2020
Annual Report
Annual Report for the financial year ended 31 December 2020
BuildingIQ, Inc.
ARBN 605 422 160
BuildingIQ, Inc. | |
Table of Contents | |
31 December 2020 | |
Table of Contents | |
Letter from the Chairman & CEO | Page 2 |
Corporate Directory | Page 3 |
Directors' Report | Page 4 |
Auditor's Independence Declaration | Page 18 |
General Information | Page 19 |
Consolidated Statement of Profit or Loss and other Comprehensive Income | Page 20 |
Consolidated Statement of Financial Position | Page 21 |
Consolidated Statement of Changes in Equity | Page 22 |
Consolidated Statement of Cash Flows | Page 23 |
Notes to the Financial Statements | Page 24 |
Directors' Declaration | Page 49 |
Independent Auditor's Report | Page 50 |
Shareholder Information | Page 54 |
1
BuildingIQ, Inc.
Letter from Chairman and CEO 31 December 2020
Dear Shareholders,
It gives us great pleasure to present the BuildingIQ, Inc. ("BuildingIQ") 2020 Annual Report.
The Annual Report summarises the Fiscal Year 2020, a year in which we focused our efforts on expanding our capabilities to address the energy needs of our clients, their comfort, and their operational needs. The next gen technology enabled services that we deliver from our advanced AI-driven platform have given us the ability to expand our reach and growth in commercial real estate marketplace. This is a key driver for future growth and further solidifies our role in supporting the entire lifecycle of a building.
BuildingIQ is in a strong competitive position as the leadership technology platform is the market's only integrated offering that brings visualisation, analytics, control, and optimisation services together, enabling a complete building portfolio automation value proposition.
The financial summary for 2020 (all AUD):
● Revenue from ordinary activities (continuing operations) fell 11% to $1.19m
● Revenue from ordinary activities (discontinued operations) fell 3% to $4.86m
● Revenue and other income (continuing operations) fell 11% to $1.19m
● Revenue and other income (discontinued operations) fell 16% to $5.47m
● Receipts from customers increased 5% to $7.85m (2019: increased 12% to $7.46m)
● Cost of sales (continuing operations) decreased 6% to $0.56m
● Total comprehensive income improved by 27% to ($8.42m) (2019: loss increased 204% to $11.54m).
Since 21 December 2020, the Company continues to be under suspension from official quotation per its request from the correspondence received by subsidiaries BuildingIQ Pty Ltd and Buildingsense Australia Pty Ltd regarding the appointment of Receivers and Managers over certain assets (namely the bank accounts and accounts receivable) of the subsidiaries and subsequent notification by the ASX.
SNAPS Holding Company (SNAPS), the major shareholder and a secured lender of BuildingIQ Group, continues to work diligently to ensure and protect its investment and they remain committed towards the growth of the company.
For the past 5 months, the company has been working closely with ASX through its legal advisors to actively engage in pursuing the opportunity to reinstate company's listing at the exchange.
On behalf of the Board, our due appreciation to the team at BuildingIQ for their collective contributions. While the financial results fell short of expectations, our continued focus on new client adoption, new technology development and transformation, enhancement of our operational efficiencies, cost containment and stringent cash flow management positions BuildingIQ well for future success.
Looking ahead, BuildingIQ will continue to focus on optimizing its cash flows and achieving financially astute growth. We will strengthen our position in current markets by leveraging partnerships to accelerate our business in North America. We will also continue to drive more of our services to existing clients while exploring new geographies.
Yours sincerely,
Sanjay Patel
Executive Chairman and Interim CEO 31 March 2022
DirectorsCompany secretaryUS Company Registered officeSanjay Patel Daivesh SanghviMr. Joe Graziano
Email:csecretary@buildingiq.com
251 Little Falls Drive, Wilmington, Delaware 19808-1674, USAUS Principal place of businessAustralian Registered Office & Principal Place of Business
16 South 16th Street, Suite 200 Fargo, ND 58103, USA
Level 8, 80 Clarence Street, Sydney, NSW 2000, AustraliaShare registerAuditorStock exchange listingAutomic Pty Limited
Level 5, 126 Phillip Street, Sydney, NSW 2000, Australiawww.automicgroup.com.au
KrestonSW Audit Pty Ltd Level 1
34 Burton Street
Kirribilli NSW 2061, AustraliaBuildingIQ's CDIs (CHESS Depository Interests) are quoted on the Australian Securities Exchange (ASX code: BIQ)
Website
www.BuildingIQ.comThe directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or 'BuildingIQ') consisting of BuildingIQ, Inc. (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2020.
Directors
The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated:
Sanjay Patel (appointed 18 June 2020)
Daivesh Sanghvi (appointed 18 June 2020)
William Deane (resigned 18 June 2020)
Gerd Goette (resigned 18 June 2020)
Michael Nark (resigned 21 February 2020)
Gregory Pynt (resigned 24 January 2020)
Principal activities
BuildingIQ is a leading provider of building automation, analytics and energy efficiency services for facilities throughout the United States, Canada and Australia, with sales and partnership activities in the Middle East and parts of South East Asia. BuildingIQ's principal service is the development, design, engineering, and installation of integrated software smart solutions that reduce the energy, operations and equipment maintenance costs of customers' facilities and infrastructures. These solutions typically include a variety of measures deployed for each facility and are designed to improve the efficiency of major building systems, such as heating, ventilation, and air conditioning systems.
Dividends
No dividends were paid during the year or subsequent to the year end.
Review of operations
BuildingIQ's revenues consist primarily of managed services, software license fees, software implementation, hardware sales, project management services, installation, consulting and post-sale maintenance and support. BuildingIQ also receives grants and tax incentives in Australia.
Operationally, revenue and other income from continuing operations decreased from last year by approximately 11% to $1,187,584. Revenue and other income from discontinued operations decreased by 16% to $5,467,288. Receipts from customers (incl. GST) increased 5% to $7,853,108, and net cash used in operating activities decreased 60% to $970,744.
Operating expenses increased by 3% to $2,412,520 primarily due to increase in administrative expenses.
Total comprehensive income improved by 27% to ($8,416,999). 2019: ($11,535,011).
Changes in the state of affairs
There have been no other significant changes in the state of affairs of the consolidated entity, other than those already disclosed as matters subsequent to the end of the financial year.
Matters subsequent to the end of the financial year
CHESS Depositary Interests (CDIs)
The issuance 671,287,833 CDIs to SNAPS was approved by shareholders on 25 August 2020. The CDIs were issued in February 2022.
Receivership of Subsidiaries
From 21 December 2020, the Company continues to be under suspension from official quotation per its request from the correspondence received by subsidiaries BuildingIQ Pty Ltd and Buildingsense Australia Pty Ltd regarding the appointment of Receivers and Managers over certain assets (namely the bank accounts and accounts receivable) of the subsidiaries and subsequent notification by the ASX.
Liquidation of Buildingsense Australia Pty Ltd
The company engaged Price Waterhouse Coopers (PwC) for the liquidation of one of its subsidiaries in Australia, Buildingsense Australia Pty Ltd. PwC has completed its investigations into the company's affairs and have not identified any further avenues of recovery or lines of investigation. The Receivers and Managers of the Company are expected to retire
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BuildingIQ Inc. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 00:52:03 UTC.