|
|
NXT Energy
Solutions Inc.
(Translation of registrant's name into
English)
|
|
Suite 302, 3320-17th Avenue
S.W.
Calgary, Alberta T3E
0B4
Canada
(Address of principal executive offices) |
Unaudited Condensed
Consolidated Interim Financial Statements
|
|
Management's
Discussion and Analysis
|
|
CERTIFICATION OF
INTERIM FILINGS – CEO
|
|
CERTIFICATION OF
INTERIM FILINGS – CFO
|
|
|
NXT Energy Solutions
Inc.
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date: November 17, 2020
|
|
/s/ Eugene
Woychyshyn
|
|
|
Eugene Woychyshyn
|
|
|
Chief Financial Officer
|
|
|
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
Current
assets
|
|
|
Cash
and cash equivalents
|
$2,647,375
|
$2,858,245
|
Short-term
investments
|
1,408,509
|
3,781,512
|
Accounts
receivable
|
881,523
|
1,384,315
|
Note
receivable (Note 3)
|
-
|
324,700
|
Prepaid
expenses
|
147,072
|
97,132
|
|
5,084,479
|
8,445,904
|
Long
term assets
|
|
|
Deposits
|
550,555
|
535,554
|
Property
and equipment
|
731,266
|
677,647
|
Right
of use Assets
|
2,554,446
|
3,063,769
|
Intellectual
property (Note 4)
|
16,706,517
|
17,970,067
|
|
$25,627,263
|
$30,692,941
|
Liabilities and Shareholders' Equity
|
|
|
Current
liabilities
|
|
|
Accounts
payable and accrued liabilities (Note 5)
|
$338,705
|
$448,928
|
Contract
Obligations (Note 6)
|
-
|
131,386
|
Current portion of capital lease obligation
(Note
7)
|
754,709
|
736,408
|
|
1,093,414
|
1,316,722
|
Long-term
liabilities
|
|
|
Long-term
lease obligation (Note 7)
|
2,096,874
|
2,669,736
|
Asset
retirement obligation
|
22,224
|
21,481
|
|
2,119,098
|
2,691,217
|
|
3,212,512
|
4,007,939
|
Commitments
(Note 8)
Future
operations (Note 1)
|
|
|
Shareholders'
equity
|
|
|
Common
shares (Note 9): - authorized unlimited
|
|
|
Issued:
64,406,891 (2019 - 64,406,891) common shares
|
95,313,064
|
95,313,064
|
Contributed
capital
|
9,350,708
|
9,306,493
|
Deficit
|
(82,959,955)
|
(78,645,489)
|
Accumulated
other comprehensive income
|
710,934
|
710,934
|
|
22,414,751
|
26,685,002
|
|
$25,627,263
|
$30,692,941
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Revenue
|
|
|
|
|
Survey
revenue (Note 14)
|
$-
|
$1,021,532
|
$136,566
|
$11,976,149
|
Expenses
|
|
|
|
|
Survey
costs, net
|
253,188
|
512,599
|
787,034
|
2,302,712
|
General
and administrative expenses
|
707,640
|
881,716
|
2,484,621
|
2,570,866
|
Stock
based compensation expense
|
35,384
|
64,983
|
64,574
|
72,533
|
Amortization
expense
|
445,123
|
445,315
|
1,335,684
|
1,332,166
|
|
1,441,335
|
1,904,613
|
4,671,913
|
6,278,277
|
Other expenses (income)
|
|
|
|
|
Interest
expense (income), net
|
(36)
|
(9,348)
|
(17,045)
|
(2,232)
|
Foreign
exchange loss (gain)
|
60,417
|
(106,255)
|
(213,110)
|
134,095
|
Intellectual
property and other expenses
|
740
|
6,895
|
9,274
|
17,814
|
|
61,121
|
(108,708)
|
(220,881)
|
149,677
|
|
|
|
|
|
Income (loss) before income taxes
|
(1,502,456)
|
(774,373)
|
(4,314,466)
|
5,548,195
|
Income
tax expense
|
-
|
-
|
-
|
-
|
Net income (loss) and comprehensive income (loss)
|
(1,502,456)
|
(774,373)
|
(4,314,466)
|
5,548,195
|
Net loss (income) per share (Note 10)
|
|
|
|
|
Basic
|
$(0.02)
|
$(0.01)
|
$(0.07)
|
$0.08
|
Diluted
|
$(0.02)
|
$(0.01)
|
$(0.07)
|
$0.08
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Cash provided by (used in):
|
|
|
|
|
Operating activities
|
|
|
|
|
Net
income (loss) for the period
|
$(1,502,456)
|
$(774,373)
|
$(4,314,466)
|
$5,548,195
|
Items
not affecting cash:
|
|
|
|
|
Stock
based compensation expense (Note 11)
|
35,384
|
64,983
|
64,574
|
72,533
|
Amortization
expense
|
445,123
|
445,315
|
1,335,684
|
1,332,166
|
Non-cash
changes to asset retirement obligation
|
517
|
514
|
1,552
|
1,551
|
Non-cash
lease and interest
|
(42,826)
|
(42,825)
|
(128,476)
|
(128,474)
|
Unrealized
Foreign exchange
|
49,990
|
(211,897)
|
(19,859)
|
6,962
|
Change
in non-cash working capital balances (Note 13)
|
185,118
|
4,465,807
|
535,870
|
(4,153,019)
|
ARO
liabilities settled
|
-
|
-
|
(809)
|
-
|
|
673,306
|
4,721,897
|
1,788,536
|
(2,868,281)
|
Net
cash used in operating activities
|
(829,150)
|
3,947,524
|
(2,525,930)
|
2,679,914
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Repayment
of capital lease obligation
|
-
|
(10,735)
|
(42,515)
|
(31,666)
|
Net
cash used in financing activities
|
-
|
(10,735)
|
(42,515)
|
(31,666)
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Purchase
of property and equipment, net
|
-
|
(216,691)
|
-
|
(216,691)
|
Decrease
(increase) in short-term investments and Deposits
|
1,523,724
|
(2,314,472)
|
2,387,450
|
(214,472)
|
Net
cash from (used in) investing activities
|
1,523,724
|
(2,531,163)
|
2,387,450
|
(431,163)
|
|
|
|
|
|
Effect
of foreign exchange rate changes
|
7,438
|
103,688
|
(29,875)
|
109,048
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
702,013
|
1,509,314
|
(210,870)
|
2,326,133
|
Cash
and cash equivalents, beginning of the period
|
1,945,362
|
1,156,351
|
2,858,245
|
339,532
|
Cash
and cash equivalents, end of the period
|
$2,647,375
|
$2,665,665
|
$2,647,375
|
$2,665,665
|
|
|
|
|
|
Supplemental information
|
|
|
|
|
Cash
interest (received)
|
$(25,996)
|
$(24,523)
|
$(48,437)
|
$(56,913)
|
Cash
taxes paid
|
-
|
-
|
-
|
-
|
|
For the three months ending
|
For the nine months ending
|
||
|
September 30,
|
September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Common Shares
|
|
|
|
|
Balance
at beginning of the period (Note 9)
|
$95,313,064
|
$96,656,248
|
$95,313,064
|
$96,656,248
|
|
|
|
|
|
Balance
at end of the period
|
95,313,064
|
96,656,248
|
95,313,064
|
96,656,248
|
|
|
|
|
|
|
|
|
|
|
Contributed Capital
|
|
|
|
|
Balance
at beginning of the period
|
9,335,683
|
9,270,234
|
9,306,493
|
9,262,684
|
Recognition
of stock based compensation expense
|
15,025
|
64,983
|
44,215
|
72,533
|
Balance
at end of the period
|
9,350,708
|
9,335,217
|
9,350,708
|
9,335,217
|
Deficit
|
|
|
|
|
Balance at
beginning of the period
|
(81,457,499)
|
(76,095,829)
|
(78,645,489)
|
(82,418,397)
|
Net
income (loss) and comprehensive income (loss)
|
(1,502,456)
|
(774,373)
|
(4,314,466)
|
5,548,195
|
|
|
|
|
|
Accumulated Other Comprehensive income
|
|
|
|
|
Balance
at end of the period
|
(82,959,955)
|
(76,870,202)
|
(82,959,955)
|
(76,870,202)
|
|
|
|
|
|
Balance
at beginning and end of the period
|
710,934
|
710,934
|
710,934
|
710,934
|
|
|
|
|
|
Total Shareholders' Equity at end of the period
|
$22,414,751
|
$29,832,197
|
$22,414,751
|
$29,832,197
|
|
For the three months
|
For the nine months
|
||
|
ended September 30,
|
ended September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Government
grants recognized
|
$121,706
|
$-
|
$227,581
|
$-
|
|
September 30,
|
December 31,
|
|
2020
|
2019
|
Intellectual
property acquired
|
$25,271,000
|
$25,271,000
|
Accumulated
amortization
|
(8,564,483)
|
(7,300,933)
|
|
16,706,517
|
17,970,067
|
|
September 30,
|
December 31,
|
|
2020
|
2019
|
Accrued
liabilities related to:
|
|
|
Consultants
and professional fees
|
$246,238
|
$311,635
|
Payroll
related
|
76,431
|
106,529
|
|
322,669
|
418,164
|
Trade
payables and other
|
16,036
|
30,764
|
|
338,705
|
448,928
|
|
September 30,
|
December 31,
|
|
2020
|
2019
|
Contract
obligations
|
$-
|
$131,386
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
Aircraft
|
$1,339,791
|
$1,680,103
|
Office
Building
|
1,501,189
|
1,669,953
|
Printer
|
10,603
|
13,573
|
Office
equipment
|
-
|
42,515
|
|
2,851,583
|
3,406,144
|
Current
Portion of lease obligations
|
(754,709)
|
(736,408)
|
Long-term
lease obligations
|
2,096,874
|
2,669,736
|
Maturity of
lease liabilities:
|
|
2020
|
$254,697
|
2021
|
1,018,789
|
2022
|
587,536
|
2023
|
367,185
|
2024
|
367,185
|
After
2024
|
773,157
|
Total lease
payments
|
3,368,549
|
Less imputed
interest
|
(516,966)
|
Total discounted
lease payments
|
2,851,583
|
Current portion of
lease obligations
|
(754,709)
|
Non-current portion
of lease obligations
|
2,096,874
|
For the fiscal
period ending September 30,
|
Office Premises
|
2020
|
$55,625
|
2021
|
222,501
|
2022
|
222,501
|
2023
|
222,501
|
2024
|
222,501
|
|
945,629
|
2025
|
166,876
|
|
1,112,505
|
|
For the nine months ended
|
|||
|
September 30,
2020
|
September 30,
2019
|
||
|
# of shares
|
$ amount
|
# of shares
|
$ amount
|
As
at the beginning of the year
|
64,406,891
|
$95,313,064
|
68,573,558
|
$96,656,248
|
Changes
during the period
|
-
|
-
|
-
|
-
|
As
at the end of the period
|
64,406,891
|
95,313,064
|
68,573,558
|
96,656,248
|
|
For the three months
|
For the nine months
|
||
|
ended September 30,
|
ended September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Comprehensive
income (loss) for the period
|
$(1,502,456)
|
$(774,373)
|
$(4,314,466)
|
$5,548,195
|
Weighted
average number of shares outstanding for the period:
|
|
|
|
|
Basic
|
64,406,891
|
68,573,558
|
64,406,891
|
68,573,558
|
Diluted
|
64,406,891
|
68,573,558
|
64,406,891
|
73,431,574
|
Net
Income (loss) per share – Basic
|
$(0.02)
|
$(0.01)
|
$(0.07)
|
$0.08
|
Net
Income (loss) per share – Diluted
|
$(0.02)
|
$(0.01)
|
$(0.07)
|
$0.08
|
|
|
|
Average remaining
|
Exercise price
|
# of options
|
#of options
|
Contractual
|
per share
|
outstanding
|
exercisable
|
life (in years)
|
$0.52
|
16,000
|
16,000
|
5.0
|
$0.52
|
100,000
|
100,000
|
3.8
|
$0.55
|
30,000
|
30,000
|
4.3
|
$0.55
|
150,000
|
100,000
|
3.1
|
$1.45
|
37,500
|
37,500
|
1.2
|
$1.48
|
37,500
|
37,500
|
0.8
|
$1.50
|
50,000
|
50,000
|
0.8
|
$1.73
|
92,600
|
92,600
|
0.2
|
$1.82
|
135,000
|
135,000
|
0.1
|
|
648,600
|
598,600
|
1.8
|
|
For the nine months ended
|
For the year ended
|
||
|
September 30, 2020
|
December 31, 2019
|
||
|
|
weighted
|
|
Weighted
|
|
# of stock
|
average
|
# of stock
|
Average
|
|
options
|
exercise price
|
options
|
exercise price
|
Options
outstanding, start of the period
|
1,169,500
|
$1.48
|
1,297,000
|
$1.58
|
Granted
|
46,000
|
$0.54
|
100,000
|
$0.52
|
Expired
|
(566,900)
|
$(1.76)
|
(47,500)
|
$(1.51)
|
Forfeited
|
-
|
-
|
(180,000)
|
$(1.70)
|
Options
outstanding, end of the period
|
648,600
|
$1.17
|
1,169,500
|
$1.48
|
Options
exercisable, end of the period
|
598,600
|
$1.21
|
1,119,500
|
$1.52
|
For the period ended
|
2020
|
2019
|
Expected
dividends paid per common share
|
Nil
|
Nil
|
Expected
life in years
|
5.0
|
5.0
|
Weighted
average expected volatility in the price of common
shares
|
138%
|
65%
|
Weighted
average risk free interest rate
|
1.12%
|
1.68%
|
Weighted
average fair market value per share at grant date
|
$0.54
|
$0.52
|
Opening balance
|
2020
|
2019
|
Granted
|
31,944
|
-
|
Closing
balance
|
31,944
|
-
|
|
For the nine months ended
|
For the year ended
|
||
|
September 30, 2020
|
December 31, 2019
|
||
|
# of
RSUs
|
FV/Unit
|
# of
RSUs
|
FV/Unit
|
RSUs
outstanding, start of the period
|
-
|
$-
|
-
|
$-
|
Granted
|
1,200,000
|
$0.45
|
-
|
$-
|
Converted
|
-
|
$-
|
-
|
$-
|
Forfeited
|
-
|
$-
|
-
|
$-
|
RSUs
outstanding, end of the period
|
1,200,000
|
$0.50
|
-
|
$-
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Accounts
receivable
|
$(43,786)
|
$5,344,049
|
$523,897
|
$(3,929,579)
|
Note
receivable
|
28,921
|
(332,175)
|
324,700
|
(332,175)
|
Prepaid
expenses and deposits
|
68,856
|
56,925
|
(49,940)
|
(103,971)
|
Accounts
payable and accrued liabilities
|
131,127
|
(602,992)
|
(131,401)
|
77,804
|
Contractual
obligations
|
-
|
-
|
(131,386)
|
134,902
|
|
185,118
|
4,465,807
|
535,870
|
(4,153,019)
|
|
|
|
|
|
Portion
attributable to:
|
|
|
|
|
Operating
activities
|
185,118
|
4,465,807
|
535,870
|
(4,153,019)
|
Financing
activities
|
-
|
-
|
-
|
-
|
Investing
activities
|
-
|
-
|
-
|
-
|
|
185,118
|
4,465,807
|
535,870
|
(4,153,019)
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Nigeria
|
$-
|
$1,021,532
|
$-
|
$11,976,149
|
Other
|
-
|
-
|
136,566
|
-
|
|
-
|
1,021,532
|
136,566
|
11,976,149
|
|
For three months ended
September 30,
|
For the nine months ended
September 30
|
||
|
2020
|
2019
|
2020
|
2019
|
Legal
Fees
|
$78,654
|
$67,550
|
$226,371
|
$241,422
|
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Survey revenue
|
$
-
|
$1,021,532
|
$ 136,566
|
$ 11,976,149
|
Expenses:
|
|
|
|
|
Survey
|
253,188
|
512,599
|
787,034
|
2,302,712
|
General
and administrative
|
707,640
|
881,716
|
2,484,621
|
2,570,866
|
Stock-based
compensation
|
35,384
|
64,983
|
64,574
|
72,533
|
Amortization
|
445,123
|
445,315
|
1,335,684
|
1,332,166
|
|
1,441,335
|
1,904,613
|
4,671,913
|
6,278,277
|
|
|
|
|
|
Other Expenses (income):
|
|
|
|
|
Interest
(income) expense, net
|
(36)
|
(9,348)
|
(17,045)
|
(2,232)
|
Foreign
exchange (gain) loss
|
60,417
|
(106,255)
|
(213,110)
|
134,095
|
Other
expense
|
740
|
6,895
|
9,274
|
17,814
|
|
61,121
|
(108,708)
|
(220,881)
|
149,677
|
Net income (loss) for the period
|
$ (1,502,456)
|
$ (774,373)
|
(4,314,466)
|
$ 5,548,195
|
|
|
|
|
|
Net income (loss) per share–basic
|
$ (0.02)
|
$ (0.01)
|
$(0.07)
|
$ 0.08
|
Net income (loss) per share–diluted
|
$ (0.02)
|
$ (0.01)
|
$ (0.07)
|
$ 0.08
|
Survey Expenses
|
Q3-20
|
Q3-19
|
Net change
|
Aircraft lease costs
|
$ 111,834
|
$ 100,843
|
$ 10,991
|
Aircraft operations
|
141,354
|
210,630
|
(69,276)
|
Survey projects
|
-
|
201,126
|
(201,126)
|
Total survey expenses, net
|
253,188
|
512,599
|
(259,411)
|
Survey Expenses
|
YTD 2020
|
YTD 2019
|
Net change
|
Aircraft lease Costs
|
$325,688
|
$298,987
|
$ 26,701
|
Aircraft operations
|
461,346
|
691,971
|
(230,625)
|
Survey projects
|
-
|
1,311,754
|
(1,311,754)
|
Total survey expenses, net
|
787,034
|
2,302,712
|
(1,515,678)
|
G&A Expenses
|
Q3-20
|
Q3-19
|
Net change
|
%
|
Salaries, benefits and consulting charges
|
$ 241,566
|
$390,294
|
$(148,728)
|
(38)
|
Board and professional fees, public company costs
|
261,915
|
231,464
|
30,451
|
13
|
Premises and administrative overhead
|
199,312
|
204,178
|
(4,866)
|
(2)
|
Business development
|
4,847
|
55,780
|
(50,933)
|
(91)
|
Total G&A Expenses
|
707,640
|
881,716
|
(174,076)
|
(20)
|
G&A Expenses
|
YTD 2020
|
YTD2019
|
Net change
|
%
|
Salaries, benefits and consulting charges
|
$1,014,304
|
$1,192,947
|
$(178,643)
|
(15)
|
Board and professional fees, public company costs
|
752,479
|
651,614
|
100,865
|
15
|
Premises and administrative overhead
|
581,604
|
606,965
|
(25,361)
|
(4)
|
Business development
|
136,234
|
119,340
|
16,894
|
14
|
Total G&A Expenses
|
2,484,621
|
2,570,866
|
(86,245)
|
(3)
|
Stock-based Compensation Expenses
|
Q3-20
|
Q3-19
|
Net change
|
%
|
Stock Option Expense
|
$ 11,274
|
$ 32,484
|
$ (21,210)
|
(65)
|
Deferred Share Units
|
3,750
|
-
|
3,750
|
100
|
Restricted Stock Units
|
20,360
|
32,499
|
(12,139)
|
(37)
|
Total SBCE
|
35,384
|
64,983
|
(29,599)
|
(46)
|
Other Expenses
|
YTD 2020
|
YTD 2019
|
Net change
|
%
|
Stock Option Expense
|
$ 32,964
|
$ 40,034
|
$ (7,070)
|
(18)
|
Deferred Share Units
|
11,250
|
-
|
11,250
|
100
|
Restricted Stock Units
|
20,360
|
32,499
|
(12,139)
|
(37)
|
Total SBCE
|
64,574
|
72,533
|
(7,959)
|
(11)
|
Other Expenses
|
Q3-20
|
Q3-19
|
Net change
|
%
|
Interest (income) expense, net
|
$ (36)
|
$ (9,348)
|
$ 9,312
|
(100)
|
Foreign exchange loss (gain)
|
60,417
|
(106,255)
|
166,672
|
(157)
|
IP and other
|
740
|
6,895
|
(6,155)
|
(89)
|
Total Other Expenses, net
|
61,121
|
(108,708)
|
169,829
|
(156)
|
Other Expenses
|
YTD 2020
|
YTD 2019
|
Net change
|
%
|
Interest (Income) expense, net
|
$(17,045)
|
$(2,232)
|
$(14,813)
|
664
|
Foreign exchange loss (gain)
|
(213,110)
|
134,095
|
(347,205)
|
(259)
|
IP and other
|
9,274
|
17,814
|
(8,540)
|
(48)
|
Total Other Expenses
|
(220,881)
|
149,677
|
(370,558)
|
(248)
|
Amortization Expenses
|
Q3-20
|
Q3-19
|
Net change
|
%
|
Property and equipment
|
$ 23,939
|
$ 24,131
|
$ (192)
|
(1)
|
Intellectual property
|
421,184
|
421,184
|
-
|
-
|
Total Amortization Expenses
|
445,123
|
445,315
|
(192)
|
0
|
Amortization Expense
|
YTD 2020
|
YTD 2019
|
Net change
|
%
|
Property and equipment
|
$ 72,134
|
$68,616
|
3,518
|
5
|
Intellectual property
|
1,263,550
|
1,263,550
|
-
|
-
|
Total Amortization Expenses
|
1,335,684
|
1,332,166
|
3,518
|
0
|
|
Q3-20
|
Q2-20
|
Q1-20
|
Q4-19
|
Survey revenue
|
$-
|
$ 136,566
|
$-
|
$-
|
Net loss
|
(1,502,456)
|
(1,479,709)
|
(1,332,301)
|
(1,775,287)
|
|
|
|
|
|
Loss per share – basic
|
$ (0.02)
|
$ (0.02)
|
$ (0.02)
|
$ (0.03)
|
Loss per share – diluted
|
$ (0.02)
|
$ (0.02)
|
$ (0.02)
|
$ (0.03)
|
|
|
|
|
|
|
Q3-19
|
Q2-19
|
Q1-19
|
Q4-18
|
Survey revenue
|
$ 1,021,532
|
$10,954,617
|
$ -
|
$ -
|
Net income (loss)
|
(774,373)
|
8,085,888
|
(1,763,320)
|
(1,392,716)
|
|
|
|
|
|
Income (loss) per share – basic
|
$ (0.01)
|
$ 0.12
|
$ (0.03)
|
$ (0.02)
|
Income (loss) per share – diluted
|
$ (0.01)
|
$ 0.11
|
$ (0.03)
|
$ (0.02)
|
Net Working Capital
|
Sept 30, 2020
|
Dec 31, 2019
|
Net Change
|
%
|
|
Current assets (current liabilities)
|
|
|
|
|
|
Cash,
cash equivalents and short-term investments
|
$4,055,884
|
$6,639,757
|
$(2,583,873)
|
(39)
|
|
Accounts
receivable
|
881,523
|
1,384,315
|
(502,792)
|
(36)
|
|
Note
receivable
|
-
|
324,700
|
(324,700)
|
(100)
|
|
Prepaid
expenses and deposits
|
147,072
|
97,132
|
49,940
|
51
|
|
Accounts
payable and accrued liabilities
|
(338,705)
|
(448,928)
|
110,223
|
(25)
|
|
Contract
obligations
|
-
|
(131,386)
|
131,386
|
(100)
|
|
Current
portion of lease obligation
|
(754,709)
|
(736,408)
|
(18,301)
|
2
|
|
Total Net Working Capital
|
3,991,065
|
7,129,182
|
(3,138,117)
|
(44)
|
Accounts Payable
|
Sept 30,
2020
|
Dec 31,
2019
|
Net Change
|
%
|
Trade accounts payable
|
$(42,060)
|
$(181,790)
|
$139,730
|
(77)
|
Deferred director and advisor payable
|
(25,095)
|
(24,352)
|
(743)
|
3
|
Accrued liabilities
|
(195,119)
|
(136,257)
|
(58,862)
|
43
|
Payroll related
|
(76,431)
|
(106,529)
|
30,098
|
(28)
|
Total Accounts Payable
|
(338,705)
|
(448,928)
|
110,223
|
(25)
|
Cash Flow - from / (used in)
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Operating activities
|
$(829,150)
|
$3,947,524
|
$(2,525,930)
|
$2,679,914
|
Financing activities
|
-
|
(10,735)
|
(42,515)
|
(31,666)
|
Investing activities
|
1,523,724
|
(2,531,163)
|
2,387,450
|
(431,163)
|
Effect of foreign exchange changes on cash
|
7,438
|
103,688
|
(29,875)
|
109,048
|
Net source (use) of cash
|
702,013
|
1,509,314
|
(210,870)
|
2,326,133
|
Cash and cash equivalents, start of period
|
1,945,362
|
1,156,351
|
2,858,245
|
339,532
|
Cash and cash equivalents, end of period
|
2,647,375
|
2,665,665
|
2,647,375
|
2,665,665
|
|
|
|
|
|
Cash and cash equivalents
|
2,647,375
|
2,665,665
|
2,647,375
|
2,665,665
|
Short-term investments
|
1,408,509
|
4,059,721
|
1,408,509
|
4,059,721
|
Total Cash and Short-Term Investments
|
4,055,884
|
6,725,386
|
4,055,884
|
6,725,386
|
|
|
|
|
|
Operating Activities
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Net income (loss) for the period
|
$(1,502,456)
|
$(774,373)
|
($4,314,466)
|
$5,548,195
|
Total non-cash expense items & ARO liabilities
settled
|
488,188
|
256,090
|
1,252,666
|
1,284,738
|
|
(1,014,268)
|
(518,283)
|
(3,061,800)
|
6,832,933
|
Change in non-cash working capital balances
|
185,118
|
4,465,807
|
535,870
|
(4,153,019)
|
Total Cash from (used in) Operating Activities
|
(829,150)
|
3,947,524
|
(2,525,930)
|
2,679,914
|
Financing Activities
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Repayment of capital lease obligation
|
-
|
(10,735)
|
(42,515)
|
(31,666)
|
Total Cash used in Financing Activities
|
-
|
(10,735)
|
(42,515)
|
(31,666)
|
Investing Activities
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Purchase of property and equipment
|
-
|
(216,691)
|
-
|
(216,691)
|
Decrease (increase) in short-term investments
|
1,523,724
|
(2,314,472)
|
2,387,450
|
(214,472)
|
Total Cash from Investing Activities
|
1,523,724
|
(2,531,163)
|
2,387,450
|
(431,163)
|
For the period ended December 31
|
Office Premises
|
October to December 2020
|
$ 55,625
|
2021
|
222,501
|
2022
|
222,501
|
2023
|
222,501
|
2024
|
222,501
|
|
945,629
|
2025
|
166,876
|
|
1,112,505
|
Legal Fees
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
|
$ 78,654
|
$ 67,550
|
$ 226,371
|
$ 241,422
|
|
Q3-20
|
Q3-19
|
YTD 2020
|
YTD 2019
|
Government grants recognized
|
$ 121,706
|
$-
|
$ 227,581
|
$-
|
|
Nov 16,
2020
|
Sept 30,
2020
|
December 31,
2019
|
|
Common Shares
|
64,406,891
|
64,406,891
|
64,406,891
|
|
Stock options
|
513,600
|
648,600
|
1,169,500
|
|
Deferred Share Units
|
31,944
|
31,944
|
-
|
|
Restricted Stock Units
|
1,200,000
|
1,200,000
|
-
|
|
Total Share Capital and Dilutive Securities
|
66,152,435
|
66,287,435
|
65,576,391
|