- Q1 2021 Revenue of $2.6
million, in line with expectations
- Q1 2021 Gross Margin1 of 50%, a 700 basis
point improvement over the prior-year period
- Marked one-year listing anniversary on the TSXV on
May 4, 2021
- Continued to strengthen robust innovator employer business
pipeline, while broadening reach into additional public health
insurer markets in the US and Canada
TORONTO, May 20, 2021 /CNW/ - Newtopia Inc.
("Newtopia" or the "Company") (TSXV: NEWU), a
tech-enabled habit change provider focused on disease prevention,
today reported financial results for the first quarter 2021. All
amounts are expressed in Canadian dollars, unless otherwise
noted.
First Quarter 2021 Financial Highlights (vs. Q1
2020):
- Revenue of $2.6 million, as
compared to $3.9 million
- Gross margin percentage of 50%, up from 43%
"The pandemic has proven the importance of prevention as a means
of protecting our global population. Specifically, we continue to
see strong engagement levels for our whole person care and
participant churn remains at historically low levels.
Interestingly, participants who joined our platform right as the
pandemic began have outperformed our traditional participant," said
Jeff Ruby, Founder & CEO of
Newtopia. "We are looking forward to the return to year-over-year
growth, with a rollout with one of our Fortune 500 clients that was
previously postponed now scheduled for the back half of the year,
and a pipeline of new clients building."
Ruby continued, "The first quarter marked a significant
expansion of Newtopia's health insurer focus and addressable market
as we bring our proven disease prevention model to both the US and
Canada for Medicare and provincial
health customers, respectively. We anticipate a tsunami of chronic
disease risk following COVID-19 and look forward to supporting our
clients with a proven means of addressing this mounting issue. With
increased vaccination counts across North
America, and in particular the
United States, we are hopeful that our clients will return
to their standard operating procedures. Our underlying business
remains strong, and we look forward to supporting current and
prospective clients hoping to mitigate their risks as the world
economy fully reopens."
________________________________
|
1Gross
profit is defined as revenue which is comprised of onboarding
welcome revenue, ongoing engagement fees and success fees, less
cost of sales which is comprised of welcome kit, compensation
expense for Inspirators and care specialists and genetic testing
costs. Gross margin percentage is calculated by dividing gross
profit by total revenue for the defined period. Gross profit is
considered by management to be an integral measure of financial
performance and represents the amount of revenues retained by the
Company after incurring direct costs. However, gross profit is not
a recognized measure of profitability under IFRS.
|
Recent Operational Highlights:
- Debuted Habit Change Platform in Canada in April through a partnership with
Eastern Health, the largest, integrated health authority in
Newfoundland and Labrador, and Medtronic, a formal partner
under Eastern Health's Innovation Strategy. Together, Newtopia and
its two partners will implement an integrated type 2 diabetes
prevention program.
- Launched Phase 1 – the first six months – of a campaign with a
Fortune 500 apparel and home fashion chain in the United States employing 90,000 people,
with the opportunity to expand to the entire at-risk
population.
- Completed a 12-month JPMorgan Chase Medical Trial sponsored by
Haven. Results of this study will be formally published in the
coming weeks.
- Expanded Company Advisory Board to include Nancy Cocozza, Former President of Aetna
Medicare, and Gil Bashe, Global Head
of Health at FINN Partners, a leading global marketing agency.
- Officially commenced sales efforts into the Medicare and
Medicare Advantage ("MA") markets following a successful
study conducted by Santa Barbara Actuaries Inc. and commissioned by
Newtopia. Results of the Santa Barbara Actuaries study demonstrate
that Newtopia's programs can provide significant medical cost
savings of up to $1,700 per MA
member. Adding this particular at-risk population to the Newtopia
platform expands the Company's potential target base into the 65
years and older Medicare and MA markets, which together represent
62 million people.
Newtopia's platform leverages genetic, social and behavioral
insights to create individualized prevention programs. The
Company's whole person approach combines virtual care, digital
tools, connected devices and actionable data science to assist in
preventing, slowing and reversing chronic disease while also
enriching mental and emotional health. Newtopia helps generate
sustainable habit change for participants while maintaining
clinical and financial outcomes for health insurers.
First Quarter 2021 Financial Results
Revenue for the three months ended March
31, 2021 was $2.6 million,
compared to $3.9 million in the
prior-year period. In the first quarter of 2021, revenue was
comprised of 77% engagement fee revenue, up from 64% in the
prior-year period.
Gross profit for the first quarter 2021 totaled $1.3 million, as compared to $1.7 million in the prior-year period. Gross
profit is comprised of Newtopia's revenue less direct expenses,
which include the cost of Welcome Kits sold to new participants as
well as labour costs associated with hiring and training of the
Company's coaching team of Inspirators. As a percentage of revenue,
gross profit totaled 50%, up from 43% in the first quarter of
2020.
Selling, general and administrative expenses totaled
$2.2 million, as compared to
$1.7 million in the prior-year
period. Selling, general and administrative expenses included
approximately $0.1 million in search
costs related to sales and technology hires in the quarter that
will not recur in future periods.
Adjusted operating expenses2 for the three months
ended March 31, 2021 totaled
$2.9 million, compared to
$2.4 million in the prior-year
period, as the Company continued to add technology, sales and
marketing and administrative resources to support long-term
growth.
For the quarter, the Company had an adjusted operating
loss3 of $1.6 million,
compared to an adjusted operating loss of $0.8 million in the prior-year period. This
increase in adjusted operating loss is due to the lower level of
revenue in this year's first quarter along with the corresponding
lower margin.
The Company ended the first quarter 2021 with $2.6 million in cash on the balance sheet. During
the quarter, Newtopia incurred $0.5
million in capital expenditures and approximately
$0.5 million of additional
non-recurring public company costs and recruitment search fees. The
Company has not utilized its credit facility to date.
____________________________
|
2Adjusted
operating expenses consist of all cash-based technology, sales and
marketing and administrative expenses including employment expenses
for these functions excluding equity-settled share-based
compensation. Adjusted operating expense is not a measure of
financial performance under IFRS and should not be considered a
substitute for total operating expenses, which we believe to be the
most directly comparable IFRS measure.
|
|
3Adjusted
Operating Loss consists of Gross profit less adjusted operating
income. Adjusted operating loss is not a measure of financial
performance under IFRS and should not be considered a substitute
for Loss from Operations which we believe to be the most directly
comparable IFRS measure.
|
2021 Outlook
In the first quarter of each calendar year Newtopia typically
experiences higher rates of new product launches, with a
corresponding increase in Welcome Kit and engagement revenues. As a
result of the COVID-19 pandemic, the Company underwent a delayed
rollout of its products to some of its clients in Q1 2021. As a
result, Newtopia continues to anticipate revenue to hold relatively
steady through the second quarter 2021, with an increase in topline
growth in the third and fourth quarters. While new product rollouts
may be softer in the first half of the year, the Company's
multi-year contracts with its clients and overall underlying
business is very healthy with record levels of engagement.
The Company also continues to expect approximately $1.8 million of capital expenditures in 2021,
with approximately $0.5 million
incurred to date. The remaining $1.3
million will be capitalized over the course of 2021 and
weighted toward the first three quarters of the year. This spend
will be directed toward improving the efficiency of Newtopia's
operations by leveraging new and improved engagement technologies
to elevate the overall user experience. Newtopia continues to take
a measured approach to adding expenses in support of growth, and
increases in expenses have been more modest than the Company's
growth in revenue and gross profit. As such, even with this
increase in capital expenditures in 2021, Newtopia continues to
target exiting the year cash flow neutral from operations.
Grants of Stock Options
Newtopia further announced today that its Board of Directors has
approved the grant of 1,312,200 stock options to certain tenured
employees, directors, consultants and newly hired employees. The
options issued to newly hired employees will expire five years from
the date such employees complete their probationary period, and the
exercise price will be based on the closing price of Newtopia
common shares on the trading day prior to the day these employees
complete their probationary period. Options granted to directors
and tenured employees will be at an exercise price of $0.47 per common share and will expire on
May 19, 2026, being five years from
the grant date.
Newtopia can grant up to 18,114,870 stock options pursuant to
its stock option plan, representing approximately 20% of the
aggregate of the issued and outstanding common shares of the
Company on the date the Company's common shares were listed for
trading on the TSX Venture Exchange on May
4, 2020. Including the grants contemplated herein, Newtopia
will have 16,575,967 stock options outstanding.
Zooming with LD Micro
Tomorrow, May 21, 2021, at
11 AM ET, management will discuss the
first quarter and other Company developments on a public webcast
hosted by LD Micro. For those interested in listening to the
webcast, please visit the following Zoom link roughly five minutes
prior to the scheduled presentation time to register for the event:
https://us02web.zoom.us/webinar/register/WN_OcL1BP16SDClwim1gclDbQ.
For those unable to listen to the live event, a replay link will
be posted to the investor relations' section of the Company's
website at www.newtopia.com. An updated corporate presentation
including Newtopia's Q1 2021 financials will be available on the
Company's website ahead of the webcast. Newtopia's Q1 2021
financial statements will also be available on the website and
under the Company's profile at www.sedar.com.
About Newtopia
Newtopia is a tech-enabled habit change provider focused on
disease prevention and reducing the cost of care for health
insurers. As a provider of whole person care, we prevent, reverse
and slow the progression of chronic disease while enriching mental
health, resilience and overall human performance. Newtopia's
programs leverage genetic, social and behavioral insights to create
individualized prevention programs with a focus on type 2 diabetes,
heart disease, stroke and weight. With a person-centered approach
that combines virtual care, digital tools, connected devices and
actionable data science, Newtopia delivers sustainable clinical and
financial outcomes. Newtopia serves some of the largest nationwide
employers and health plans and is currently listed on the Toronto
Stock Exchange (TSXV: NEWU). To learn more,
visit newtopia.com, Facebook, LinkedIn or Twitter.
Forward Looking Information
This press release contains forward-looking information and
forward-looking statements, within the meaning of applicable
Canadian securities legislation, and forward looking statements,
within the meaning of applicable United
States securities legislation (collectively,
"forward-looking statements"), which reflects management's
expectations regarding Newtopia's future growth, results from
operations (including, without limitation, future production and
capital expenditures), performance (both operational and financial)
and business prospects and opportunities. Wherever possible, words
such as "predicts", "projects", "targets", "plans", "expects",
"does not expect", "budget", "scheduled", "estimates", "forecasts",
"anticipate" or "does not anticipate", "believe", "intend" and
similar expressions or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative or grammatical variation or other
variations thereof, or comparable terminology have been used to
identify forward-looking statements. All statements other than
statements of historical fact may be forward-looking information.
Such statements reflect Newtopia's current views and intentions
with respect to future events, based on information available to
Newtopia, and are subject to certain risks, uncertainties and
assumptions, including without limitation, the Company's
successful completion of its strategic technology projects
(including on budget), continued and sustained high levels of
client engagement and low client churn, the expansion of client
relationships, the rollout of new clients, the conversion of pilot
projects into full blown rollouts, the Company's ability to
continue to grow its sales pipeline, the ability of Nearwater to
deliver on the milestones set out in the consulting agreement, and
current financial trends remaining at or above the current levels
in respect of revenue, gross profit, gross margin percentage and
adjusted operating expenses. Material factors or assumptions were
applied in providing forward-looking information. While
forward-looking statements are based on data, assumptions and
analyses that Newtopia believes are reasonable under the
circumstances, whether actual results, performance or developments
will meet Newtopia's expectations and predictions depends on a
number of risks and uncertainties that could cause the actual
results, performance and financial condition of Newtopia to differ
materially from its expectations.
These forward-looking statements include, among other things,
clients continuing to offer Newtopia's platform pursuant to
agreements entered into, the timing and ability of the Company to
successfully complete strategic technology projects (including on
budget), continued and sustained high levels of client engagement
and low client churn, the expansion of client relationships, the
rollout of new clients, the conversion of pilot projects into full
blown rollouts, the Company's ability to continue to grow its sales
pipeline, the ability of Nearwater to deliver on the milestones set
out in the consulting agreement, the Company being confident that
it will continue to increase its revenue, gross profit, gross
margin percentage and adjusted operating expenses among other
financial metrics and current financial trends remaining at or
above current levels. Forward-looking statements are not a
guarantee and are based on a number of estimates and assumptions
management believes to be relevant and reasonable, whether actual
results, performance or developments will meet Newtopia's
expectations and predictions depends on a number of risks and
uncertainties that could cause the actual results, performance and
financial condition of Newtopia to differ materially from its
expectations. Certain of the "risk factors" that could cause
actual results to differ materially from Newtopia's
forward-looking statements in this press release include, without
limitation: the termination of contracts by clients, risks related
to COVID-19 including various recommendations, orders and measures
of governmental authorities to try to limit the pandemic,
including travel restrictions, border closures, non-essential
business closures, quarantines, self-isolations, shelters-in-place
and social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration
of general economic conditions including a possible national or
global recession; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in Newtopia's disclosure documents, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com including Newtopia's final long form prospectus dated
March 30, 2020.
Should any factor affect Newtopia's in an unexpected manner, or
should assumptions underlying the forward- looking information
prove incorrect, the actual results or events may differ materially
from the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, Newtopia does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and Newtopia undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
Non-GAAP Financial Measures
The Company's financial statements are prepared in accordance
with International Financial Reporting Standards ("IFRS").
Management uses certain non-GAAP measures, which are defined in the
appropriate sections of this press release, to better assess the
Company's underlying performance. These measures are reviewed
regularly by management and the Company's Board of Directors in
assessing the Company's performance and in making decisions about
ongoing operations. In addition, we use certain non-GAAP measures
to determine the components of management compensation. We believe
that these measures are also used by investors as an indicator of
the Company's operating performance. Readers are cautioned that
these terms are not recognized GAAP measures and do not have a
standardized GAAP meaning under IFRS and should not be construed as
alternatives to IFRS terms, such as net income.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
NEWTOPIA INC.
Key Financial Measures and Schedule of Non-GAAP
Reconciliations
Gross Profit
Information [1]
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$
|
|
$
|
Revenue
|
2,619,171
|
|
3,862,986
|
Cost of
sales
|
(1,300,867)
|
|
(2,208,557)
|
Gross
profit
|
1,318,304
|
|
1,654,429
|
Gross
margin
|
50%
|
|
43%
|
Reconciliation of
Total Operating Expenses to Adjusted Operating
Expenses [2]
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$
|
|
$
|
Total operating
expenses
|
3,594,792
|
|
3,162,510
|
Add
(Subtract)
|
|
|
|
Share-based
compensation
|
(549,820)
|
|
(134,432)
|
Depreciation of
property and equipment
|
(17,972)
|
|
(21,554)
|
Depreciation of
right-of-use asset
|
(46,195)
|
|
(46,192)
|
Interest and accretion
expense
|
-
|
|
(233,542)
|
Interest on lease
obligations
|
(31,268)
|
|
(37,849)
|
Finance
charges
|
(5,136)
|
|
-
|
Amortization of
deferred finance charges
|
(38,916)
|
|
-
|
Foreign exchange
gain
|
(27,796)
|
|
203,111
|
Change in value of
convertible debenture derivative liabilities
|
-
|
|
(270,993)
|
Change in value of
derivative liability
|
44,519
|
|
(13,628)
|
Loss on settlement of
related party payable
|
-
|
|
(167,716)
|
Adjusted operating
expenses
|
2,922,208
|
|
2,439,715
|
Adjusted Operating
Loss [3]
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$
|
|
$
|
Gross
profit
|
1,318,304
|
|
1,654,429
|
Adjusted operating
expenses
|
(2,922,208)
|
|
(2,439,715)
|
|
(1,603,904)
|
|
(785,286)
|
NEWTOPIA INC.
Condensed Interim Statements of
Financial Position (Unaudited)
As at March 31, 2021 and December 31, 2020
(Expressed in Canadian Dollars)
|
|
|
March 31,
2021
|
December 31,
2020
|
|
|
|
$
|
$
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
|
2,628,575
|
4,673,683
|
Trade and other
receivables
|
|
|
1,093,674
|
1,067,123
|
Unbilled
revenue
|
|
|
59,000
|
426,000
|
Prepaid expenses and
deposits
|
|
|
594,656
|
465,285
|
Inventories
|
|
|
277,559
|
278,696
|
Deferred
costs
|
|
|
204,163
|
232,089
|
|
|
|
4,857,627
|
7,142,876
|
Property and
equipment
|
|
|
111,941
|
129,913
|
Right–of–use
asset
|
|
|
508,110
|
554,305
|
Intangible
asset
|
|
|
540,441
|
68,948
|
|
|
|
6,018,119
|
7,896,042
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Trade and other
payables
|
|
|
2,646,488
|
2,765,583
|
Lease
obligations
|
|
|
227,998
|
215,532
|
Derivative
liability
|
|
|
2,989
|
47,508
|
|
|
|
2,877,475
|
3,028,623
|
Non–current lease
obligations
|
|
|
596,565
|
667,558
|
|
|
|
3,474,040
|
3,696,181
|
|
|
|
|
|
Equity
|
|
|
|
|
Common
shares
|
|
|
45,177,120
|
44,648,952
|
Common shares to be
issued
|
|
|
–
|
528,168
|
Contributed
surplus
|
|
|
10,667,327
|
10,046,621
|
Deficit
|
|
|
(53,300,368)
|
(51,023,880)
|
|
|
|
2,544,079
|
4,199,861
|
|
|
|
6,018,119
|
7,896,042
|
NEWTOPIA INC.
Condensed Interim Statements of Loss and
Comprehensive Loss (Unaudited)
Three Months Ended March 31, 2021 and
2020
(Expressed in Canadian Dollars)
|
|
|
|
|
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
|
|
|
|
Revenue
|
|
|
2,619,171
|
3,862,986
|
Cost of
revenue
|
|
|
1,300,867
|
2,208,557
|
Gross
profit
|
|
|
1,318,304
|
1,654,429
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Technology and
development
|
|
|
730,007
|
776,666
|
Sales and
marketing
|
|
|
976,482
|
728,482
|
General and
administrative
|
|
|
1,215,719
|
934,567
|
Share–based
compensation
|
|
|
549,820
|
134,432
|
|
|
|
3,472,028
|
2,574,147
|
|
|
|
|
|
Other expenses
(income)
|
|
|
|
|
Depreciation of
property and
equipment
|
|
|
17,972
|
21,554
|
Depreciation of
right–of–use
asset
|
|
|
46,195
|
46,192
|
Interest and accretion
expense
|
|
|
–
|
233,542
|
Interest on lease
obligations
|
|
|
31,268
|
37,849
|
Finance
charges
|
|
|
5,136
|
–
|
Amortization of
deferred finance
charges
|
|
|
38,916
|
–
|
Foreign exchange loss
(gain)
|
|
|
27,796
|
(203,111)
|
Change in value of
convertible debenture derivative liabilities
|
|
|
–
|
270,993
|
Change in value of
derivative
liability
|
|
|
(44,519)
|
13,628
|
Loss on settlement of
related party
payable
|
|
|
–
|
167,716
|
|
|
|
122,764
|
588,363
|
Net loss and
comprehensive
loss
|
(2,276,488)
|
(1,508,081)
|
Loss per
share
|
|
|
|
|
Basic and
diluted
|
|
|
(0.02)
|
(0.10)
|
Weighted average
number of common shares outstanding
|
|
|
|
|
Basic and
diluted
|
|
|
100,492,786
|
15,535,919
|
NEWTOPIA INC.
Condensed Interim Statements of Changes
in Equity (Unaudited)
Three Months Ended March 31, 2021 and
2020
(Expressed in Canadian Dollars)
|
Common Shares
|
Shares
To Be
Issued
|
Preferred Shares
|
Special Warrants
|
Contributed Surplus
|
Deficit
|
Total
|
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
Balance, December
31, 2020
|
44,648,952
|
528,168
|
–
|
–
|
10,046,621
|
(51,023,880)
|
4,199,861
|
Net loss and
comprehensive loss
|
–
|
–
|
–
|
–
|
–
|
(2,276,488)
|
(2,276,488)
|
Share–based
compensation
|
–
|
–
|
–
|
–
|
549,820
|
–
|
549,820
|
Issuance of
shares
|
528,168
|
(528,168)
|
–
|
–
|
–
|
–
|
–
|
Settlement of related
party payable
|
–
|
–
|
–
|
–
|
70,886
|
–
|
70,886
|
Balance, March 31,
2021
|
45,177,120
|
–
|
–
|
–
|
10,667,327
|
(53,300,368)
|
2,544,079
|
Balance, December
31, 2019
|
4,643,945
|
–
|
13,011,033
|
9,164,731
|
5,172,192
|
(43,204,384)
|
(11,212,483)
|
Net loss and
comprehensive loss
|
–
|
–
|
–
|
–
|
–
|
(1,508,081)
|
(1,508,081)
|
Share–based
compensation
|
–
|
–
|
–
|
–
|
134,432
|
–
|
134,432
|
Settlement of related
party payable
|
–
|
528,168
|
–
|
–
|
39,548
|
–
|
567,716
|
Balance, March 31,
2020
|
4,643,945
|
528,168
|
13,011,033
|
9,164,731
|
5,346,172
|
(44,712,465)
|
(12,018,416)
|
NEWTOPIA INC.
Condensed Interim Statements of Cash
Flows
Three Months Ended March 31, 2021 and
2020
(Expressed in Canadian Dollars)
|
|
|
|
|
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
Cash flows used in
operating activities
|
|
|
|
|
Net loss and
comprehensive loss
|
|
|
(2,276,488)
|
(1,508,081)
|
Depreciation of
property and equipment
|
|
|
17,972
|
21,554
|
Depreciation of
right–of–use asset
|
|
|
46,195
|
46,192
|
Amortization of
deferred finance charges
|
|
|
38,916
|
–
|
Interest and accretion
expense
|
|
|
–
|
233,542
|
Interest on lease
obligations
|
|
|
31,268
|
37,849
|
Change in value of
convertible debenture derivative liabilities
|
|
|
–
|
270,993
|
Change in value of
derivative
liability
|
|
|
(44,519)
|
13,628
|
Stock–based
compensation
|
|
|
549,820
|
134,432
|
Loss on settlement of
related party
payable
|
|
|
–
|
167,716
|
|
|
|
(1,636,836)
|
(582,175)
|
Change in non–cash
working capital
|
|
|
|
|
Trade and other
receivables
|
|
|
(26,551)
|
(134,275)
|
Unbilled
revenue
|
|
|
367,000
|
–
|
Prepaid expenses and
deposits
|
|
|
(129,371)
|
124,017
|
Inventories
|
|
|
1,137
|
248,122
|
Trade and other
payables
|
|
|
(48,209)
|
141,294
|
|
|
|
(1,472,830)
|
(203,017)
|
Cash flows used in
investing activities
|
|
|
|
|
Purchase of property
and equipment
|
|
|
–
|
(11,842)
|
Intangible asset
development costs
|
|
|
(471,493)
|
–
|
|
|
|
(471,493)
|
(11,842)
|
Cash flows used in
financing activities:
|
|
|
|
|
Credit facility
financing costs
|
|
|
(10,990)
|
–
|
Repayment of lease
obligations
|
|
|
(89,795)
|
(64,213)
|
|
|
|
(100,785)
|
(64,213)
|
Net change in cash
during the
period
|
|
|
(2,045,108)
|
(279,072)
|
Cash, beginning of
period
|
|
|
4,673,683
|
2,386,341
|
Cash, end of
period
|
|
|
2,628,575
|
2,107,269
|
Supplemental cash
flow information
|
|
|
|
|
Non–cash settlement
of
debt
|
|
|
70,886
|
400,000
|
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SOURCE Newtopia Inc.