Outlook ? Northcore achieved a number of milestones during the 2012, notably:
Operational Activities
• Acquired Envision Online Media Inc., an Ottawa based Content Management specialist;
• Filed additional patents to support the proprietary implementation of viral accelerators
and to expand the scope of the Company’s existing patents in the delivery of online
Dutch Auctions;
• Integrated the financial management and reporting functions of Envision into the
Northcore management framework;
• Completed a new implementation of the Company's Dutch Auction transaction engine;
and
• Completed development on a new version of Northcore’s legacy Material Management
application.
• Designed and deployed a back end server platform to support the "Intelligent Agent"
initiative for a major strategic partner;
• Delivered a number of customer web platforms and content management solutions
through Envision Online Media; and
• Launched a Dutch Auction platform for the Wine and Spirits industry.
As at June 30, 2013, Northcore held cash and short-term investments of $90,000, and accounts receivable of $135,000.
Operational EBITDA is defined as the loss before interest, taxes, depreciation, stock-based compensation, non-cash and non-recurring items. The Company considers Operational EBITDA to be a meaningful performance measure as it provides an approximation of operating cash flows.
For the quarter and nine months ended September 30, 2013 Northcore reported a net loss per share of $0.001 and $0.005 respectively, basic and diluted. This compares to a loss per share of $0.002 and $0.008 respectively, basic and diluted, in the same period of 2012.
As at September 30, 2013 Northcore held cash and short-term investments of $72,000 and accounts receivable of $113,000.
Due to Northcore's inability to financially support the continued expenses related to hosting services or refund service pre-payments, Northcore sold its interest in GE Asset Manager LLC and other GE and hosting related business to a third party acceptable to GE on July 24, 2013. The result of this sale eliminated all contingent liabilities for service interruption, avoided refund of pre-paid services and reduced potential severance costs related to downsizing parent company operations. Northcore maintains a continued right to use the IP that was sold in this transition.
Outlook
Northcore continues to address its liquidity risk by reducing cash expenses to minimum levels for a holding company, communicating with creditors, seeking additional funding and business development opportunities. Envision Online Media Inc., a wholly owned subsidiary of Northcore, operates as an autonomous entity.