UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2021
Commission File Number: 000-24027
NXT Energy Solutions Inc.
(Translation of registrant's name into English)
Suite 302
3320 - 17th Avenue SW
Calgary, Alberta, Canada, T3E 0B4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: __
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): __
The Issuer is filing material documents not previously filed.
On May 11, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated May 11, 2021
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NXT Energy Solutions Inc. | ||
| (Registrant) | ||
| Date: May 11, 2021 | /s/ Eugene Woychyshyn | |
| Eugene Woychyshyn | ||
| Vice President of Finance & CFO | ||
EXHIBIT 99.1
NXT Energy Solutions Announces First Quarter 2021 Results
CALGARY, Alberta, May 11, 2021 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the quarter ended March 31, 2021. All dollar amounts herein are in Canadian Dollars unless otherwise identified.
Q1 Financial and Operating Highlights
Key financial and operational highlights include:
Message to Shareholders
George Liszicasz, President and CEO of NXT, commented, “Although no survey revenues were recorded in Q1, SFD® survey opportunities continue to progress in our core areas of focus in Africa, Mexico, and in South America. In addition, with the recently announced acquisition of the SFD® Geothermal technology rights, the Company now embarks on an exciting new chapter in transitioning itself as a multiple application solutions provider for both the Oil & Gas and Geothermal exploration industries. The main subsurface properties such as porosity, permeability and impermeable cap rock that are vital in the search for oil and gas resources are equally critical for locating the most prospective geothermal resources. For these reasons, the SFD® technology has a natural extension to geothermal applications. On behalf of our Board of Directors and the entire team at NXT, I want to thank all of our shareholders for their continued support.”
Summary highlights of NXT's 2021 first quarter financial statements (with comparative figures to 2020) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's first quarter 2021 unaudited condensed consolidated interim financial statements, the related Management's Discussion and Analysis ("MD&A").
| (All in Canadian $) | Three months ended March 31, | ||||||
| 2021 | 2020 | ||||||
| Operating results: | |||||||
| Survey revenue | $ | - | $ | - | |||
| Survey costs, net | 265,483 | 301,961 | |||||
| General & administrative expenses | 900,309 | 995,999 | |||||
| Amortization | 441,824 | 448,381 | |||||
| 1,607,616 | 1,746,341 | ||||||
| Net loss and comprehensive loss | $ | (1,643,551 | ) | $ | (1,332,301 | ) | |
| Income (loss) per common share – basic | $ | (0.03 | ) | $ | (0.02 | ) | |
| Income (loss) per common share – diluted | $ | (0.03 | ) | $ | (0.02 | ) | |
| Number of common shares outstanding as at end of the period | 64,494,356 | 64,406,891 | |||||
| Weighted average number of common shares outstanding for the period: | |||||||
| Basic | 64,472,222 | 64,406,891 | |||||
| Diluted | 64,472,222 | 64,406,891 | |||||
| Cash provided by (used in): | |||||||
| Operating activities | $ | (883,320 | ) | $ | (599,190 | ) | |
| Financing activities | 19,635 | (11,158 | ) | ||||
| Investing activities | 191,261 | 29,424 | |||||
| Effect of foreign exchange rate changes on cash | (14,499 | ) | 122,186 | ||||
| Net cash inflow (outflow) | (686,923 | ) | (458,738 | ) | |||
| Cash and cash equivalents, beginning of the period | 2,690,146 | 2,858,245 | |||||
| Cash and cash equivalents, end of the period | 2,003,223 | 2,399,507 | |||||
| Cash and cash equivalents | 2,003,223 | 2,399,507 | |||||
| Short-term investments | 150,000 | 3,843,212 | |||||
| Total cash and short-term investments | 2,153,223 | 6,242,719 | |||||
| Net working capital balance | 1,514,112 | 6,159,548 | |||||
NXT's 2021 first quarter financial and operating results have been filed in Canada on SEDAR at www.sedar.com, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT's website at www.nxtenergy.com.
Details of the conference call are as follows:
| Date: | Wednesday, May 12, 2021 |
| Time: | 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) |
| North American Participants Call: | 1-(855)-783-0506 |
| Participant Pass Code | 9463018 |
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with exploration potential. The SFD® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
| Eugene Woychyshyn | George Liszicasz |
| Vice President of Finance & CFO | President & CEO |
| 302, 3320 – 17th AVE SW | 302, 3320 – 17th AVE SW |
| Calgary, AB, T3E 0B4 | Calgary, AB, T3E 0B4 |
| +1 403 206 0805 | +1 403 206 0800 |
| nxt_info@nxtenergy.com | nxt_info@nxtenergy.com |
| www.nxtenergy.com | www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose" or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: business negotiations, opportunities, discussions, including the timing thereof and business strategies. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including those related to the novel coronavirus (2019-nCoV/COVID-19), and the potentially negative effects thereof on the Company's workforce, its supply chain or demand for its products. Additional risk factors facing the Company are described in its most recent Annual Information Form for the year ended December 31, 2020, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval (SEDAR) located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
This news release contains disclosure respecting non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. This measure is included to enhance the overall understanding of NXT’s ability to assess liquidity at a point in time. Readers are urged to review the section entitled "Non-GAAP Measures” in NXTs MD&A for the three month ended March 31, 2021 which is available under NXT's profile on SEDAR at www.sedar.com, for a further discussion of such non-GAAP measures. The financial information accompanying this news release was prepared in accordance with US GAAP unless otherwise noted. Management's discussion and analysis of financial results and the unaudited condensed consolidated interim financial statements and notes for the three months ended March 31, 2021, are available through the Internet in the Investor Relations section of www.nxtenergy.com or under NXT's SEDAR profile at www.sedar.com.