Absolute® (TSX: ABT), the self-healing endpoint security company, today announced financial results for the three and nine months ended March 31, 2017. All dollar figures are unaudited and stated in U.S. dollars, unless otherwise indicated.
“Our Q3 results were underscored by strong expansion and upsell activity within customer accounts, demonstrating the inherent opportunities among our customer base and the response to our accelerated product innovation,” said Geoff Haydon, Chief Executive Officer, Absolute. “Over the first nine months of fiscal 2017, we demonstrated our ability to execute on multiple growth vectors with both new customer acquisition and existing customer expansion driving year-to-date revenue performance.”
Q3-F2017 Highlights
Financial
- Q3-F2017 Absolute Data and Device Security (“DDS”) segment revenue was $23.1 million, representing a year-over-year increase of 7%
- Commercial recurring revenue of $21.6 million increased 9% year-over-year while commercial non-recurring and consumer revenue was $1.5 million compared to $1.8 million in Q3-F2016
- Absolute DDS Commercial Annual Contract Value (“ACV”) Base(1) of $88.2 million increased 9% or $7.3 million year-over-year and 2% or $2.0 million sequentially
- The enterprise and healthcare portions of the ACV Base increased 14% year-over-year and by 5% sequentially. The education and government portions of the ACV Base increased by 5% year-over-year and were flat over the course of the quarter. Enterprise and healthcare customers represented 49% of the March 31, 2017 ACV Base, compared to 47% in the prior year
- Net ACV Retention(1) from existing Absolute DDS customers was 102% during Q3-F2017 compared to 101% in Q3-F2016. Existing customer upgrades and expansions added $1.4 million to the ACV Base during Q3-F2017 compared to $0.4 million in the prior year period
- Incremental ACV from New DDS Customers(1) was $0.6 million in Q3-F2017 compared to $1.0 million in Q3-F2016. Year-to-date ACV from New Customers was $3.7 million compared to $2.6 million in the prior year period
- Adjusted EBITDA(2) in Q3-F2017 was $2.3 million, or 10% of revenue, compared to $2.8 million, or 13% of revenue, in the prior year period. The decrease in Adjusted EBITDA reflects increased investment in research and development
- Cash used in operating activities during Q3-F2017 was $0.4 million compared to cash generated from operating activities of $0.1 million in the prior year period. Prior to payment of reorganization charges of $1.1 million, cash from operating activities in Q3-F2017 was $0.7 million
- Total Billings(4) were $21.6 million, representing 8% growth over $20.1 million in the prior year period
Technology and Product
- Released Absolute Application Persistence, extending Absolute’s embedded self-healing Persistence technology to third-party management and security applications, enabling IT and security leaders to ensure that critical endpoint controls are resilient to malicious attacks or insider threats
- Completed integration with IBM Security QRadar security information and event management (SIEM) product. Absolute DDS is now integrated with the majority of the Gartner SIEM Magic Quadrant Leaders
Operations and Corporate
- Appointed security industry veteran Todd Chronert to lead enterprise sales for the Americas region
- Expanded R&D capacity in Vietnam and Vancouver in accordance with the Company’s F2017 plan, including opening a new Vietnam development center and incorporation of a Vietnamese subsidiary. The Company closed the quarter with 49 R&D employees in Vietnam and 155 in North America.
- Paid a quarterly dividend of CAD$0.08 per share on our common shares during Q3-F2017 and paid total dividends of CAD$0.24 during the year-to-date period
Summary of Key Financial Metrics
| USD Millions, except per share data | Q3 | YTD | ||||||||||||||
| F2017 | F2016 | Change | F2017 | F2016 | Change | |||||||||||
| Revenue | ||||||||||||||||
| DDS Segment(i) | $ | 23.1 | $ | 21.7 | 7% | $ | 68.0 | $ | 63.9 | 7% | ||||||
| Total | $ | 23.1 | $ | 21.7 | 7% | $ | 68.0 | $ | 66.8 | 2% | ||||||
| Adjusted EBITDA(ii)(iii) | $ | 2.3 | $ | 2.8 | (18%) | $ | 6.0 | $ | 9.2 | (35%) | ||||||
| As a percentage of revenue | 10% | 13% | 9% | 14% | ||||||||||||
| Net (Loss) Income | $ | (0.2) | $ | 1.2 | (119%) | $ | (2.9) | $ | 10.9 | (126%) | ||||||
| Per share (basic) | $ | (0.01) | $ | 0.03 | $ | (0.07) | $ | 0.27 | ||||||||
| Per share (diluted) | $ | (0.01) | $ | 0.03 | $ | (0.07) | $ | 0.26 | ||||||||
| Cash (used in) from operating activities | $ | (0.4) | $ | 0.1 | nm | $ | 0.3 | $ | 6.4 | (95%) | ||||||
| Dividends paid | $ | 2.4 | $ | 2.2 | 7% | $ | 7.1 | $ | 6.9 | 3% | ||||||
| Per share (CAD) | $ | 0.08 | $ | 0.08 | - | $ | 0.24 | $ | 0.23 | 4% | ||||||
| Cash, equivalents, and investments | $ | 34.6 | $ | 53.4 | (35%) | |||||||||||
| Total assets | $ | 93.1 | $ | 105.0 | (11%) | |||||||||||
| Deferred revenue | $ | 132.2 | $ | 129.9 | 2% | |||||||||||
| Common shares outstanding | 39.6 | 38.8 | 2% | |||||||||||||
i. As a result of the divestiture of the Absolute Manage and Absolute Service business unit on October 5, 2015, the Data and Device Security operating segment solely comprises Absolute’s ongoing operations. This measure is specifically related to our DDS operating segment.
ii. Please refer to “Non-IFRS Measures and Definitions”.
iii. Adjusted EBITDA in the year to date period of F2016 included a $1.0 million contribution from the Absolute Manage and Absolute Service business unit. This business unit was disposed in Q2-F2016.
Corporate Outlook
Revenue
The Company is narrowing its revenue guidance to the lower end of the previous guidance range reflecting lower than expected professional services and Consumer sales. F2017 total revenue is expected to be between $91.4 million and $92.4 million, representing 6% to 8% annual DDS segment revenue growth.
Adjusted EBITDA
The Company is raising its Adjusted EBITDA guidance to 8% to 9% of revenue.
Cash from Operations
The Company expects cash from operating activities, prior to payments for income taxes and reorganization charges, as a percentage of revenue, to be 7% to 9%.
Capital Expenditures
Capital expenditures are expected to be between $3.8 million and $4.2 million.
Quarterly Dividend
On April 19, 2017, Absolute declared a
quarterly dividend of CAD$0.08 per share on the Company’s common shares.
The dividend is payable in cash on May 29, 2017 to shareholders of
record at the close of business on May 9, 2017.
Quarterly Filings
Management’s discussion and analysis
(“MD&A”) and consolidated financial statements and the notes thereto for
the fiscal quarter ended March 31, 2017 can be obtained today from
Absolute’s corporate website at www.absolute.com.
The documents will also be available at www.sedar.com.
Notice of Conference Call
Absolute will hold a conference
call to discuss the Company’s Q3-F2017 results on Monday, May 8, 2017 at
5:00 p.m. ET. All interested parties can join the call by dialing
647-427-7450, or 1-888-231-8191. Please dial-in 15 minutes prior to the
call to secure a line. The conference call will be archived for replay
until Monday, May 15, 2017 at midnight ET. To access the archived
conference call, please dial 416-849-0833 or 1-855-859-2056 and enter
the reservation code 5155053.
A live audio webcast of the conference call will be available at www.absolute.com and http://bit.ly/2oPgdfG. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available on the Company’s website for 90 days.
Non-IFRS Measures and Definitions
Throughout this press
release, the Company refers to a number of measures which the Company
believes are meaningful in the assessment of the Company’s performance.
All these metrics are non-standard measures under International
Financial Reporting Standards (“IFRS”), and are unlikely to be
comparable to similarly titled measures reported by other companies.
Readers are cautioned that the disclosure of these items is meant to add
to, and not replace, the discussion of financial results or cash flows
from operations as determined in accordance with IFRS. For a discussion
of the purpose of these non-IFRS measures, please refer to the Company’s
March 31, 2017 MD&A on SEDAR at www.SEDAR.com.
These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:
1) Commercial ACV Base, Net ACV Retention, and ACV from New Customers
As
the majority of the Company’s customer contracts are sold under
multi-year term licenses, there is a significant lag between the timing
of the Billing and the associated revenue recognition. As a result, the
Company focuses on the aggregate annualized value of its subscriptions
under contract, measured by Annual Contract Value (“ACV”), as an
indicator of its future revenues.
Commercial ACV Base measures the amount of recurring annual revenue Absolute will receive from its commercial customers under contract at a point in time, and therefore is an indicator of the Company’s future revenue streams. Net ACV Retention measures the percentage increase or decrease in the Commercial ACV Base at the end of a period for the customers that comprised the Commercial ACV Base at the beginning of the same period. This metric provides insight into the effectiveness of Absolute’s customer retention and expansion functions. ACV from New Customers measures the addition to the Commercial ACV base from sales to new commercial DDS customers during the quarter.
We believe that increases in the amount of ACV from New Customers, and improvement in the Company’s Net ACV Retention, will grow our Commercial ACV Base and, in turn, our future revenues.
2) Adjusted EBITDA
Management believes that analyzing
operating results exclusive of significant non-cash items or items not
controllable in the period provides a useful measure of the Company’s
performance. The term Adjusted EBITDA refers to earnings before
deducting interest and investment gains (losses), income taxes,
amortization of acquired intangible assets and property and equipment,
foreign exchange gain or loss, share-based compensation, and
restructuring and reorganization charges and post-retirement benefits.
The items excluded in the determination of Adjusted EBITDA are
share-based compensation, amortization of acquired intangibles,
amortization of property and equipment, and restructuring and
reorganization charges and certain post-retirement benefits.
3) Adjusted Operating Expenses
A number of significant
non-cash or non-recurring expenses are reported in the Company’s Cost of
Revenue and Operating Expenses. Management believes that analyzing these
expenses exclusive of these non-cash or non-recurring items provides a
useful measure of the cash invested in the operations of its
business. The items excluded in the determination of Adjusted Operating
Expenses are share-based compensation, amortization of acquired
intangible assets, amortization of property and equipment, and
restructuring and reorganization charges and certain post-retirement
benefits. For a description of the reasons these items are adjusted,
please refer to the “Non-IFRS Measures” section of the March 31, 2017
MD&A.
4) Billings
See the “Non-IFRS Measures” section of the March
31, 2017 MD&A for a detailed discussion of why the Company believes Cash
from Operating Activities is a meaningful performance metric, and the
material impact that Billings has on this measure. Billings are included
in deferred revenue (see Note 7 of the Notes to the Condensed
Consolidated Financial Statements), and result from invoiced sales of
the Company’s products and services.
About Absolute
Absolute (TSX: ABT) delivers the only self-healing
endpoint security solution to provide uncompromised visibility and near
real-time remediation of breaches at the source. Absolute’s cloud-based
platform puts IT and security professionals in absolute control of
devices, data and applications — whether on or off the corporate network
— to enhance IT asset management, protect sensitive data, reduce insider
threats and ensure compliance. Absolute’s patented Persistence
technology is embedded in the firmware of more than 1 billion PCs and
mobile devices from global manufacturers including Acer, ASUS, Dell,
Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung and Toshiba. Absolute
is headquartered in Vancouver, Canada, and has offices around the world.
For more information, visit www.absolute.com.
Forward-Looking Statements
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of the Company’s services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect the Company’s current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties readers of the press release should understand that Absolute cannot assure them that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2017 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated
Statements of Financial Position
(Expressed in United States
dollars) (Unaudited)
| March 31, 2017 | June 30, 2016 | |||||
| ASSETS | ||||||
| CURRENT | ||||||
| Cash and cash equivalents | $ | 34,205,013 | $ | 23,092,852 | ||
| Short-term investments | 368,356 | 11,637,085 | ||||
| Trade and other receivables | 11,662,865 | 21,138,351 | ||||
| Income taxes receivable | 230,149 | - | ||||
| Prepaid expenses and other | 2,390,687 | 2,379,234 | ||||
| 48,857,070 | 58,247,522 | |||||
| INVESTMENTS | - | 12,821,302 | ||||
| PROPERTY AND EQUIPMENT | 6,264,072 | 5,853,222 | ||||
| DEFERRED INCOME TAX ASSETS | 23,655,378 | 22,353,391 | ||||
| INTANGIBLE ASSETS AND GOODWILL | 14,324,632 | 15,382,262 | ||||
| $ | 93,101,152 | $ | 114,657,699 | |||
| LIABILITIES | ||||||
| CURRENT | ||||||
| Trade and other payables | $ | 10,494,806 | $ | 13,942,922 | ||
| Income taxes payable | - | 5,990,927 | ||||
| Accrued warranty | 490,000 | 460,000 | ||||
| Deferred revenue – current | 71,286,837 | 72,464,399 | ||||
| 82,271,643 | 92,858,248 | |||||
| DEFERRED REVENUE | 60,947,565 | 65,509,763 | ||||
| 143,219,208 | 158,368,011 | |||||
| CONTINGENCIES | ||||||
| SHAREHOLDERS’ DEFICIENCY | ||||||
| Share capital | 64,335,516 | 58,607,382 | ||||
| Equity reserve | 35,959,082 | 36,732,175 | ||||
| Treasury shares | (499,443) | - | ||||
| Deficit | (149,913,211) | (139,049,869) | ||||
| (50,118,056) | (43,710,312) | |||||
| $ | 93,101,152 | $ | 114,657,699 | |||
ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated
Statements of Operations and Comprehensive Income
Three and
nine months ended March 31, 2017 and 2016
(Expressed in
United States dollars) (Unaudited)
Three months ended | Nine months ended | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||
| REVENUE | $ | 23,091,063 | $ | 21,658,820 | $ | 68,026,070 | $ | 66,783,984 | ||||
| COST OF REVENUE | 3,376,636 | 3,359,645 | 10,838,729 | 10,030,991 | ||||||||
| GROSS MARGIN | 19,714,427 | 18,299,175 | 57,187,341 | 56,752,993 | ||||||||
| OPERATING EXPENSES | ||||||||||||
| Sales and marketing | 11,104,476 | 10,497,110 | 33,519,393 | 33,505,811 | ||||||||
| Research and development | 3,922,951 | 3,362,211 | 13,176,739 | 9,439,346 | ||||||||
| General and administration | 3,121,113 | 2,275,311 | 9,546,588 | 7,507,760 | ||||||||
| Share-based compensation | 1,009,798 | 1,589,497 | 3,227,273 | 3,593,463 | ||||||||
| 19,158,338 | 17,724,129 | 59,469,993 | 54,046,380 | |||||||||
| OPERATING INCOME (LOSS) | 556,089 | 575,046 | (2,282,652) | 2,706,613 | ||||||||
| OTHER INCOME | ||||||||||||
| Interest income, net | 25,761 | 53,231 | 73,347 | 232,528 | ||||||||
| Foreign exchange (loss) gain | (11,340) | 170,187 | (40,585) | (625,875) | ||||||||
| Gain on disposal of business unit | - | - | - | 14,098,066 | ||||||||
| 14,421 | 223,418 | 32,762 | 13,704,719 | |||||||||
| NET INCOME (LOSS) BEFORE INCOME TAXES | 570,510 | 798,464 | (2,249,890) | 16,411,332 | ||||||||
| INCOME TAX (EXPENSE) RECOVERY | (797,000) | 382,000 | (609,000) | (5,468,000) | ||||||||
| NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME | $ | (226,490) | $ | 1,180,464 | $ | (2,858,890) | $ | 10,943,332 | ||||
| BASIC (LOSS) INCOME PER SHARE | $ | (0.01) | $ | 0.03 | $ | (0.07) | $ | 0.27 | ||||
| DILUTED (LOSS) INCOME PER SHARE | $ | (0.01) | $ | 0.03 | $ | (0.07) | $ | 0.26 | ||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | 39,150,654 | 38,641,924 | 39,050,786 | 41,035,963 | ||||||||
ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated
Statement of Changes in Shareholders’ Deficiency
(Expressed
in United States dollars) (Unaudited)
| Share Capital | |||||||||||||||||
Number of | Amount | Equity | Treasury | Deficit | Total | ||||||||||||
| BALANCE, JUNE 30, 2015 | 44,862,344 | $ | 59,607,392 | $ | 35,322,483 | $ | - | $ | (108,066,367) | $ | (13,136,492) | ||||||
| Shares issued on options exercised | 759,350 | 4,317,142 | (1,461,192) | - | - | 2,855,950 | |||||||||||
| Shares issued under Employee Share Purchase Plan | 125,861 | 621,880 | - | - | - | 621,880 | |||||||||||
| Shares issued under Phantom Share Unit Plan | 160,552 | 1,503,355 | (1,087,880) | - | - | 415,475 | |||||||||||
| Shares repurchased and cancelled under the Normal Course Issuer Bid | (816,000) | (283,660) | - | - | (561,895) | (845,555) | |||||||||||
| Shares committed to be repurchased under the Normal Course Issuer Bid | - | (63,000) | - | - | (118,000) | (181,000) | |||||||||||
| Shares repurchased and cancelled under the Substantial Issuer Bid | (6,250,000) | (7,685,894) | - | - | (30,603,647) | (38,289,541) | |||||||||||
| Share-based compensation | - | - | 3,187,353 | - | - | 3,187,353 | |||||||||||
| Dividends paid | - | - | - | - | (6,901,179) | (6,901,179) | |||||||||||
| Net income and total comprehensive income | - | - | - | - | 10,943,332 | 10,943,332 | |||||||||||
| BALANCE, MARCH 31, 2016 | 38,842,107 | $ | 58,017,215 | $ | 35,960,764 | - | $ | (135,307,756) | $ | (41,329,777) | |||||||
| Shares issued on options exercised | 124,700 | 665,509 | (303,604) | - | - | 361,905 | |||||||||||
| Shares repurchased and cancelled under the Normal Course Issuer Bid | (85,500) | (75,342) | - | - | (167,438) | (242,780) | |||||||||||
| Share-based compensation | - | - | 1,075,015 | - | - | 1,075,015 | |||||||||||
| Dividends paid | - | - | - | - | (2,360,025) | (2,360,025) | |||||||||||
| Net loss and total comprehensive loss | - | - | - | - | (1,214,650) | (1,214,650) | |||||||||||
| BALANCE, JUNE 30, 2016 | 38,881,307 | $ | 58,607,382 | $ | 36,732,175 | $ | - | $ | (139,049,869) | $ | (43,710,312) | ||||||
| Shares issued on options exercised | 583,625 | 3,535,299 | (1,141,589) | - | - | 2,393,710 | |||||||||||
| Shares issued under Employee Share Purchase Plan | 84,455 | 361,477 | - | - | - | 361,477 | |||||||||||
| Shares issued under Phantom Share Unit Plan | 327,145 | 2,281,206 | (2,281,206) | - | - | - | |||||||||||
| Shares repurchased and cancelled under the Normal Course Issuer Bid | (280,100) | (449,848) | - | - | (876,847) | (1,326,695) | |||||||||||
| Treasury shares repurchased under the Normal Course Issuer Bid | - | - | - | (499,443) | - | (499,443) | |||||||||||
| Share-based compensation | - | - | 2,649,702 | - | - | 2,649,702 | |||||||||||
| Dividends paid | - | - | - | - | (7,127,606) | (7,127,606) | |||||||||||
| Net loss and total comprehensive loss | - | - | - | - | (2,858,889) | (2,858,889) | |||||||||||
| BALANCE, MARCH 31, 2017 | 39,596,432 | $ | 64,335,516 | $ | 35,959,082 | $ | (499,443) | $ | (149,913,211) | $ | (50,118,056) | ||||||
ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated
Statements of Cash Flows
Three and nine months ended March
31, 2017 and 2016
(Expressed in United States dollars)
(Unaudited)
| Three months ended March 31, | Nine months ended March 31, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net (loss) income | $ | (226,490) | $ | 1,180,464 | $ | (2,858,890) | $ | 10,943,332 | ||||
| Items not involving cash | ||||||||||||
| Amortization of property and equipment | 763,475 | 551,391 | 2,163,244 | 1,610,907 | ||||||||
| Amortization of acquired intangible assets | 11,444 | 125,760 | 95,926 | 505,359 | ||||||||
| Amortization of intangible assets – contract costs and brand | 2,280,904 | 2,001,168 | 6,766,589 | 5,748,116 | ||||||||
| Share-based compensation | 1,014,285 | 1,426,217 | 3,227,273 | 3,187,350 | ||||||||
| Deferred income taxes | (1,408,987) | 856,000 | (1,301,987) | (275,000) | ||||||||
| Gain on disposal of business unit | - | - | - | (14,098,066) | ||||||||
| Transaction fees on disposal of business unit | - | - | - | (1,257,910) | ||||||||
| Amortization of investment premium | - | 71,315 | 466,885 | 438,721 | ||||||||
| Change in non-cash working capital | ||||||||||||
| Trade and other receivables | 2,149,315 | 596,853 | 9,475,486 | 9,791,067 | ||||||||
| Income taxes receivable | 826,688 | (1,989,171) | (3,597,186) | 2,440,657 | ||||||||
| Prepaid expenses and other | (135,020) | (210,356) | (11,453) | (93,381) | ||||||||
| Intangible assets – contract costs and brand additions | (1,840,714) | (2,515,988) | (5,873,286) | (7,176,139) | ||||||||
| Trade and other payables | (2,312,666) | (432,603) | (2,515,933) | 1,018,539 | ||||||||
| Accrued warranty | - | 30,000 | 30,000 | (20,000) | ||||||||
| Deferred revenue | (1,488,301) | (1,595,905) | (5,739,760) | (6,336,474) | ||||||||
| CASH (USED IN) FROM OPERATING ACTIVITIES | (366,067) | 95,145 | 326,908 | 6,427,078 | ||||||||
| INVESTING ACTIVITIES | ||||||||||||
| Purchase of property and equipment | (885,262) | (827,101) | (3,968,246) | (1,687,442) | ||||||||
| Purchase of intangible assets | - | - | - | (225,000) | ||||||||
| Proceeds from disposal of business unit | - | - | - | 11,046,737 | ||||||||
| Income taxes paid on disposal of business unit | - | - | (2,623,890) | - | ||||||||
| Proceeds from investments | 268,146 | 8,000,000 | 23,623,146 | 11,700,000 | ||||||||
| Purchase of investments | - | - | - | (201,124) | ||||||||
| CASH (USED IN) FROM INVESTING ACTIVITIES | (617,116) | 7,172,899 | 17,031,010 | 20,633,171 | ||||||||
| FINANCING ACTIVITIES | ||||||||||||
| Repurchase of common shares for cancellation | (714,653) | (623,284) | (1,326,695) | (43,078,164) | ||||||||
| Dividends paid | (2,378,728) | (2,233,488) | (7,127,606) | (6,901,179) | ||||||||
| Purchase of treasury shares | (499,443) | - | (499,443) | - | ||||||||
| Issuance of common shares | 1,784,650 | 1,119,553 | 2,757,698 | 3,187,237 | ||||||||
| CASH USED IN FINANCING ACTIVITIES | (1,808,174) | (1,737,219) | (6,196,046) | (46,792,106) | ||||||||
| FOREIGN EXCHANGE EFFECT ON CASH | (69,699) | 71,002 | (49,711) | (679,801) | ||||||||
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (2,861,056) | 5,601,827 | 11,112,161 | (20,411,658) | ||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 37,066,069 | 18,092,065 | 23,092,852 | 44,105,550 | ||||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 34,205,013 | $ | 23,693,892 | $ | 34,205,013 | $ | 23,693,892 | ||||
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