Q2 2023
Condensed Consolidated Interim Financial Statements
For the three and six months ended June 30, 2023 and 2022
SPARK POWER GROUP INC.
Condensed Consolidated Interim Statements of Financial Position
Unaudited, presented in thousands of Canadian dollars, except share and per share amounts
As at | June 30, | December 31, | |||
2023 | 2022 | ||||
Notes | (Audited) | ||||
Assets | |||||
Current assets | |||||
Accounts receivables | 3 | $ | 64,629 | $ | 67,995 |
Other receivables | 4 | 3,089 | 4,816 | ||
Government grant receivables | 5 | 700 | - | ||
HST receivables | 1,683 | 1,229 | |||
Inventories | 8,458 | 8,365 | |||
Contract assets | 3 | 27,298 | 26,805 | ||
Current portion of lease receivable | 6 | 82 | 94 | ||
Prepaid expenses and deposits | 4,917 | 4,969 | |||
110,856 | 114,273 | ||||
Non-current assets | |||||
Lease receivable | 6 | 51 | 80 | ||
Long-term receivables | 20 | 3,318 | 3,318 | ||
Property and equipment and right-of-use assets | 7 | 46,997 | 48,424 | ||
Intangible assets | 8 | 18,591 | 19,964 | ||
Goodwill | 9 | 29,830 | 29,830 | ||
Deferred tax assets | 3,702 | 2,887 | |||
$ | 213,345 | $ | 218,776 | ||
Liabilities and Shareholders' equity | |||||
Current liabilities | |||||
Bank indebtedness | 10 | $ | 28,509 | $ | 24,921 |
Accounts payable and accrued liabilities | 43,247 | 44,174 | |||
Current portion of long-term debt | 11 | 4,500 | 4,500 | ||
Current portion of promissory notes | 12 | 2,500 | 2,500 | ||
Current portion of lease liabilities | 13 | 7,453 | 8,057 | ||
Income taxes payable | 1,141 | 942 | |||
Contract liabilities | 3 | 7,021 | 7,187 | ||
94,371 | 92,281 | ||||
Non-current liabilities | |||||
Long-term debt | 11 | 26,206 | 28,602 | ||
Lease liabilities | 13 | 25,299 | 27,475 | ||
145,876 | 148,358 | ||||
Shareholders' equity | |||||
Share capital | 14 | 179,610 | 179,303 | ||
Contributed surplus | 2,349 | 2,041 | |||
Accumulated other comprehensive loss | (634) | (1,236) | |||
Deficit | (113,856) | (109,690) | |||
67,469 | 70,418 | ||||
$ | 213,345 | $ | 218,776 |
See accompanying notes to the condensed consolidated interim financial statements.
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SPARK POWER GROUP INC.
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income
Unaudited, presented in thousands of Canadian dollars, except share and per share amounts
Three months ended June 30 | Six months ended June 30 | ||||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||
Revenue | 3,16 | $ | 66,199 | $ | 70,647 | $ | 132,008 | $ | 136,872 |
Cost of sales | 16 | 51,644 | 55,394 | 103,689 | 111,031 | ||||
Gross profit | 14,555 | 15,253 | 28,319 | 25,841 | |||||
Expenses | |||||||||
Selling, general and administrative | 16 | 13,228 | 13,773 | 26,815 | 28,581 | ||||
Provision for expected credit loss | - | 250 | 11 | 250 | |||||
Reorganization costs | 18 | 185 | 1,850 | 185 | 1,850 | ||||
Other expenses (income) | 19 | - | (12) | - | |||||
(Gain) loss on sale of asset | (74) | (75) | (63) | (146) | |||||
Foreign exchange loss (gain) | 16 | 421 | (788) | 432 | (536) | ||||
Income (loss) before other expenses | 776 | 243 | 951 | (4,158) | |||||
Other expenses | |||||||||
Finance expense | (2,455) | (1,819) | (4,736) | (3,377) | |||||
Transaction costs | 19 | (609) | (134) | (846) | (635) | ||||
(3,064) | (1,953) | (5,582) | (4,012) | ||||||
Loss before income taxes from continuing operations | (2,288) | (1,710) | (4,631) | (8,170) | |||||
Current income tax recovery (expenses) | 200 | (1,048) | (350) | (272) | |||||
Deferred income tax recovery | 266 | 1,401 | 815 | 2,015 | |||||
Income taxes recovery | 466 | 353 | 465 | 1,743 | |||||
Net loss from continuing operations | (1,822) | (1,357) | (4,166) | (6,427) | |||||
Net income from discontinued operations | 20 | - | 1,824 | - | 3,637 | ||||
Net (loss) income | (1,822) | 467 | (4,166) | (2,790) | |||||
Cumulative translation adjustment | 383 | (289) | 602 | (136) | |||||
Comprehensive (loss) income | $ | (1,439) | $ | 178 | $ | (3,564) | $ | (2,926) | |
Loss per share attributable to equity holders for continuing operations | |||||||||
Basic | $ | (0.02) | $ | (0.02) | $ | (0.05) | $ | (0.07) | |
Diluted | $ | (0.02) | $ | (0.02) | $ | (0.05) | $ | (0.07) | |
Earnings per share attributable to equity holders for discontinued operations | |||||||||
Basic | $ | - | $ | 0.03 | $ | - | $ | 0.04 | |
Diluted | $ | - | $ | 0.03 | $ | - | $ | 0.04 |
See accompanying notes to the condensed consolidated interim financial statements.
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SPARK POWER GROUP INC.
Condensed Consolidated Interim Statements of Changes in Equity
Unaudited, presented in thousands of Canadian dollars, except share and per share amounts
Accumulated | |||||||||||||||
other | |||||||||||||||
Common shares | Warrants | Contributed | comprehensive | Shareholders' | |||||||||||
Number | Amount | Amount | surplus | income (loss) | Deficit | equity | |||||||||
Balance at December 31, 2021 (Audited) | 56,934,235 | $ | 136,810 | $ | 2,662 | $ | 1,606 | $ | (34) | $ | (117,495) | $ | 23,549 | ||
Net income | - | - | - | - | - | (2,790) | (2,790) | ||||||||
Forfeiture of restricted share units | 14 | - | - | - | (65) | - | - | (65) | |||||||
Stock-based compensation | 14 | - | - | - | 340 | - | - | 340 | |||||||
Issuance of common shares | 14 | 33,007,466 | 39,525 | - | - | - | - | 39,525 | |||||||
Cumulative translation adjustment | - | - | - | - | (136) | - | (136) | ||||||||
Balance at June 30, 2022 | 89,941,701 | $ | 176,335 | $ | 2,662 | $ | 1,881 | $ | (170) | $ | (120,285) | $ | 60,423 | ||
Balance at December 31, 2022 (Audited) | 90,493,135 | $ | 176,641 | $ | 2,662 | $ | 2,041 | $ | (1,236) | $ | (109,690) | $ | 70,418 | ||
Net loss | - | - | - | - | - | (4,166) | (4,166) | ||||||||
Conversion of restricted and deferred share units | 14 | 164,607 | 57 | - | (57) | - | - | - | |||||||
Stock-based compensation | 14 | - | - | - | 365 | - | - | 365 | |||||||
Issuance of common shares | 14 | 543,478 | 250 | - | - | - | - | 250 | |||||||
Cumulative translation adjustment | - | - | - | - | 602 | - | 602 | ||||||||
Balance at June 30, 2023 | 91,201,220 | $ | 176,948 | $ | 2,662 | $ | 2,349 | $ | (634) | $ | (113,856) | $ | 67,469 |
See accompanying notes to the condensed consolidated interim financial statements.
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Spark Power Group Inc. published this content on 16 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2023 07:33:02 UTC.