Quarterly Revenues increased by 25% with a $13.6 Million Backlog: $7.5 million of Bookings at 3-year high
TORONTO, March 30, 2022 /CNW/ - Redline Communications Group Inc. (TSX: RDL), a leading provider of mission-critical data infrastructure for remote & harsh environments, today announced operating results for the fourth quarter and year ended December 31, 2021.
All figures are in US Dollars unless otherwise noted.
- Quarterly Revenues increased 13% to $5.9 million from $5.2 million in Q3 2021 and increased $1.2 million or 25% compared to Q4 2020.
- Annual revenues increased by 6% to $19.5 million in 2021 compared to $18.5 million in 2020
- Q4 2021 Gross margin was 48% compared to 52% for Q4 2020 and 66% for Q3 2021.
- Over 60% of revenues were fulfilled via distribution and reseller partners, a slight sequential decrease from the over 70% in Q3 2021.
- Bookings of $7.5 million in Q4 2021 increased by 19% compared to Q3 2021 , which was the highest bookings achievement in a quarter since Q4 2018
- Backlog increased to $13.6 million at the end of Q4 2021, a 9% sequential increase compared to $12.5 million at the end of Q3 2021.
- Adjusted EBITDA loss was $1.4 million in Q4 2021 compared to losses of $0.2 million in Q3 2021 and $1.6 million in Q4 2020.
- Redline also closed a CAD$ 7.0 million term loan facility in Q4 2021.
"We are pleased to report quarter over quarter and year over year improvements in revenues, gross profit and backlog coupled with our highest quarterly bookings in three years," stated Richard Yoon, Chief Executive Officer. "The increase in revenues, backlog and bookings are all positive signs that customers are ramping up their digital transformation plans, which we expect to drive demand for Redline solutions in the coming quarters. We are also excited to close a significant term loan financing in the quarter ensuring we have the liquidity to continue developing new 5G solutions that the market is demanding."
Financial and Business Review
Gross margin of 48% in Q4 2021 was down 18% percentage points from Q3 2021 due to the Company taking a $730,000 provision against all remaining TV White Space ("TWS") inventory in the quarter. TWS has been written down to zero and is an insignificant component of the Company's revenue in the recent past and going forward. Further write downs relating to TWS will not occur. In the absence of the provision, gross margin would have been 61% for the quarter.
Total operating expenses for Q4 2021 were $4.4 million, an increase of 2% compared to $4.3 million in Q4 2020 and up $0.5 million or 13% sequentially from Q3 2021. The quarter over quarter increases are mainly due to transaction costs associated with the financing as well as annual variable compensation costs that are expensed in Q4 of each year.
Adjusted EBITDA loss for Q4 2021 was $1.4 million, an increase of $1.2 million from Q3 2021 due to the additional inventory provision taken against the TV White space inventory and annual variable compensation costs. Adjusted EBITDA for Q4 2021 is an $0.2 million improvement over Q4 2020.
|
Key financial highlights for the three months ended December 31, 2021 ("Q4 2021") include:
|
|
|
|
|
|
|
|
|
|
Q4 2021
|
Q3 2021
|
Increase (decrease)
|
% Change
|
Q4 2020
|
Increase (decrease)
|
% Change
|
|
Revenue
|
$5.9 M
|
$5.2 M
|
$0.7 M
|
13%
|
$4.7 M
|
$1.2 M
|
25%
|
|
Gross profit margin %
|
48%
|
66%
|
(18%)
|
|
52%
|
(4%)
|
|
|
Operating expenses
|
$4.4 M
|
$3.9 M
|
$0.5 M
|
13%
|
$4.3 M
|
$0.1 M
|
2%
|
|
Net loss
|
$2.3 M
|
$0.1 M
|
($2.2 M)
|
-2200%
|
$1.6 M
|
($0.7 M)
|
-44%
|
|
Adjusted EBITDA loss1
|
$1.4 M
|
$0.2 M
|
($1.2 M)
|
-600%
|
$1.6 M
|
$0.2 M
|
13%
|
|
CEWS benefit
|
$0.02 M
|
$0.2 M
|
($0.18)
|
-90%
|
$0.1 M
|
($0.08 M)
|
-80%
|
|
Bookings1
|
$7.5 M
|
$6.3 M
|
$1.2 M
|
19%
|
$5.5 M
|
$2.0 M
|
36%
|
|
|
|
|
|
|
|
|
|
December 31, 2021
|
September 30, 2021
|
Increase (decrease)
|
% Change
|
December 31, 2020
|
Increase (decrease)
|
% Change
|
|
Cash
|
$10.1 M
|
$3.8 M
|
$6.3 M
|
166%
|
$5.3 M
|
$4.8 M
|
91%
|
|
Inventory
|
$4.0 M
|
$4.7 M
|
($0.7 M)
|
-15%
|
$5.5 M
|
($1.5 M)
|
-27%
|
|
Order Backlog1
|
$13.6 M
|
$12.5 M
|
$1.1 M
|
9%
|
$11.8 M
|
$1.8 M
|
15%
|
|
Key financial highlights for the year ended December 31, 2021 include:
|
|
|
|
|
|
|
|
|
|
Annual 2021
|
Q3 2021 YTD
|
Increase (decrease)
|
% Change
|
Annual 2020
|
Increase (decrease)
|
% Change
|
|
Revenue
|
$19.5 M
|
$13.6 M
|
$5.9 M
|
42%
|
$18.5 M
|
$1.0 M
|
6%
|
|
Gross profit margin %
|
60%
|
65%
|
(5%)
|
|
56%
|
4%
|
|
|
Operating expenses
|
$16.1 M
|
$11.7 M
|
$4.4 M
|
38%
|
$15.6 M
|
$0.5 M
|
3%
|
|
Net loss
|
$4.3 M
|
$2.0 M
|
($2.3 M)
|
-115%
|
$3.9 M
|
($0.4 M)
|
-10%
|
|
Adjusted EBITDA loss1
|
$3.3 M
|
$1.9 M
|
($1.4 M)
|
-74%
|
$4.1 M
|
$0.8 M
|
20%
|
|
CEWS benefit
|
$0.93 M
|
$0.91 M
|
0.02 M
|
0%
|
$1.2 M
|
($0.3 M)
|
-25%
|
|
Bookings1
|
$22.5 M
|
$15.0 M
|
$7.5 M
|
51%
|
$22.6 M
|
($0.1 M)
|
-
|
|
|
|
|
|
|
|
|
|
December 31, 2021
|
September 30, 2021
|
Increase (decrease)
|
% Change
|
December 31, 2020
|
Increase (decrease)
|
% Change
|
|
Cash
|
$10.1 M
|
$3.8 M
|
$6.3 M
|
166%
|
$5.3 M
|
$4.8 M
|
91%
|
|
Inventory
|
$4.0 M
|
$4.7 M
|
($0.7 M)
|
-15%
|
$5.5 M
|
($1.5 M)
|
-27%
|
|
Order Backlog1
|
$13.6 M
|
$12.5 M
|
$1.1 M
|
9%
|
$11.8 M
|
$1.8 M
|
15%
|
Conference Call and Webcast – March 30, 2022, at 10:00 a.m. ET
A conference call and webcast to discuss the results has been scheduled. Details are below:
When: Wednesday, March 30, 2022, at 10:00 a.m. Eastern Time.
Dial in 1-416-764-8659 approximately 10 minutes before the conference call
Passcode 68004202.
A recording of the call will be available through April 6, 2022, on Redline's website or by dialing 1-416-764-8677 and entering the passcode 004202#.
About Redline Communications
Redline Communications (TSX:RDL) designs and manufactures powerful wide-area wireless networks for mission-critical applications in challenging locations. Redline networks are used by oil & gas companies onshore and offshore, mining companies on surface and underground operations, by municipalities to remotely monitor infrastructure, and by specialized telecom service providers to deliver premium services. Hundreds of businesses worldwide rely on Redline to engineer, plan and deliver ruggedized, secure and reliable networks for their IoT, voice, data, and video communications needs in locations that include the deserts of the Middle East, the rainforests of South America, and the frozen Alaskan slopes. For more information visit www.rdlcom.com.
|
NOTES:
|
|
|
1
|
To better assess the health and growth of the Redline's business, the Company reports certain non-IFRS metrics, including "Bookings", "Order Backlog", "Adjusted EBITDA" and "Adjusted EBITDA Margin". Further information including definitions of these measures and a reconciliation to their closest IFRS measure, if applicable, can be found in the Company's Management Discussion and Analysis for the three and twelve months ended December 31, 2021 ("Q4 2021 MD&A"), copies of which are available on SEDAR at www.sedar.com. Further details on the three and twelve months ended December 31, 2021, can be found in the condensed consolidated statement of financial position, statement of comprehensive loss, statement of changes in equity and statement of cash flows reproduced at the end of this press release. The selected financial information included in this release is qualified in its entirety by, and should be read together with the condensed consolidated financial statements of the Company for the three and twelve months ended December 31, 2021, and the Q4 2021 MD&A.
|
|
Adjusted EBITDA (Loss)
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars)
|
|
|
|
|
The table below reconciles Adjusted EBITDA (loss) to net profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
Year ended December 31,
|
|
|
(unaudited)
|
(audited)
|
|
(in thousands)
|
2021
|
2020
|
2021
|
2020
|
|
Revenue
|
$
|
5,869
|
$
|
4,683
|
$
|
19,547
|
$
|
18,515
|
|
Net profit (loss)
|
(2,361)
|
(1,648)
|
(4,340)
|
(3,900)
|
|
Add back:
|
|
|
|
-
|
|
Share based payments
|
28
|
41
|
108
|
183
|
|
Depreciation and amortization
|
279
|
268
|
1,046
|
1,068
|
|
Canada Emergency Wage Subsidy
|
(23)
|
(123)
|
(936)
|
(1,163)
|
|
Finance (income) expense
|
96
|
8
|
119
|
24
|
|
(Gain) loss on fair market value
of financial instruments
|
526
|
(185)
|
552
|
(336)
|
|
Foreign exchange (gain) loss
|
102
|
47
|
105
|
(4)
|
|
Income tax expense
|
6
|
19
|
60
|
77
|
|
Total
|
1,014
|
75
|
1,054
|
(150)
|
|
|
|
|
|
|
|
Adjusted EBITDA (loss)
|
$
|
(1,347)
|
$
|
(1,573)
|
$
|
(3,286)
|
$
|
(4,050)
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
-23%
|
-34%
|
-17%
|
-22%
|
Forward Looking Statements
Certain statements in this release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking statements can be identified by terms such as "could", "expect", "may", "will", "anticipate", "believe", "intend", "estimate", "plan", "potential", "project" or other expressions concerning matters that are not historical facts. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements, by their nature, are based on certain assumptions regarding expected growth, management's current plans, estimates, projections, beliefs, opinions and business prospects and opportunities (collectively, the "Assumptions"). While the Company considers these Assumptions to be reasonable, based on the information currently available, they may prove to be incorrect.
Many risks, uncertainties and other factors could cause the actual results of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include but are not limited to the following: significant competition, competitive pricing practices, cautious capital spending by customers, industry consolidations, rapidly changing technologies, evolving industry standards, frequent new product introductions, short product life cycles and other trends and industry characteristics affecting the telecommunications industry; any material, adverse effects on Redline's performance if its expectations regarding market demand for particular products prove to be wrong; any negative developments associated with Redline's suppliers and contract manufacturing agreements including the Company's reliance on certain suppliers for key components; potential penalties, damages or cancelled customer contracts from failure to meet delivery and installation deadlines and any defects or errors in Redline's current or planned products; fluctuations in foreign currency exchange rates; potential higher operational and financial risks associated with Redline's efforts to expand internationally; a failure to protect Redline's intellectual property rights, or any adverse judgments or settlements arising out of disputes regarding intellectual property; changes in regulation of the wireless industry or other aspects of the industry; any failure to successfully operate or integrate strategic acquisitions, or failure to consummate or succeed with strategic alliances; and Redline's potential inability to attract or retain the personnel necessary to achieve its business objectives or to maintain an effective risk management strategy (collectively, the "Risks").
For additional information on these Risks, see Redline's most recently filed Annual Information Form ("AIF") and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.rdlcom.com. Redline assumes no obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law. All forward looking statements contained in this release are expressly qualified in their entirety by this cautionary statement.
|
REDLINE COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
(Expressed in U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash
|
|
|
$
|
10,071,592
|
|
$
|
5,334,486
|
|
Trade receivables
|
|
|
4,709,988
|
|
4,237,183
|
|
Other receivables
|
|
|
308,079
|
|
180,881
|
|
Inventories
|
|
|
4,049,386
|
|
5,492,931
|
|
Deferred cost of revenue
|
|
|
23
|
|
498
|
|
Prepaid expenses and other deposits
|
|
|
911,063
|
|
431,559
|
|
|
|
|
20,050,131
|
|
15,677,538
|
|
Non-current assets:
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
624,198
|
|
901,234
|
|
Intangible assets
|
|
|
894,002
|
|
1,148,050
|
|
Right of use assets
|
|
|
575,333
|
|
565,213
|
|
Other assets
|
|
|
65,688
|
|
65,223
|
|
|
|
|
2,159,221
|
|
2,679,720
|
|
Total Assets
|
|
|
$
|
22,209,352
|
|
$
|
18,357,258
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Trade and other payables
|
|
|
$
|
4,946,019
|
|
$
|
3,944,374
|
|
Income tax payable
|
|
|
27,493
|
|
29,459
|
|
Deferred revenue
|
|
|
1,701,548
|
|
2,057,944
|
|
Lease liabilities
|
|
|
397,808
|
|
250,068
|
|
|
|
|
7,072,868
|
|
6,281,845
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred revenue
|
|
|
838,790
|
|
364,391
|
|
Lease liabilities
|
|
|
390,808
|
|
554,396
|
|
Other financial liabilties - Loan from Strategic Innovations Fund
|
|
|
416,230
|
|
-
|
|
Other financial liabilties - Warrants associated with term loan
|
|
|
947,808
|
|
-
|
|
Deferred grant Income - Loan from Strategic Innovations Fund
|
|
|
666,791
|
|
-
|
|
Term loan (principal and accrued interest)
|
|
|
4,950,515
|
|
-
|
|
|
|
|
8,210,942
|
|
918,787
|
|
Total Liabilities
|
|
|
15,283,810
|
|
7,200,632
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Share capital
|
|
|
172,929,341
|
|
172,929,341
|
|
Contributed surplus
|
|
|
9,813,158
|
|
9,704,769
|
|
Deficit
|
|
|
(175,816,957)
|
|
(171,477,484)
|
|
|
|
|
6,925,542
|
|
11,156,626
|
|
Total Liabilities and Equity
|
|
|
$
|
22,209,352
|
|
$
|
18,357,258
|
|
REDLINE COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue
|
|
|
$
|
5,869,330
|
|
$
|
4,682,586
|
|
$
|
19,547,430
|
|
$
|
8,515,390
|
|
Cost of revenue
|
|
|
3,047,848
|
|
2,261,793
|
|
7,876,860
|
|
8,170,951
|
|
Gross profit
|
|
|
2,821,482
|
|
2,420,794
|
|
11,670,570
|
|
10,344,439
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
1,429,507
|
|
1,357,115
|
|
4,869,234
|
|
4,473,962
|
|
General and administrative
|
|
|
1,418,382
|
|
1,296,248
|
|
4,792,365
|
|
4,895,446
|
|
Sales and marketing
|
|
|
1,292,702
|
|
1,373,832
|
|
5,142,645
|
|
5,332,922
|
|
Operations and customer support
|
|
|
334,659
|
|
276,158
|
|
1,305,824
|
|
944,006
|
|
|
|
|
4,475,250
|
|
4,303,353
|
|
16,110,068
|
|
15,646,336
|
|
Loss before undernoted items
|
|
|
(1,653,768)
|
|
(1,882,560)
|
|
(4,439,498)
|
|
(5,301,897)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expenses:
|
|
|
|
|
|
|
|
|
|
|
Canada Emergency Wage Subsidy
|
|
|
(23,171)
|
|
(122,664)
|
|
(935,892)
|
|
(1,163,382)
|
|
Finance expense
|
|
|
95,986
|
|
7,790
|
|
119,365
|
|
23,970
|
|
Loss (gain) on fair market value of financial instruments
|
|
525,572
|
|
(184,939)
|
|
552,137
|
|
(336,107)
|
|
Foreign exchange loss (gain)
|
|
|
101,817
|
|
47,023
|
|
104,671
|
|
(4,147)
|
|
|
|
|
700,204
|
|
(252,790)
|
|
(159,719)
|
|
(1,479,666)
|
|
Loss before income taxes
|
|
|
(2,353,972)
|
|
(1,629,770)
|
|
(4,279,779)
|
|
(3,822,231)
|
|
Income tax expense
|
|
|
6,483
|
|
18,832
|
|
59,694
|
|
77,476
|
|
Net loss and total comprehensive loss
|
|
|
$
|
(2,360,455)
|
|
$
|
(1,648,602)
|
|
(4,339,473)
|
|
(3,899,707)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.14)
|
|
$
|
(0.10)
|
|
$
|
(0.25)
|
|
$
|
(0.23)
|
|
Basic and diluted
|
|
|
$
|
(0.11)
|
|
$
|
(0.10)
|
|
$
|
(0.25)
|
|
$
|
(0.23)
|
|
REDLINE COMMUNICATIONS GROUP INC.
|
|
|
|
|
Consolidated Statements of Changes in Equity
|
|
|
|
|
(Expressed in U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
Deficit
|
Total
|
|
Balance at
January 1, 2020
|
|
$
|
172,929,341
|
$
|
9,525,694
|
$
|
(167,577,777)
|
14,877,258
|
|
Net loss
|
|
-
|
-
|
(3,899,707)
|
(3,899,707)
|
|
Stock option expense
|
|
-
|
179,075
|
-
|
179,075
|
|
Balance at
December 31, 2020
|
|
$
|
172,929,341
|
$
|
9,704,769
|
$
|
(171,477,484)
|
$
|
11,156,626
|
|
Balance at
January 1, 2021
|
|
$
|
172,929,341
|
$
|
9,704,769
|
$
|
(171,477,484)
|
$
|
11,156,626
|
|
Net loss
|
|
-
|
-
|
(4,339,473)
|
(4,339,473)
|
|
Stock option expense
|
|
-
|
108,389
|
-
|
108,389
|
|
Balance at
December 31, 2021
|
|
$
|
172,929,341
|
$
|
9,813,158
|
$
|
(175,816,957)
|
$
|
6,925,542
|
|
REDLINE COMMUNICATIONS GROUP INC.
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
(Expressed in U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
Cash flows from (used in) operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,360,455)
|
$
|
(1,648,602)
|
|
$
|
(4,339,473)
|
$
|
(3,899,707)
|
|
Adjustments to reconcile net loss to net cash from operating activities:
|
|
|
|
|
|
|
|
|
Finance expense
|
|
95,986
|
7,790
|
|
119,365
|
23,969
|
|
|
Depreciation and Amortization
|
|
279,321
|
267,981
|
|
1,046,141
|
1,068,676
|
|
|
Stock option expense
|
|
27,856
|
41,449
|
|
108,389
|
179,075
|
|
|
Foreign exchange (gain) loss on cash held in foreign currency
|
|
(38,801)
|
(12,166)
|
|
(58,863)
|
27,119
|
|
|
Foreign exchange loss (gain) on borrowings and lease liabilities
|
|
43,476
|
35,387
|
|
48,475
|
(15,069)
|
|
|
Loss on disposal of assets
|
|
-
|
-
|
|
1,753
|
5,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,952,617)
|
(1,308,161)
|
|
(3,074,213)
|
(2,610,269)
|
|
Change in non-cash operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease in deferred cost of revenue
|
|
-
|
556
|
|
475
|
6,412
|
|
|
Decrease in deferred revenue
|
|
457,449
|
358,713
|
|
118,003
|
26,639
|
|
|
Change in other non-cash operating assets and liabilities
|
|
1,834,692
|
1,231,462
|
|
1,363,250
|
2,936,808
|
|
Cash (used in) generated from operating activities
|
|
339,524
|
282,570
|
|
(1,592,485)
|
359,590
|
|
Cash flows from (used in) investing activities:
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
(209,137)
|
(38,332)
|
|
(385,720)
|
(277,628)
|
|
Proceeds on sale of property, plant and equipment
|
|
6,334
|
-
|
|
10,934
|
-
|
|
Acquisition of intangible assets
|
|
(82,356)
|
-
|
|
(152,141)
|
(240,173)
|
|
Cash (used in) investing activities
|
|
(285,159)
|
(38,332)
|
|
(526,927)
|
(517,801)
|
|
Cash flows from (used in) financing activities:
|
|
|
|
|
|
|
|
Interest income
|
|
2,399
|
3,184
|
|
8,280
|
25,439
|
|
Interest expense
|
|
(98,385)
|
(10,974)
|
|
(120,621)
|
(44,722)
|
|
Government Loan (SIF) including Deferred Grant Income
|
|
282,769
|
-
|
|
1,075,998
|
-
|
|
Term Loan Financing
|
|
4,907,080
|
-
|
|
4,907,080
|
-
|
|
Repayment of borrowings
|
|
-
|
-
|
|
-
|
(701,491)
|
|
Lease Right of Use Asset
|
|
200,061
|
-
|
|
251,335
|
-
|
|
Repayment of lease liabilities
|
|
(66,845)
|
(48,486)
|
|
(272,225)
|
(267,016)
|
|
Cash generated from (used in) financing activities
|
|
6,174,887
|
(56,276)
|
|
6,797,655
|
(987,790)
|
|
Foreign exchange gain (loss) on cash held in foreign currency
|
|
38,801
|
12,166
|
|
58,863
|
(27,119)
|
|
Increase (Decrease) in cash
|
|
6,268,053
|
200,128
|
|
4,737,106
|
(1,173,120)
|
|
Cash, beginning of the period
|
|
3,803,539
|
5,134,358
|
|
5,334,486
|
6,507,606
|
|
Cash, end of the period
|
|
$
|
10,071,592
|
$
|
5,334,486
|
|
$
|
10,071,592
|
$
|
5,334,486
|
SOURCE Redline Communications Group Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2022/30/c9249.html