The COVID-19 pandemic continues to have an adverse effect on the Company's operating business due to a decline in both leisure and business travel and economic activity. The effect on specific regions has been dependant on government responses to the pandemic affecting the operation of the hotel industry including the requirement of travel restrictions and the closure and reduced occupancy allowed in hotel restaurants.
We expect that there will be an ultimate recovery of the travel industry and local economic activity in the regions that our hotels are located, but expect that the lower than normal results will continue for several more quarters until the population is vaccinated and provincial restrictions are lifted.
Following is a comparison of the operating results for the three months ended
Three months ended | ||
2021 | 2020 | |
$ | $ | |
Hospitality Revenue | ||
Room | 1,332,497 | 1,875,258 |
Food & Beverage | 242,731 | 437,892 |
Other | 377,572 | 125,398 |
Total Revenue | 1,952,800 | 2,438,548 |
Expenses | (3,652,449) | (5,002,145) |
Net Loss | (1,699,649) | (2,563,597) |
Basic and diluted net loss per share | (0.087) | (0.131) |
Reconciliation to funds from operations | ||
Add (deduct) | ||
Amortization of income properties | 71,169 | 87,504 |
Amortization of franchise fees | - | 4,117 |
Provision for impairment of income properties | - | 328,513 |
Income from | (14,762) | (67,131) |
Income from | - | (26,918) |
Funds from operations | (1,643,242) | (2,237,512) |
Basic and diluted funds from operations per share | (0.084) | (0.114) |
Contributions to reserve account | (30,461) | (39,572) |
Adjusted funds from operations | (1,673,703) | (2,277,084) |
Basic and diluted adjusted funds from operations per share | (0.086) | (0.116) |
The
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