VANCOUVER, May 30, 2019 /CNW/ - Universal mCloud
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"),
a leading provider of asset management solutions combining IoT,
cloud computing, artificial intelligence ("AI") and analytics,
today announced that it has filed its financial results for the
full year ended December 31, 2018
("Fiscal 2018").
Overview of Fiscal 2018
(all figures in Canadian dollars)
Revenue
For the period of January 1, 2018
to December 31, 2018, revenues were
expected to be recorded at $2,825,152. Variations were made following the
completion of an audit, including the adoption of the IFRS 15
Revenue from Contracts with Customers accounting standard,
purchase accounting adjustments and recognition of revenues to be
recorded in fiscal 2019, resulting in adjusted net revenues of
$1,794,472. Net revenue for the
fourth quarter of 2018 remained unchanged at $864,146.
The following annual adjustments were made:
- $315,657 reallocated from fiscal
2018 to 2019
- $705,635 toward acquisition
purchase price and other adjustments
Other balance sheet items
- Goodwill impairment
Management amended its initial
assumption basis for the Company's original acquisitions, resulting
in a decision to not pursue several types of legacy contracts that
were inconsistent with the high growth of its AssetCare™ offering,
along with efforts to expand mCloud's footprint in new markets,
primarily China and the UK.
- Intangibles
Patents and trademarks that were acquired
with the NGRAIN acquisition were adjusted to reflect their
projected useful life.
- One-time, non-recurring reclassification of capitalized
R&D
Items totaling $989,965 were reclassified as a result of
management pursuing an opportunity to obtain an available 46.2% tax
credit for SR&ED spending.
Restatements from 2017
Management identified cut-off errors related to the late receipt
of December 31, 2017 payables. These
corrections had no impact on the Company's reported net cash flows
from operating, financing, or investing activities.
Expenses related to acquisitions and financing
For 2018, expenses associated with acquisitions and financings
totaled $2,322,641.
Items from MD&A
The Management's Discussion & Analysis contains 2018
quarterly financial summaries for both Agnity Global and CSA on a
standalone basis. Furthermore, the Company disclosed normalized
income as a result of one-time, non-recurring, extraordinary, and
non-cash expenses related to changes in accounting policies, such
as the adoption of IFRS 15 and corporate development
activities.
About Universal mCloud Corp.
Universal mCloud is
creating a more efficient future with the use of AI and analytics,
curbing energy waste, maximizing energy production, and getting the
most out of critical energy infrastructure. Headquartered in
Vancouver, Canada, with technology
and operations centers in San Francisco,
CA, and Bristol, PA, mCloud
takes advantage of IoT sensors to bring data from connected assets
into the cloud, applying AI and analytics to maximize their health
and performance. Today, mCloud offers complete asset management
solutions to four distinct segments: smart buildings, wind energy,
utilities, and oil and gas. With over 100 blue chip customers and
more than 28,000 assets connected in thousands of locations
worldwide, mCloud is changing the way energy assets are managed.
For more information, visit www.mcloudcorp.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and forward-looking
statements are not representative of historical facts or
information or current condition, but instead represent only the
Company's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". The forward-looking
information contained herein may include, but is not limited to,
the completion of the Transaction, the future business prospects of
the Company and the potential revenue of the Company.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks as discussed under the heading "Risk
Factors" on pages 29 to 46 of the Company's filing statement dated
October 5, 2017. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information and forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Universal-mCloud Corp