CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
March 31, 2021
(unaudited)
Notice to Reader:
As required by National Instrument 51-102, Part 4, subsection 4.3(3)(a), readers are advised that the Company's independent auditors have not performed a review of these condensed consolidated interim financial statements.
Q1 2021
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Stated in thousands of Canadian dollars) (unaudited)
As at | Note | March 31, 2021 | December 31, 2020 |
$ | $ | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 14,625 | 12,136 | |
Restricted cash | 500 | 500 | |
Trade and other receivables | 4,312 | 3,610 | |
Inventories | 4 | 15,748 | 15,925 |
Prepaid expenses and deposits | 550 | 679 | |
35,735 | 32,850 | ||
Other receivables | 39 | 39 | |
Property, plant and equipment | 5 | 9,872 | 10,466 |
Intangible assets | 6 | 5,900 | 5,822 |
Goodwill | 3,438 | 3,481 | |
Total assets | 54,984 | 52,658 | |
Liabilities | |||
Current liabilities | |||
Trade and other payables | 3,425 | 3,633 | |
Customer deposits | 1,253 | 1,233 | |
Provisions | 785 | 956 | |
Current lease liabilities | 386 | 384 | |
Borrowings | 7 | 1,208 | 1,223 |
7,057 | 7,429 | ||
Lease liabilities | 3,506 | 3,644 | |
Borrowings | 7 | 9,418 | 6,081 |
Total liabilities | 19,981 | 17,154 | |
Shareholders' equity | |||
Share capital | 59,716 | 59,712 | |
Contributed surplus | 5,615 | 5,560 | |
Accumulated other comprehensive income | 6,727 | 7,129 | |
Accumulated deficit | (37,055) | (36,897) | |
Total shareholders' equity | 35,003 | 35,504 | |
Total liabilities and shareholders' equity | 54,984 | 52,658 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 2
TSX:MCB
www.mccoyglobal.com
Q1 2021
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE EARNINGS (LOSS)
(Stated in thousands of Canadian dollars, except per share amounts) (unaudited)
For the three months ended March 31 | 2021 | 2020 | |
$ | $ | ||
Revenue | 7,374 | 11,323 | |
Cost of sales | 5,162 | 8,026 | |
Gross profit | 2,212 | 3,297 | |
General and administration | 1,567 | 1,716 | |
Sales and marketing | 346 | 437 | |
Research and development | 428 | 853 | |
Finance charges, net | 205 | 233 | |
Other (gains) losses, net | 8 | (176) | 145 |
2,370 | 3,384 | ||
Loss before income taxes | (158) | (87) | |
Income tax expense | - | - | |
Net loss | (158) | (87) | |
Other comprehensive (loss) gain | |||
Translation (loss) gain from foreign operations | (402) | 3,409 | |
Comprehensive (loss) earnings | (560) | 3,322 | |
Net loss per share | |||
Basic from net loss | (0.01) | (0.00) | |
Diluted from net loss | (0.01) | (0.00) | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 3
TSX:MCB
www.mccoyglobal.com
Q1 2021
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(Stated in thousands of Canadian dollars, except per share amounts) (unaudited)
Issued capital | ||||||
Accumulated | ||||||
other | ||||||
Number of | Contributed | comprehensive | Accumulated | |||
shares | Share capital | surplus | income | deficit | Total equity | |
# | $ | $ | $ | $ | $ | |
January 1, 2020 | 27,630,989 | 59,636 | 5,384 | 7,552 | (34,722) | 37,850 |
Net loss | - | - | - | - | (87) | (87) |
Translation gain on | ||||||
foreign operations | - | - | - | 3,409 | - | 3,409 |
Employee share-based | ||||||
compensation | - | - | 76 | - | - | 76 |
March 31, 2020 | 27,630,989 | 59,636 | 5,460 | 10,961 | (34,809) | 41,248 |
January 1, 2021 | 27,802,489 | 59,712 | 5,560 | 7,129 | (36,897) | 35,504 |
Net loss | - | - | - | - | (158) | (158) |
Translation loss on | ||||||
foreign operations | - | - | - | (402) | - | (402) |
Employee share-based | ||||||
compensation | - | - | 55 | - | - | 55 |
Issuance of common shares | ||||||
Under restricted share plan | 7,500 | 4 | - | - | - | 4 |
March 31, 2021 | 27,809,989 | 59,716 | 5,615 | 6,727 | (37,055) | 35,003 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 4
TSX:MCB
www.mccoyglobal.com
Q1 2021
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Stated in thousands of Canadian dollars) (unaudited)
For the three months ended March 31 | 2021 | 2020 | |
Cash (used in) generated from | $ | $ | |
Operating activities | |||
Net loss | (158) | (87) | |
Adjustments for: | |||
Depreciation of property, plant and equipment | 502 | 717 | |
Amortization of intangible assets | 200 | 215 | |
Finance charges, net | 205 | 233 | |
Share-based compensation expense | 185 | 6 | |
Changes in non-cash working capital balances | 9 | (1,027) | 776 |
Changes in restructuring and facility remediation provisions | (56) | (397) | |
Finance costs paid, net | (197) | (235) | |
Gain on disposal of property, plant and equipment | (97) | - | |
Net cash (used in) generated from operating activities | (443) | 1,228 | |
Investing activities | |||
Purchases of property, plant and equipment | (35) | (717) | |
Proceeds from sale of property, plant and equipment | 108 | - | |
Additions to intangible assets | 6 | (351) | (160) |
Net cash used in investing activities | (278) | (877) | |
Financing activities | |||
Repayments of borrowings | (316) | (680) | |
Proceeds of borrowings | 7 | 1,269 | - |
Proceeds of borrowings under US Paycheck Protection Program | 7 | 2,468 | - |
Proceeds from issuance of common shares under restricted share plan | 4 | - | |
Principal elements of lease payments | (94) | (278) | |
Net cash generated from (used in) financing activities | 3,331 | (958) | |
Effect of exchange rate changes on cash and cash equivalents | (121) | 833 | |
Increase in cash and cash equivalents | 2,489 | 226 | |
Cash and cash equivalents - beginning of the period | 12,136 | 8,382 | |
Cash and cash equivalents - end of the period | 14,625 | 8,608 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 5
TSX:MCB
www.mccoyglobal.com
Attachments
- Original document
- Permalink
Disclaimer
McCoy Global Inc. published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 12:36:02 UTC.