NETTAR GROUP INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in thousands of US dollars) |
||||||||
|
Year Ended December 31, |
|||||||
|
2021 |
2020 |
||||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
$ |
8,533 |
|
$ |
17,267 |
|
||
Accounts receivable - trade |
|
1,196 |
|
|
4 |
|
||
Prepaids and other current assets |
|
2,695 |
|
|
772 |
|
||
Total current assets |
|
12,424 |
|
|
18,043 |
|
||
Non-current assets |
|
|
|
|
||||
Property and equipment |
|
33,586 |
|
|
34,872 |
|
||
Right-of-use assets |
|
2,663 |
|
|
1,341 |
|
||
Deferred income tax assets |
|
1,640 |
|
|
48 |
|
||
Other financial assets and other non-current assets |
|
369 |
|
|
314 |
|
||
Total non-current assets |
|
38,258 |
|
|
36,575 |
|
||
Total assets |
$ |
50,682 |
|
$ |
54,618 |
|
||
| Current liabilities |
|
|
|
|
||||
| Accounts payable - trade |
|
6,650 |
|
|
2,858 |
|
||
| Debt |
|
246,189 |
|
|
125,085 |
|
||
| Lease liabilities |
|
891 |
|
|
362 |
|
||
| Contract liabilities |
|
935 |
|
|
455 |
|
||
| Accrued expenses and other liabilities |
|
23,435 |
|
|
2,582 |
|
||
| Total current liabilities |
|
278,100 |
|
|
131,342 |
|
||
| Non-current liabilities |
|
|
|
|
||||
| Accounts payable - trade |
|
2,200 |
|
|
4,697 |
|
||
| Debt |
|
— |
|
|
33,795 |
|
||
| Lease liabilities |
|
1,908 |
|
|
1,036 |
|
||
| Contract liabilities |
|
1,000 |
|
|
1,000 |
|
||
| Other non-current liabilities |
|
352 |
|
|
36 |
|
||
| Total non-current liabilities |
|
5,460 |
|
|
40,564 |
|
||
| Total liabilities |
$ |
283,560 |
|
$ |
171,906 |
|
||
| Shareholders’ equity |
||||||||
| Ordinary shares |
|
— |
|
|
— |
|
||
| Preferred Shares |
|
— |
|
|
— |
|
||
| Treasury shares |
|
(170,949 |
) |
|
— |
|
||
| Additional paid-in capital |
|
62,045 |
|
|
61,253 |
|
||
| Other paid-in capital |
|
12,432 |
|
|
2,464 |
|
||
| Warrants |
|
161,432 |
|
|
— |
|
||
| Foreign currency translation reserve |
|
(86 |
) |
|
— |
|
||
| Retained earnings |
|
(297,752 |
) |
|
(181,005 |
) |
||
| Equity attributable to equity holders of the parent |
$ |
(232,878 |
) |
$ |
(117,288 |
) |
||
| Total equity (deficit) |
$ |
(232,878 |
) |
$ |
(117,288 |
) |
||
| Total liabilities and shareholders’ equity |
$ |
50,682 |
|
$ |
54,618 |
|
||
| NETTAR GROUP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of US dollars) |
||||||||||||
|
|
Year Ended December 31, |
|||||||||||
|
|
2021 |
2020 |
2019 |
|||||||||
| Cash flows from operating activities: |
|
|
|
|
|
|||||||
| Net loss |
$ |
(117,741 |
) |
$ |
(113,926 |
) |
$ |
(20,765 |
) |
|||
| Adjustments to reconcile Net loss to net cash flows used in operating activities: |
|
|
|
|
|
|||||||
| Depreciation expense |
|
10,825 |
|
|
3,182 |
|
|
4,238 |
|
|||
| Depreciation on right-of-use assets |
|
477 |
|
|
286 |
|
|
— |
|
|||
| Income tax (benefit) expense |
|
(232 |
) |
|
148 |
|
|
83 |
|
|||
| Share-based compensation |
|
10,962 |
|
|
1,984 |
|
|
959 |
|
|||
| Interest expense and other |
|
11,684 |
|
|
7,509 |
|
|
4,501 |
|
|||
| Embedded derivative expense (income) |
|
42,102 |
|
|
84,224 |
|
|
(4,230 |
) |
|||
| Gain on debt extinguishment |
|
(3,576 |
) |
|
— |
|
|
— |
|
|||
| Interest on lease liabilities |
|
49 |
|
|
57 |
|
|
— |
|
|||
| Foreign exchange differences |
|
(2,385 |
) |
|
(1,507 |
) |
|
(156 |
) |
|||
| Disposals of property and equipment |
|
588 |
|
|
— |
|
|
— |
|
|||
| Allowance for bad debts |
|
1,794 |
|
|
— |
|
|
— |
|
|||
| Changes in operating assets and liabilities: |
|
|
|
|
|
|||||||
| Accounts receivable - trade |
|
(2,986 |
) |
|
7 |
|
|
12 |
|
|||
| Prepaids and other current assets |
|
(1,706 |
) |
|
(228 |
) |
|
(170 |
) |
|||
| Accounts payable - trade |
|
2,135 |
|
|
555 |
|
|
(251 |
) |
|||
| Contract liabilities |
|
480 |
|
|
455 |
|
|
1,000 |
|
|||
| Accrued expenses and other liabilities |
|
19,810 |
|
|
(76 |
) |
|
710 |
|
|||
| Net cash used in operating activities |
|
(27,720 |
) |
|
(17,330 |
) |
|
(14,069 |
) |
|||
| Cash flows from investing activities: |
|
|
|
|
|
|||||||
| Capital expenditures |
|
(11,216 |
) |
|
(9,259 |
) |
|
(8,301 |
) |
|||
| Other financial assets |
|
3 |
|
|
14 |
|
|
— |
|
|||
| Net cash used in investing activities |
|
(11,213 |
) |
|
(9,245 |
) |
|
(8,301 |
) |
|||
| Cash flows from financing activities: |
|
|
|
|
|
|||||||
| Proceeds from loans, Series X Preferred Shares and issuance of convertible notes debt |
|
27,832 |
|
|
18,047 |
|
|
27,000 |
|
|||
| Payments of lease liabilities |
|
(447 |
) |
|
(370 |
) |
|
— |
|
|||
| Contributed capital and additional paid-in capital |
|
515 |
|
|
103 |
|
|
16 |
|
|||
| Net cash provided by financing activities |
|
27,900 |
|
|
17,780 |
|
|
27,016 |
|
|||
| Net increase (decrease) in cash and cash equivalents |
|
(11,033 |
) |
|
(8,795 |
) |
|
4,646 |
|
|||
| Effect of foreign exchange rate changes |
|
2,299 |
|
|
1,507 |
|
|
156 |
|
|||
| Cash and cash equivalents - beginning of period |
|
17,267 |
|
|
24,555 |
|
|
19,753 |
|
|||
| Cash and cash equivalents - end of period |
$ |
8,533 |
|
$ |
17,267 |
|
$ |
24,555 |
|
|||
