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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NXT Energy Solutions Inc (QB) | USOTC:NSFDF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1095 | 0.093 | 0.1184 | 0.00 | 15:22:45 |
|
June 30,
|
December
31,
|
|
2019
|
2018
|
Assets
|
|
|
Current
assets
|
|
|
Cash
and cash equivalents
|
$
1,156,351
|
$
339,532
|
Short-term
investments (Note 3)
|
1,800,000
|
3,900,000
|
Accounts
receivable (Note 4)
|
9,129,288
|
61,279
|
Prepaid
expenses
|
226,055
|
65,159
|
|
12,311,694
|
4,365,970
|
Long
term assets
|
|
|
Deposits
(Note 5)
|
539,306
|
560,341
|
Property
and equipment (Note 6)
|
505,935
|
683,157
|
Right
of use Assets (Note 7)
|
3,307,277
|
-
|
Intellectual
property (Note 8)
|
18,812,433
|
19,654,800
|
|
$
35,476,645
|
$
25,264,268
|
Liabilities and Shareholders' Equity
|
|
|
Current
liabilities
|
|
|
Accounts
payable and accrued liabilities (Note 9)
|
$
1,025,418
|
$
499,535
|
Deferred
revenue
|
-
|
-
|
Contract
Obligations (Note 10)
|
132,079
|
-
|
Current
portion of capital lease obligation (Note 11)
|
703,423
|
42,603
|
|
1,860,920
|
542,138
|
Long-term
liabilities
|
|
|
Long-term
lease obligation (Note 11)
|
3,046,322
|
42,515
|
Other
liabilities
|
-
|
362,368
|
Asset
retirement obligation
|
27,816
|
26,778
|
Deferred
charges
|
-
|
79,000
|
|
3,074,138
|
510,661
|
|
4,935,058
|
1,052,799
|
Commitments
and contingencies (Note 12)
|
|
|
Going
concern (Note 1)
|
|
|
Shareholders'
equity
|
|
|
Common
shares (Note 13): - authorized unlimited
|
|
|
Issued:
68,573,558 (2018 - 68,573,558) common shares
|
96,656,248
|
96,656,248
|
Contributed
capital
|
9,270,234
|
9,262,684
|
Deficit
|
(76,095,829
)
|
(82,418,397
)
|
Accumulated
other comprehensive income
|
710,934
|
710,934
|
|
30,541,587
|
24,211,469
|
|
$
35,476,645
|
$
25,264,268
|
Signed
"George Liszicasz"
|
|
Signed
"Bruce G. Wilcox"
|
Director
|
|
Director
|
|
For the
three months ended June 30,
|
For the
six months ended June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Revenue
|
|
|
|
|
Survey
revenue (Note 18)
|
$
10,954,617
|
$
-
|
$
10,954,617
|
$
-
|
Expenses
|
|
|
|
|
Survey
costs, net
|
1,412,380
|
267,672
|
1,790,113
|
517,434
|
General
and administrative expenses
|
767,401
|
1,110,634
|
1,689,150
|
2,092,038
|
Stock
based compensation expense
|
3,775
|
153,791
|
7,550
|
449,075
|
Amortization
expense (Note 6 and 8)
|
443,154
|
447,192
|
886,851
|
894,383
|
|
2,626,710
|
1,979,289
|
4,373,664
|
3,952,930
|
Other expenses (income)
|
|
|
|
|
Interest
expense (income), net
|
3,916
|
(14,276
)
|
7,116
|
(14,207
)
|
Foreign
exchange (gain) loss
|
234,244
|
(3,264
)
|
240,350
|
(10,136
)
|
Intellectual
property and other expenses
|
3,859
|
(635
)
|
10,919
|
(12,823
)
|
|
242,019
|
(18,175
)
|
258,385
|
(37,166
)
|
|
|
|
|
|
Income (loss) before income tax
|
8,085,888
|
(1,961,114
)
|
6,322,568
|
(3,915,764
)
|
Income tax expense
|
|
|
|
|
Current
|
-
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) and comprehensive income
(loss)
|
8,085,888
|
(1,961,114
)
|
6,322,568
|
(3,915,764
)
|
Net income (loss) per share (Note 14)
|
|
|
|
|
Basic
|
$
0.12
|
$
(0.03
)
|
$
0.09
|
$
(0.06
)
|
Diluted
|
$
0.11
|
$
(0.03
)
|
$
0.09
|
$
(0.06
)
|
|
For the three months ended June 30,
|
For the six months ended June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Cash provided by (used in):
|
|
|
|
|
Operating activities
|
|
|
|
|
Comprehensive
income (loss) for the period
|
$
8,085,888
|
$
(1,961,114
)
|
6,322,568
|
$
(3,915,764
)
|
Items
not affecting cash:
|
|
|
|
|
Stock
based compensation expense (Note 15)
|
3,775
|
153,791
|
7,550
|
449,075
|
Amortization
expense (Notes 6 and 8)
|
443,154
|
447,192
|
886,851
|
894,383
|
Non-cash
changes to asset retirement obligation
|
521
|
518
|
1,037
|
1,035
|
Amortization
of financial liability
|
(42,824
)
|
-
|
(85,649
)
|
-
|
Foreign
Exchange
|
218,113
|
(17,321
)
|
224,219
|
(23,611
)
|
Amortization
of deferred gain on sale of aircraft
|
-
|
(38,825
)
|
-
|
(77,650
)
|
Deferred
rent
|
-
|
(730
)
|
-
|
(1,460
)
|
Change
in non-cash working capital balances (Note 17)
|
(9,092,898
)
|
(526,475
)
|
(8,618,826
)
|
(607,880
)
|
|
(8,470,159
)
|
18,150
|
(7,584,818
)
|
633,892
|
Net
cash used in operating activities
|
(384,271
)
|
(1,942,964
)
|
(1,262,250
)
|
(3,281,872
)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds
from exercise of stock options
|
-
|
-
|
-
|
5,067
|
Net
Proceeds from Private Placement
|
-
|
4,103,011
|
-
|
8,392,332
|
Repayment
of capital lease obligation
|
(10,554
)
|
(9,806
)
|
(20,931
)
|
(19,458
)
|
Net
cash from (used in) financing activities
|
(10,554
)
|
4,093,205
|
(20,931
)
|
8,377,941
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Proceeds
for sale/purchase of property and equipment, net
|
-
|
(10,006
)
|
-
|
(10,006
)
|
Increase
in short-term investments
|
900,000
|
(4,950,001
)
|
2,100,000
|
(4,300,000
)
|
Net
cash from (used in) investing activities
|
900,000
|
(4,960,007
)
|
2,100,000
|
(4,310,006
)
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
505,175
|
(2,809,766
)
|
816,819
|
786,063
|
Cash
and cash equivalents, beginning of the period
|
651,176
|
3,762,447
|
339,532
|
166,618
|
Cash
and cash equivalents, end of the period
|
$
1,156,351
|
$
952,681
|
$
1,156,351
|
$
952,681
|
|
|
|
|
|
Supplemental information
|
|
|
|
|
Cash
interest (received)
|
(15,799
)
|
(10,339
)
|
(32,390
)
|
(10,931
)
|
Cash taxes paid
|
-
|
-
|
-
|
-
|
|
For the six
months ending June 30,
|
|
|
2019
|
2018
|
Common Shares
|
|
|
Balance
at beginning of the period (Note 13)
|
$
96,656,248
|
$
88,121,286
|
Issuance
of Common Stock on Private Placement
|
-
|
7,438,085
|
Issued
upon exercise of stock options
|
-
|
5,067
|
Transfer
from contributed capital upon exercise of stock
options
|
-
|
6,441
|
Balance
at end of the period
|
96,656,248
|
95,570,879
|
Contributed Capital
|
|
|
Balance
at beginning of the period
|
9,262,684
|
8,195,075
|
Issuance
of warrants on Private Placement
|
-
|
698,932
|
Recognition
of stock based compensation expense
|
7,550
|
449,075
|
Contributed
capital transferred to common shares
|
-
|
-
|
upon
exercise of stock options
|
-
|
(6,441
)
|
|
|
|
Balance
at end of the period
|
9,270,234
|
9,336,641
|
Deficit
|
|
|
Balance
at beginning of the period
|
(82,418,397
)
|
(75,449,887
)
|
Net
income (loss) and comprehensive income (loss)
|
6,322,568
|
(3,915,764
)
|
|
|
|
Balance
at end of the period
|
(76,095,829
)
|
(79,365,651
)
|
Accumulated Other Comprehensive Income
|
|
|
Balance
at beginning and end of the period
|
710,934
|
710,935
|
Total Shareholders' Equity at end of the period
|
$
30,541,587
|
$
26,252,804
|
Account
|
Notes
|
As reported
December 31,
2018
|
Adjustments
|
Balance on
Adoption as at
January 1,
2019
|
Property
and equipment
|
i
|
$
683,157
|
$
(139,725
)
|
$
543,432
|
Right
of Use
|
ii
|
-
|
3,536,161
|
3,536,161
|
Total
Assets
|
|
$
25,264,268
|
$
3,396,436
|
$
28,660,704
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
iii
|
$
499,535
|
$
(155,301
)
|
$
344,234
|
Current
portion of capital lease obligations
|
i
|
42,603
|
(42,603
)
|
-
|
Current
portion of lease obligations
|
ii
|
-
|
672,087
|
672,087
|
Capital
lease obligations
|
i
|
42,515
|
(42,515
)
|
-
|
Long-term
lease obligations
|
ii
|
-
|
3,406,136
|
3,406,136
|
Other
liabilities
|
iii
|
362,368
|
(362,368
)
|
-
|
Deferred
charges
|
iv
|
79,000
|
(79,000
)
|
-
|
Total
Liabilities and Shareholders’ Equity
|
|
$
25,264,268
|
$
3,396,436
|
$
28,660,704
|
|
For the period
ended
|
|
|
June
30,
|
December 31
,
|
|
2019
|
2018
|
|
|
|
One year cashable
GIC’s
|
$
1,800,000
|
$
3,900,000
|
|
1,800,000
|
3,900,000
|
|
For the period ended
|
|
|
June
30,
|
December
31,
|
|
2019
|
2018
|
Building
|
$
43,309
|
$
43,310
|
Aircraft
|
495,997
|
517,031
|
|
539,306
|
560,341
|
|
Cost
|
Accumulated
|
Net book
|
For the period ended June 30, 2019
|
Base
|
amortization
|
value
|
Survey
equipment
|
$
684,890
|
$
634,033
|
$
50,858
|
Computers
and software
|
1,256,101
|
1,209,768
|
46,333
|
Furniture
and other equipment
|
528,420
|
506,737
|
21,683
|
Leasehold
improvements
|
965,108
|
578,047
|
387,062
|
|
3,434,519
|
2,926,584
|
505,935
|
|
|
|
|
|
Cost
|
Accumulated
|
Net book
|
For the period ended December 31, 2018
|
Base
|
amortization
|
value
|
Survey
equipment
|
$
684,890
|
$
628,037
|
$
56,853
|
Computers
and software
|
1,256,101
|
1,201,047
|
55,054
|
Furniture
and other equipment
|
528,420
|
504,328
|
24,092
|
Leasehold
improvements
|
1,165,108
|
617,950
|
547,158
|
|
3,634,519
|
2,951,362
|
683,157
|
|
Cost
|
Accumulated
|
Right of
|
For the period ended June 30, 2019
|
Base
|
Amortization
|
Use
|
Aircraft
|
$
1,578,774
|
$
123,385
|
$
1,455,389
|
Office
Building
|
1,799,868
|
96,571
|
1,703,297
|
Printer
|
17,794
|
1,942
|
15,852
|
Office
equipment
|
139,725
|
6,986
|
132,739
|
|
3,536,161
|
228,884
|
3,307,277
|
|
For the Period ended
|
|
|
June 30,
|
December 31,
|
|
2019
|
2018
|
Intellectual
property acquired
|
$
25,271,000
|
$
25,271,000
|
Accumulated
amortization
|
(6,458,567
)
|
(5,616,200
)
|
|
18,812,433
|
19,654,800
|
|
June
30,
|
December
31,
|
|
2019
|
2018
|
Aircraft)
|
$
1,893,276
|
$
-
|
Office
Building
|
1,776,677
|
-
|
Printer
|
15,604
|
-
|
Office
equipment
|
64,188
|
85,118
|
|
3,749,745
|
85,118
|
Current
Portion of lease obligations
|
(703,423
)
|
(42,603
)
|
Long-term
lease obligations
|
3,046,322
|
42,515
|
For
the fiscal period ending June 30,
|
Office Premises
|
2019
|
$
110,962
|
2020
|
222,069
|
2021
|
222,501
|
2022
|
222,501
|
2023
|
222,501
|
|
1,000,534
|
Thereafter,
2024 through 2025
|
389,377
|
|
1,389,911
|
Exercise price per share
|
# of options outstanding
|
#of options exercisable |
Average remaining contractual life (in years)
|
$
0.59
|
150,000
|
50,000
|
4.3
|
$
1.35
|
236,900
|
236,900
|
0.5
|
$
1.39
|
22,500
|
22,500
|
0.0
|
$
1.45
|
37,500
|
37,500
|
2.5
|
$
1.48
|
37,500
|
37,500
|
2.0
|
$
1.50
|
50,000
|
50,000
|
2.1
|
$
1.57
|
30,000
|
30,000
|
0.6
|
$
1.67
|
150,000
|
150,000
|
0.4
|
$
1.73
|
92,600
|
92,600
|
1.4
|
$
1.82
|
165,000
|
165,000
|
1.3
|
$
2.10
|
300,000
|
300,000
|
1.2
|
|
1,272,000
|
1,172,000
|
1.4
|
For the period ended
|
2019
|
2018 |
Expected dividends
paid per common share
|
-
|
Nil
|
Expected life in
years
|
-
|
5.0
|
Expected volatility
in the price of common shares
|
-
|
65
%
|
Risk free interest
rate
|
-
|
1.75
%
|
Weighted average
fair market value per share at grant date
|
-
|
$
1.06
|
Intrinsic (or
"in-the-money") value per share of options exercised
|
-
|
$
0.59
|
|
For the three months ended June 30
|
For the six months ended June 30
|
||
|
2019
|
2018
|
2019
|
2018
|
Accounts
receivable
|
$
(9,239,098
)
|
$
(90,936
)
|
$
(9,273,628
)
|
$
(79,180
)
|
Prepaid
expenses and deposits
|
(13,946
)
|
(57,614
)
|
(160,896
)
|
(34,874
)
|
Accounts
payable and accrued liabilities
|
421,424
|
(377,925
)
|
680,796
|
(493,625
)
|
Income
taxes payable
|
-
|
-
|
-
|
(201
)
|
Contractual
obligations
|
(261,278
)
|
-
|
134,902
|
-
|
|
(9,092,898
)
|
(526,475
)
|
(8,618,826
)
|
(607,880
)
|
|
|
|
|
|
Portion
attributable to:
|
|
|
|
|
Operating
activities
|
(9,092,898
)
|
(526,475
)
|
(8,618,826
)
|
(607,880
)
|
Financing
activities
|
-
|
-
|
-
|
-
|
Investing
activities
|
-
|
-
|
-
|
-
|
|
(9,092,898
)
|
(526,475
)
|
(8,618,826
)
|
(607,880
)
|
|
For three months ended June 30,
|
For the six-month period ended June 30
|
||
|
2019
|
2018
|
2019
|
2018
|
Nigeria
|
$
10,954,617
|
$
-
|
$
10,954,617
|
$
-
|
|
For three months
ended June 30,
|
For the
six-month period ended June 30
|
||
|
2019
|
2018
|
2019
|
2018
|
Legal
Fees
|
$
57,160
|
$
188,263
|
$
97,149
|
$
209,156
|
1 Year NXT Energy Solutions (QB) Chart |
1 Month NXT Energy Solutions (QB) Chart |
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