"Notice to Reader"
The accompanying unaudited interim financial statements of Plaintree Systems Inc. for the three months ended June 30, 2022 have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These statements have not been reviewed by the Company's external auditors.
Date: August 25, 2022
"David Watson"
_____________
David Watson
CEO
Plaintree Systems Inc.
Consolidated statements of financial position (unaudited)
(in Canadian dollars)
June 30, 2022 | March 31, 2022 | |
$ | $ | |
Assets | ||
Current assets | ||
Cash | 1,325,275 | 1,911,201 |
Trade receivables and other receivables | 2,931,224 | 2,787,415 |
Unbilled revenue | 2,317,763 | 2,012,856 |
Inventories (Note3) | 3,031,020 | 3,093,664 |
Prepaid expenses and other receivables | 482,919 | 331,868 |
Current portion of mortgage receivable (Note 4) | 5,663 | 5,578 |
10,093,864 | 10,142,582 | |
Long-term portion of mortage receivable (Note 4) | 282,783 | 284,231 |
Property, plant and equipment (Note 8) | 3,026,384 | 3,047,340 |
Right of use asset, building (Note 8) | 2,348,162 | 2,428,686 |
Intangible assets (Note 9) | 1,326,426 | 1,291,353 |
Goodwill (Note 9) | 853,302 | 853,302 |
17,930,921 | 18,047,494 | |
Liabilities | ||
Current liabilities | ||
Trade and other payables | 2,309,926 | 2,614,742 |
Deferred revenue | 814,202 | 867,233 |
Current portion of taxes payable | 170,000 | 170,000 |
Current portion of long-term debt and lease obligation (Note 5,6) | 4,238,812 | 4,324,490 |
Current portion of due to related parties (Note 10) | 50,000 | 50,000 |
Current portion of government assistance (Note 7) | 65,031 | 74,099 |
7,647,971 | 8,100,564 | |
Long-term debt and lease obligation (Note 5,6) | 2,405,937 | 2,403,761 |
Deferred government assistance (Note 7) | 478,191 | 470,490 |
Due to related parties (Note 10) | 4,953,063 | 4,965,564 |
Deferred tax liabilities | 340,000 | 340,000 |
15,825,162 | 16,280,379 | |
Shareholders' equity (deficiency) | ||
Issued capital | 2 | 2 |
Contributed surplus | 2,159,842 | 2,159,842 |
(54,085) | (392,729) | |
2,105,759 | 1,767,115 | |
17,930,921 | 18,047,494 | |
Approved by the Board "David Watson"
"Girvan Patterson"
Plaintree Systems Inc. | ||
Consolidated statements of comprehensive earnings | ||
For the three months ended June 30, 2022 and June 30, 2021 | ||
(unaudited) | ||
(in Canadian dollars) | ||
Three months ended | ||
June 30, 2022 | June 30, 2021 | |
$ | $ | |
Revenue | 5,446,500 | 3,643,370 |
Cost of sales | 3,989,688 | 2,581,132 |
Gross margin | 1,456,812 | 1,062,238 |
Operating expenses | ||
Research and development | 403,281 | 343,576 |
Finance and administration | 351,629 | 301,654 |
Sales and marketing | 340,987 | 118,208 |
Interest expense | 87,673 | 46,207 |
(Gain) on foreign exchange | (65,402) | (9,552) |
1,118,168 | 800,093 | |
Net earnings and comprehensive earnings | 338,644 | 262,145 |
Basic and diluted (loss) per common share (Note 12) | (0.00) | (0.01) |
Weighted average common shares outstanding | 12,925,253 | 12,925,253 |
The accompanying notes are an integral part of the consolidated financial statements. | ||
Plaintree Systems Inc. | ||
Consolidated statements of cash flows | ||
For the three months ended June 30, 2022 and June 30, 2021 | ||
(unaudited) | ||
(in Canadian dollars) | ||
Three months ended | ||
June 30, 2022 | June 30, 2021 | |
$ | $ | |
Operating activities | ||
Comprehensive earnings | 338,644 | 262,145 |
Add (deduct) items not affecting cash: | ||
Depreciation of intangible assets | 43,965 | 36,446 |
Depreciation of property, plant and equipment | 376,226 | 194,634 |
Write-down of inventory | 53,886 | - |
Changes in non-cash operating working capital items | ||
Deferred revenue | (53,031) | 204,928 |
Inventories | 8,758 | 18,610 |
Prepaid expenses and other receivables | (151,051) | (471,446) |
Trade and other payables | (304,816) | (287,250) |
Trade and other receivables | (143,809) | 171,196 |
Unbilled revenue | (304,907) | 594,026 |
Mortgage receivable | 1,363 | 1,283 |
Cash (used) provided by operations | (134,772) | 724,572 |
Investing activities | ||
Payments to acquire intangible assets | (79,038) | - |
Payments to acquire property, plant and equipment | (41,457) | (71,740) |
Cash (used) in investing activities | (120,495) | (71,740) |
Financing activities | ||
Repayment of government assistance | (1,367) | (22,649) |
Repayment of long-term debt | (116,290) | (80,097) |
Proceeds from financing | 165,281 | - |
Repayment of capital lease obligations | (365,782) | (129,981) |
Repayment of related party borrowings (Note 10) | (12,501) | (29,014) |
Cash (used) in financing activities | (330,659) | (261,741) |
Net cash inflow | (585,926) | 391,091 |
Net cash (beginning of the year) | 1,911,201 | 2,066,688 |
Net cash, end of the period | 1,325,275 | 2,457,779 |
The accompanying notes are an integral part of the consolidated financial statements. |
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Plaintree Systems Inc. published this content on 28 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2022 14:49:04 UTC.