HIGHLIGHTS
- For its third quarter ending
June 30, 2023 (Q3-23), the Company generated total revenues of$2,683k compared to$2,850k for Q3-22, a decrease of$167k or 5.8%. Software revenues are up$46k or 7.7%; - For the 9-month period ended
June 30, 2023 , the Company generated revenues of$8,239k compared to$6,027k for the 9-month period endedJune 30, 2022 , an increase of+$2,212k or$37 %; - In
June 2023 , the Company completed a private placement of 11,538,461 units at a price of$0.065 for net proceeds of$750,000 . Each unit consists of one common share of the Company and a warrant entitling the holder to purchase one additional common share of the Company at a price of$0.10 per share untilJune 27, 2026 ; - In
June 2023 , the Company signed an amendment to its banking agreement with its financial institution to restructure its two main term loans (balance of$2.6 million ) and thus was able to obtain 1) a capital repayment holiday untilFebruary 2024 inclusively and 2) that a portion (5.50%) of its interest normally payable monthly be instead capitalized to the loans until their maturity inJune 2024 ; - In
June 2023 , the Company also reached an agreement with its main financial partner and shareholder to restructure its promissory note (face value of$6.5m ) related to the acquisition of HomeVisit so that 50% will be repayable no later thanOctober 19, 2027 and 50% repayable no later thanOctober 19, 2030 . In addition to the annual interest of 7.50% which is capitalized to the promissory note, the previously invoiced net transition costs of approx.US$300k will also be capitalized to the promissory note. This agreement is, among other things, subject to the finalization of the legal documentation and any other conditions required by the regulatory authorities.
Three-month period ended | Three-month period ended | Nine-month period ended | Nine-month period ended | |||||
In thousands $ | In thousands $ | In thousands $ | In thousands $ | |||||
Revenues | 2,683 | 2,850 | 8,239 | 6,027 | ||||
COGS and direct charges | 1,617 | 1,437 | 4,830 | 2,866 | ||||
Gross margin (before amortization) | 1,066 | 1,413 | 3,409 | 3,161 | ||||
Amortization | 604 | 336 | 1,635 | 904 | ||||
Operating expenses | 1,782 | 1,278 | 6,004 | 3,654 | ||||
EBITDA* | (63 | ) | 295 | (1,070 | ) | 23 | ||
Other expenses | 316 | 85 | 338 | 469 | ||||
Net income (loss) | (1,631 | ) | (285 | ) | (4,560 | ) | (1,863 | ) |
Basic net income (loss) per share | (0.03 | ) | (0.02 | ) | (0.10 | ) | (0.02 | ) |
* Q3-23 EBITDA has been adjusted (
* EBITDA for the first nine months of 2023 has been adjusted (
“During the most recent quarter, we faced significant challenges and are proud of the progress made so far. Real estate market conditions have remained particularly difficult and we also had to manage the loss of clientele in some of our photography agencies due to breach of non-competition and non-solicitation agreements in place by some of our former managers. However, the financial measures taken recently, such as the optimization of our operations in connection with the integration of our recently acquired businesses, including a significant reduction in our workforce, the
The Company has issued 507,115 shares at a price of
Investor Video Conference Call
About
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
Urbanimmersive Ghislain Lemire President & CEO 514-394-7820 X 202
ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514-394-7820 X 224
simonbedard@urbanimmersive.com
Source:
2023 GlobeNewswire, Inc., source