As disclosed in a previous press release,
The sale transaction has received approval from the shareholders and debenture holders with approval from the court expected this week and closure of the deal is expected to be effective
The following is a comparison of the operating results for the three and nine months ended
Three months ended | Nine months ended | |||
2021 | 2020 | 2021 | 2020 | |
Hospitality Revenue | ||||
Room | 2,264,445 | 2,236,052 | 4,935,073 | 5,183,660 |
Food & Beverage | 158,877 | 457,331 | 551,718 | 998,742 |
Other | 3,202,235 | 404,922 | 3,915,749 | 995,994 |
Total Revenue | 5,625,557 | 3,098,305 | 9,402,540 | 7,178,396 |
Expenses | (4,249,592) | (4,046,891) | (11,685,669) | (12,314,978) |
(Loss) Gain on sale of income properties | 33,643 | - | 33,643 | - |
Net income (loss) | 1,409,608 | (948,586) | (2,249,486) | (5,136,582) |
Basic and diluted income (loss) before income tax per share | 0.072 | (0.049) | (0.115) | (0.263) |
Reconciliation to funds from operations | ||||
Add (deduct) | ||||
Amortization of income properties | 72,052 | 70,297 | 215,295 | 241,210 |
Amortization of franchise fees | - | 4,117 | - | 12,350 |
Loss (Gain) on sale of income properties | (33,643) | - | 33,643 | - |
Provision for impairment of income properties | - | - | - | 328,513 |
Income from | (47,632) | (37,920) | (81,074) | (123,277) |
Loss (income) from Lakeview Flag Management General |
- |
13 |
- |
(26,898) |
Partnership | ||||
Gain on settlement of debt | (2,671,159) | - | (2,671,159) | - |
Funds from operations | (1,220,724) | (912,079) | (4,752,781) | (4,704,684) |
Basic and diluted funds from operations per share | (0.065) | (0.047) | (0.243) | (0.241) |
Contributions to reserve account | (55,450) | (61,505) | (120,867) | (131,040) |
Adjusted funds from operations | (1,326,224) | (973,584) | (4,872,648) | (4,835,724) |
Basic and diluted adjusted funds from operations per share | (0.068) | (0.05) | (0.249) | (0.247) |
The
SOURCE
© Canada Newswire, source