6 million and $6.1 million or 39.1%, respectively, in Q1 2024 vs $17.8 million and $7.0 million or 39.2%, respectively in Q1 2023; this represents a reduction in revenue and gross profit of $2.2 million and $.9 million or 10 bps, respectively, year-over-year.
- Working capital decreased $0.5 million to $2.3 million at March 31, 2024 from $2.8 million at December 31, 2023; although working capital increased $1.0 million from $1.3 million at March 31, 2023.
- Company to host First Quarter 2024 earnings conference call on Tuesday, May 28, 2024 at 1:30 PM (PDT) and 4:30 PM (EDT)
BuildDirect reports in US dollars and in accordance with IFRS. All references to dollars herein are in United States dollars ($) unless otherwise specified.
Vancouver, British Columbia--(Newsfile Corp. - May 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 First Quarter Ended March 31, 2024 ("Q1 2024").
"During Q1 2024, the Company reported an adjusted EBITDA of $0.504 million and continued to improve its profitability," said Shawn Wilson, CEO of BuildDirect. "We continue to prioritize disciplined capital allocation, improving our balance sheet, exploring opportunities to expand the number of brick-and-mortar Pro-Centers, and accelerating the growth of our e-commerce business," continued Shawn.
Shawn added, "the Company currently has five Pro Centers located in Michigan which generate approximately $53 million in revenue on an annualized basis (combined). As previously announced, the Company also launched a Pro Center in Richmond, British Columbia within the last year. Currently, we have Pro Centers in only two of the top 50 markets in North America, highlighting significant opportunities for growth. By establishing a robust physical and digital presence, we aim to increase our share of the over $70 billion North American flooring market. Our Pro Centers operate in tandem with our e-commerce business, importing products from global manufacturers to sell locally and fulfill online orders.
We're currently working through strategies to progress our Pro Center growth programs through building organic locations and ongoing exploration of strategic acquisition opportunities."
Q1 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: Tuesday, May 28, 2024
Register:
https://builddirect.zoom.us/meeting/register/tZUqc-uurDkiHtX9CHVKvtxNMkkp0QpO7Vpz
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.
First Quarter 2024 Financial Highlights
- Financial Position
The following table summarizes the Company's financial position at March 31, 2024 and December 31, 2023.
| As at March 31, | As at December 31, | ||||||||
| 2024 | 2023 | $ Change | |||||||
| Cash and cash equivalents | $ | 2,145,652 | $ | 2,601,893 | $ | (456,241 | ) | ||
| Working capital1 | 2,302,032 | 2,824,829 | (522,797 | ) | |||||
| Total assets | 24,115,913 | 25,357,709 | (1,241,796 | ) | |||||
| Total liabilities | 20,453,805 | 21,174,177 | (720,372 | ) | |||||
| Total shareholders' equity | 3,662,108 | 4,183,532 | (521,424 | ) | |||||
| | |||||||||
| Common shares outstanding | 41,949,378 | 41,941,535 | 7,843 |
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.
- Financial Results
The following table summarizes the Company's selected financial results for the three months ended March 31, 2024 and 2023.
| For the three months ended March 31 | |||||||||
| 2024 | 2023 | $ Change | |||||||
| Revenue | $ | 15,589,852 | $ | 17,846,299 | $ | (2,256,447 | ) | ||
| Loss from operations | (316,981 | ) | 20,474 | (337,455 | ) | ||||
| Total loss and comprehensive loss | (589,324 | ) | (343,661 | ) | (245,663 | ) | |||
| Adjusted EBITDA1 | 504,230 | 1,042,456 | (538,226 | ) | |||||
| Basic and diluted loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | - | |
1 A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation non-IFRS measures to the relevant IFRS measures.
- Revenue and Gross Profit per Segment
The Company reports results in two segments: (1) BuildDirect and (2) Acquired Retailers. We measure each reportable operating segment's performance based on Revenue. The BuildDirect segment comprises Revenue through our BuildDirect E-commerce and brick and mortar operations. The Acquired Retailers segment comprises Revenue of flooring building materials through our acquired brick and mortar locations and include installation services. The BuildDirect and Acquired Retailers segments contributed 25% and 75% of the Company's Revenue respectively in Q1 2024 compared to 30% and 70% of the Company's Revenue, respectively, in Q1 2023.
The following table summarizes Revenue and Gross Profit per Segment for Q1 2024 and the three months ended March 31, 2023 ("Q1 2023").
| For the three months ended March 31, 2024 | |||||||||
| BuildDirect | Retailers | Total | |||||||
| Revenue | $ | 3,849,985 | $ | 11,739,867 | $ | 15,589,852 | |||
| Cost of goods sold | 1,849,148 | 7,649,753 | 9,498,901 | ||||||
| Gross Profit | 2,000,837 | 4,090,114 | 6,090,951 | ||||||
| 52.0% | 34.8% | 39.1% | |||||||
| For the three months ended March 31, 2023 | |||||||||
| BuildDirect | Retailers | Total | |||||||
| Revenue | $ | 5,307,376 | $ | 12,538,923 | $ | 17,846,299 | |||
| Cost of goods sold | 2,559,907 | 8,293,951 | 10,853,858 | ||||||
| Gross Profit | 2,747,469 | 4,244,972 | 6,992,441 | ||||||
| 51.8% | 33.9% | 39.2% | |||||||
Overall, revenue in Q1 2024 was $15,589,852 compared to $17,846,299 in Q1 2023 for a decrease of $2,256,447 or 12%.
Revenue in Q1 2024 for the BuildDirect segment was $3,849,986 compared to $5,307,376 for the same period in the prior year for a decrease of $1,457,390 or 27.5%. The decrease can be attributed to the Company's strategy to substantially scale down E-Commerce operations to facilitate re-platforming initiatives.
Revenue in Q1 2024 for Acquired Retailers was $11,739,866 compared to $12,538,923 for the same period in the prior year for a decrease of $799,057 or 6%. The decrease can be attributed to a lower demand resulting from unseasonably cold weather and project delays.
Gross Profit in Q1 2024 was $6,090,951 compared to $6,992,441 in Q1 2023 for a decrease of $901,490 or 13%. The decrease can be attributed to the lower Revenue noted earlier for BuildDirect and Acquired Retailers, although Gross Profit as a percentage of Revenue remained consistent at 39%. Likewise, Gross Margin as a percentage of Revenue for BuildDirect and Acquired Retailers remained consistent at 52% and 34%, respectively.
- Working capital1
The following table summarizes Working Capital on March 31, 2024 and December 31, 2023.
| As at March 31, | As at December 31, | ||||||||
| 2024 | 2023 | $ Change | |||||||
| Total current assets | $ | 14,033,646 | $ | 14,603,934 | $ | (570,288 | ) | ||
| Total current liabilities | 11,731,614 | $ | 11,779,105 | (47,491 | ) | ||||
| Working capital | 2,302,032 | 2,824,829 | (522,797 | ) |
Current assets include cash and cash equivalents of $2.1 million on March 31, 2024 compared to $2.6 million at December 31, 2023 for a decrease of $0.5 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 $ | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
| (Unaudited) | ||||||||
| Revenue | 15,589,852 | 16,916,952 | 18,411,622 | 19,104,525 | 17,846,299 | 21,694,512 | 22,007,379 | 24,052,309 |
| Gross Profit | 6,090,951 | 5,957,814 | 7,321,604 | 7,575,470 | 6,992,441 | 7,897,610 | 6,921,305 | 8,425,104 |
| Gross Margin % | 39.1% | 35.2% | 39.8% | 39.7% | 39.2% | 36.4% | 31.4% | 35.0% |
| Net Loss | (589,324) | (1,971,942) | (480,818) | (975,778) | (343,661) | (4,658,265) | (893,206) | (597,149) |
| Net Earnings (Loss) per Share: | ||||||||
| Basic earnings loss per Share | (0.01) | (0.05) | (0.01) | (0.02) | (0.01) | (0.15) | (0.03) | (0.02) |
| Diluted earnings loss per Share | (0.01) | (0.05) | (0.01) | (0.02) | (0.01) | (0.15) | (0.03) | (0.02) |
| EBITDA | 486,772 | (757,295) | 976,906 | 636,355 | 1,280,844 | (3,968,016) | 802,084 | 1,096,797 |
| Adjusted EBITDA1 | 504,230 | 73,069 | 1,370,956 | 1,064,555 | 1,042,456 | 411,651 | 294,559 | 618,901 |
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 for our eight most recently completed fiscal quarters. This information 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 revenue and improvement in adjusted EBITDA by changing its strategy, where the Company is focused on the more profitable Pro Customer base and reduced selling and marketing expenses, as well as incremental contribution from the Superb acquisition (November 2021). The results summarized above follow from our strategy in 2023 to scale down our E-Commerce operations and thereby improve EBITDA and Adjusted EBITDA, accordingly.
Subsequent events to Q1 2024
On April 12, 2024, the Company confirmed that it will hold its 2023 Annual General and Special Meeting of Shareholders on June 20, 2024; and
The Company's Board adopted a fixed omnibus plan (the "Omnibus Plan") as of May 9, 2023, which was adopted by shareholders of the Company on June 8, 2023. The Board has approved the amendment of the Omnibus Plan as detailed below (the "Plan Amendment") pursuant to and in accordance with Section 13.1 of the Omnibus Plan, which amendments are to be effective June 1, 2024. The Board determined it desirable to amend the terms of the Omnibus Plan such that the minimum Exercise Price of any Options to be issued under the Omnibus Plan be lowered from the Fair Market Value to the Discounted Market Price, as defined in the policies of the Toronto Stock Exchange Venture Exchange (the "TSX-V"), on the Date of Grant subject to and in accordance with TSX-V Policy 4.4 provided, however, that the minimum Exercise Price in respect to Options to be issued to U.S. Taxpayers shall remain the Fair Market Value on the Date of Grant (capitalized terms as defined and/or described in the Omnibus Plan). The TSX-V has confirmed that it has no objections to the Plan Amendment.
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 months ended March 31, 2024 and March 31, 2024 are available on the Company's website at www.BuildDirect.com and on the Company's SEDAR+ profile available at https://www.sedarplus.ca.
About BuildDirect
BuildDirect (TSXV: BILD) 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 continued prioritization of disciplined capital allocation, the improvement of the Company's balance sheet, the exploration of opportunities to expand the number of brick-and-mortar Pro-Centers, the acceleration of the Company's e-commerce business, the Company's establishment of a robust physical and digital presence, the Company being well positioned to increase its share of the $70 billion U.S. flooring market and its significant opportunity for growth, the Company's focus on the Pro Customer and continued reduction in selling and marketing expenses, the improvement in the Company's profitability and the continued delivery by the Company 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 MD&A. 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.
Reference is made in this press release to the following non-GAAP measures: Adjusted EBITDA and Working Capital. This non-GAAP measure is commonly used by investors and other interested parties to evaluate the Company's financial performance and is employed by the Company to measure its operating and economic performance and to assist in business decision-making. This non-GAAP measure does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. This measure is provided as additional information to complement those IFRS measures by providing further understanding of the results of operations from management's perspective. Accordingly, this measure 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 "First Quarter 2024 Financial Highlights" of this press release as well as our Management's Discussion and Analysis (for the three months ended March 31, 2024 and March 31, 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.
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
NON-IFRS MEASURES
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.
| For the three months ended March 31 | |||||||
| Adjusted EBITDA | 2024 | 2023 | |||||
| Total loss and comprehensive loss for the period | $ | (589,324 | ) | $ | (343,661 | ) | |
| Add back: | |||||||
| Income tax expense | 67,500 | 195,000 | |||||
| Depreciation and amortization | 700,836 | 917,869 | |||||
| Interest | 307,760 | 511,636 | |||||
| | |||||||
| EBITDA | $ | 486,772 | $ | 1,280,844 | |||
| EBITDA %1 | 3% | 7% | |||||
| | |||||||
| EBITDA adjustments: | |||||||
| Stock-based compensation | 64,180 | 42,443 | |||||
| Foreign exchange gain/(loss) | (43,683 | ) | (259,127 | ) | |||
| Fair value adjustment of warrants | (3,039 | ) | (21,704 | ) | |||
| Adjusted EBITDA | $ | 504,230 | $ | 1,042,456 | |||
| Adjusted EBITDA %2 | 3% | 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 | |||||||
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
(Expressed in United States dollars)
| As at March 31, 2024 | As at December 31, 2023 | | |||||
| $ | $ | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 2,145,652 | 2,601,893 | |||||
| Short-term investments | 445,415 | 445,415 | |||||
| Trade and other receivables (note 3) | 3,789,546 | 4,152,899 | |||||
| Inventories (note 4) | 5,946,188 | 6,174,201 | |||||
| Prepaid materials, expenses, and deposits | 1,706,845 | 1,229,526 | |||||
| Total current assets | 14,033,646 | 14,603,934 | |||||
| Non-current assets: | |||||||
| Property and equipment (note 5) | 576,969 | 563,231 | |||||
| Intangible assets (note 6) | 3,113,973 | 3,525,883 | |||||
| Right-of-use assets (note 7) | 1,887,364 | 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 | 10,082,267 | 10,753,775 | |||||
| Total Assets | 24,115,913 | 25,357,709 | |||||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities (note 8) | 6,494,619 | 5,895,863 | |||||
| Income taxes payable | 276,839 | 210,339 | |||||
| Current portion of lease liabilities (note 9) | 1,262,952 | 1,319,526 | |||||
| Deferred revenue (note 10) | 1,583,881 | 1,559,755 | |||||
| Current portion of loan payable (note 11) | 959,410 | 982,912 | |||||
| Current portion of promissory note (note 13) | 1,153,913 | 1,135,710 | |||||
| Current portion of deferred consideration payable (note 14) | - | 675,000 | |||||
| Total current liabilities | 11,731,614 | 11,779,105 | |||||
| Non-current liabilities: | |||||||
| Lease liabilities (note 9) | 1,019,343 | 1,310,248 | |||||
| Loan payable (note 11) | 6,431,794 | 6,514,693 | |||||
| Warrants (note 12) | 72,185 | 75,224 | |||||
| Promissory note (note 13) | 1,198,869 | 1,494,907 | |||||
| Total non-current liabilities | 8,722,191 | 9,395,072 | |||||
| Shareholders' equity: | |||||||
| Share capital (note 15) | 123,113,319 | 123,109,599 | |||||
| Share based payment reserve | 11,387,760 | 11,323,580 | |||||
| Deficit | (130,838,971 | ) | (130,249,647 | ) | |||
| Total Shareholders' equity | 3,662,108 | 4,183,532 | |||||
| Total Liabilities and Equity | 24,115,913 | 25,357,709 | |||||
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)
For the three months ended March 31, 2024 and 2023
| March 31, 2024 | March 31, 2023 | | ||||
| $ | $ | |||||
| Revenue (note 16) | 15,589,852 | 17,846,299 | ||||
| Cost of goods sold (note 4) | 9,498,901 | 10,853,858 | ||||
| Gross Profit | 6,090,951 | 6,992,441 | ||||
| Operating expenses: | ||||||
| Fulfillment costs | 997,767 | 1,159,656 | ||||
| Selling and marketing | 1,362,557 | 1,331,809 | ||||
| Administration | 3,238,474 | 3,440,035 | ||||
| Research and development | 108,298 | 122,598 | ||||
| Depreciation and amortization | 700,836 | 917,869 | ||||
| Total operating expenses | 6,407,932 | 6,971,967 | ||||
| Profit (Loss) from operations | (316,981 | ) | 20,474 | |||
| Other income (expense): | ||||||
| Interest income | 22,102 | 15,128 | ||||
| Interest expense | (329,862 | ) | (526,764 | ) | ||
| Rental income | 56,195 | 61,670 | ||||
| Fair value adjustment of warrants (note 12) | 3,039 | 21,704 | ||||
| Foreign exchange gain | 43,683 | 259,127 | ||||
| Total Other income (expense) | (204,843 | ) | (169,135 | ) | ||
| Loss before income taxes | (521,824 | ) | (148,661 | ) | ||
| Income tax expense | 67,500 | 195,000 | ||||
| Total loss and comprehensive loss for the period | (589,324 | ) | (343,661 | ) | ||
| Loss per share | ||||||
| Basic and diluted loss per share (note 21) | (0.01 | ) | (0.01 | ) |
Condensed Consolidated Interim Statement of Changes in Equity (Deficiency)
(Unaudited)
(Expressed in United States dollars)
For the three months ended March 31, 2024 and 2023
| Common Shares | Share based payment reserve | Deficit | Total | ||
| Number | Amount | ||||
| $ | $ | $ | $ | ||
| 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 | - | - | - | (343,661) | (343,661) |
| Share-based payment expense (note 15) | - | - | 42,443 | - | 42,443 |
| Balance - March 31, 2023 | 41,941,535 | 123,109,599 | 11,164,228 | (126,821,108) | 7,452,719 |
| 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) | 7,843 | 3,720 | - | - | 3,720 |
| Loss and comprehensive loss for the year | - | - | - | (589,324) | (589,324) |
| Share-based payment expense (note 15) | - | - | 64,180 | - | 64,180 |
| Balance - March 31, 2024 | 41,949,378 | 123,113,319 | 11,387,760 | (130,838,971) | 3,662,108 |
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited)
(Expressed in United States dollars)
For the three months ended March 31, 2024 and 2023
| March 31, 2024 | March 31, 2023 | | ||||
| $ | $ | |||||
| Cash provided by (used in): | ||||||
| Operating activities: | ||||||
| Loss for the year | (589,324 | ) | (343,661 | ) | ||
| Add (deduct) items not affecting cash: | ||||||
| Depreciation and amortization | 700,836 | 917,869 | ||||
| Income tax expense | 67,500 | 195,000 | ||||
| Stock-based compensation expense | 64,180 | 42,443 | ||||
| Interest paid on leases | 34,687 | 58,779 | ||||
| Other interest and finance cost | 295,175 | 467,985 | ||||
| Interest earned on lease receivables | (22,102 | ) | (15,128 | ) | ||
| Fair value adjustment on warrants | (3,039 | ) | (21,704 | ) | ||
| Unrealized foreign exchange | (39,794 | ) | (2,455 | ) | ||
| 508,119 | 1,299,128 | |||||
| Income taxes paid | (1,000 | ) | - | |||
| Changes in non-cash operating working capital: | ||||||
| Trade and other receivables | 292,802 | 145,493 | ||||
| Inventories | 228,013 | 177,853 | ||||
| Prepaid materials, expenses and deposits | (477,319 | ) | (341,510 | ) | ||
| Accounts payable and accrued liabilities | 597,152 | 22,766 | ||||
| Deferred revenue | 24,126 | 836,295 | ||||
| Total operating activities | 1,171,893 | 2,140,025 | ||||
| Investing activities: | ||||||
| Purchase of property and equipment | (29,329 | ) | (6,764 | ) | ||
| Principal received on lease receivables | 70,551 | 64,501 | ||||
| Total investing activities | 41,222 | 57,737 | ||||
| Financing activities: | ||||||
| Private placement proceeds | 3,720 | 306,395 | ||||
| Interest paid | (99,766 | ) | (236,075 | ) | ||
| Principal lease payments | (347,479 | ) | (350,968 | ) | ||
| Promissory note repayment | (311,250 | ) | (311,250 | ) | ||
| Deferred consideration repayment | (675,000 | ) | (675,000 | ) | ||
| Loan repayment | (239,493 | ) | (227,705 | ) | ||
| Total financing activities | (1,669,268 | ) | (1,494,603 | ) | ||
| Effects of currency translation on cash and cash equivalents | (88 | ) | - | |||
| Increase (decrease) in cash and cash equivalents | (456,241 | ) | 703,159 | |||
| Cash and cash equivalents, beginning of period | 2,601,893 | 4,107,754 | ||||
| Cash and cash equivalents, end of period | 2,145,652 | 4,810,913 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210739
SOURCE: BuildDirect.com Technologies, Inc.
