DIRTT ENVIRONMENTAL SOLUTIONS LTD
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Interim Condensed Consolidated Statement of Cash Flows
(Unaudited – Stated in thousands of U.S. dollars)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) for the period | 3,045 | (11,434) |
| Adjustments: | ||
| Depreciation and amortization | 1,534 | 2,675 |
| Impairment charge on Rock Hill Facility | 530 | - |
| Stock-based compensation | 675 | 796 |
| Foreign exchange loss (gain) | (978) | 346 |
| Gain on extinguishment of convertible debt | (2,931) | - |
| Accretion of convertible debentures | 180 | 164 |
| Changes in operating assets and liabilities: | ||
| Trade and accrued receivables | (34) | 2,111 |
| Other receivables | (3) | 4,732 |
| Inventory | 597 | 1,299 |
| Prepaid and other assets, current and long term | 1,437 | 391 |
| Accounts payable and accrued liabilities | (4,072) | (3,299) |
| Other liabilities | - | 2,056 |
| Customer deposits and deferred revenue | (2,202) | (1,020) |
| Current portion of long-term debt and accrued interest | (152) | (56) |
| Lease liabilities | 331 | 251 |
| Net cash flows used in operating activities | (2,043) | (988) |
| Cash flows from investing activities: | ||
| Purchase of property, plant and equipment, net of accounts payable changes | (344) | (371) |
| Capitalized software development expenditures | (442) | (532) |
| Other asset expenditures | (79) | (106) |
| Recovery of software development expenditures | 121 | 26 |
| Proceeds on sale of assets held for sale | 1,025 | - |
| Net cash flows provided by (used in) investing activities | 281 | (983) |
| Cash flows from financing activities: | ||
| Repayment of long-term debt | (5,074) | (642) |
| Net proceeds received from rights offering | 21,273 | - |
| Employee tax payments on vesting of RSUs | (76) | (26) |
| Net cash flows provided by (used in) financing activities | 16,123 | (668) |
| Effect of foreign exchange on cash, cash equivalents and restricted cash | (230) | (36) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 14,131 | (2,675) |
| Cash, cash equivalents and restricted cash, beginning of year | 25,099 | 14,239 |
| Cash, cash equivalents and restricted cash, end of period | 39,230 | 11,564 |
| Supplemental disclosure of cash flow information: | ||
| Interest paid | (1,005) | (1,072) |
| Income taxes received | - | 5 |
| The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets. | ||
| As At March 31, | ||
| 2024 | 2023 | |
| Cash and cash equivalents | 38,989 | 8,146 |
| Restricted cash | 241 | 3,418 |
| Total cash, cash equivalents and restricted cash | 39,230 | 11,564 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.