RE:Market Cap CAN$9M Stockholdders have a residual claim on assets.
The condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Corporation will be able to realize its assets and discharge its liabilities in the normal course of business. For the nine months ended September 30, 2023, the Corporation incurred a net loss of $0.8 million (2022 - $2.9 million). The Corporation has $4.0 million drawn on its operating facility as at September 30, 2023. The credit facility imposes a number of positive and negative covenants on the Corporation more fully described in Note 9.
There remains a material uncertainty that may cast significant doubt on the Corporation’s ability to continue as a going concern.