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.

1

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.

2

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.

3

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.