RE:RE:Record Financial Results! EBITDA
The EBITDA in 2021 was a $37,371,658 loss compared to an EBITDA gain of $43,824,533 for 2020, representing a decrease of 185% year-over-year. The decrease in the EBITDA in 2021 compared to 2020 is due to the decrease in net earnings and comprehensive income of $80,196,899, offset by an increase in depreciation on property and equipment of $292,985, an increase in depreciation on right-of-use assets of $162,076, an increase in amortization of intangible assets of $438,723, a decrease in finance charges of $119,704 and a decrease in income taxes of $1,773,372.
Adjusted EBITDA in 2021 was a $27,608,913 loss compared to an Adjusted EBITDA gain of $48,069,141 for 2020. The decrease of $75,678,054 in the Adjusted EBITDA in 2021 is attributable to a decrease in EBITDA of $81,196,191, and an increase of $5,518,137 in share-based payments.
The Modified EBITDA in 2021 was a $6,182,695 loss compared to a Modified EBITDA gain of $3,442,443 for 2020, representing a decrease of 280%. The decrease in the Modified EBITDA loss in 2021 is attributable to the decrease as mentioned above in the Adjusted EBITDA loss of $75,678,054 and an increase in change of fair value of investments of $66,052,916.
Not good. Not good at all. Let's see Uncleron try and spin this to a positive.