radi-10q_20200930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to               

Commission File Number:   001-39568

Radius Global Infrastructure, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

98-1524226

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

660 Madison Avenue, Suite 1435

 

New York, New York

10065

(Address of principal executive offices)

(Zip Code)

(212) 301-2800

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value

RADI

Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 16, 2020, there were 58,425,000 shares of Class A Common Stock outstanding.

 

 

 

 


 

Cautionary Note Regarding Forward-Looking Statements

Some of the statements in this Quarterly Report constitute forward-looking statements that do not directly or exclusively relate to historical facts, and which may concern our possible or assumed future results of operations, including descriptions of our business strategy. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “targets”, “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will”, “should” or, in each case, their negative or other variations or comparable terminology. Any forward-looking statements contained in this Quarterly Report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:

 

the extent to which wireless carriers or tower companies consolidate their operations, exit the wireless communications business or share site infrastructure;

 

the extent to which new technologies reduce demand for wireless infrastructure;

 

competition for assets;

 

the extent to which the Tenant Leases (as defined herein) for the wireless communication tower or antennae located on our real property interests are renewed;

 

the extent of unexpected lease cancellations, given that substantially all of the Tenant Leases associated with our assets may be terminated upon limited notice by the wireless carrier or tower company and unexpected lease cancellations could materially impact cash flow from operations;

 

economic, political, cultural and other risks to our operations outside the United States, including risks associated with fluctuations in foreign currency exchange rates and local inflation rates;

 

the effect of foreign currency exchange rates;

 

the effect of the Electronic Communications Code enacted in the United Kingdom, which may limit the amount of lease income we generate in the United Kingdom;

 

the extent to which we continue to grow at an accelerated rate, which may prevent us from achieving profitability or positive cash flow at a company level (as determined in accordance with U.S. GAAP) for the foreseeable future, particularly given the history of net losses and negative net cash flow;

 

the fact that we have incurred a significant amount of debt and may in the future incur additional indebtedness;  

 

the extent to which the terms of our debt agreements limit our flexibility in operating our business;

 

the ongoing impact of the COVID-19 (coronavirus) pandemic on global economic activity and financial markets, including the possibility of a global recession and volatility in the global capital markets;

 

the extent to which unfavorable capital markets impair our growth strategy, which requires access to new capital;

 

the adverse effect that increased market interest rates could have on our interest costs, the value of our assets and on the growth of our business;

 

the adverse effect that perceived health risks from radio frequency energy may have on the demand for wireless communication services;

 

our ability to protect and enforce our real property interests in, or contractual rights to, the revenue streams generated by leases on our communications sites;

 

the loss, consolidation or financial instability of any of our limited number of customers;

 

our ability to pay dividends or satisfy our other financial obligations;

 

whether we are required to issue additional shares of our Class A common stock (“Class A Common Shares”) pursuant to the terms of the shares of our preferred stock, designated as “Series A Founder Preferred Stock” (the “Series A Founder Preferred Shares”) or the Second Amended and Restated Limited Liability Company Agreement of APW OpCo LLC, dated as of July 31, 2020, by and between its members and us (the “APW OpCo LLC

i


 

 

Agreement”), or upon the exercise of the warrants to subscribe for Class A Common Shares (the “Warrants”) or options to acquire Class A Common Shares, any of which would dilute the interests of our securityholders in the Class A Common Shares;

 

the possibility that an active, liquid and orderly trading market for our securities may not develop or be maintained;

 

the possibility that securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our securities adversely;

 

the possibility that the Warrants may not be in the money at a time when they are exercisable or may be mandatorily redeemed prior to their exercise, which may render them worthless to the holders of the Warrants;

 

the effect that the significant resources and management attention required as a U.S. public company may have on our results and on our ability to attract and retain executive management and qualified members of our Board of Directors; and

 

the other risks and uncertainties described under “Risk Factors” in Item 3 of our Post-Effective Amendment to Form S-4 (File No. 333-240173) filed on October 21, 2020 and Item 1A. of Part II herein.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this Quarterly Report that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

 

 

ii


 

RADIUS GLOBAL INFRASTRUCTURE, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

2

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

2

 

 

 

 

Condensed Consolidated Balance Sheets at September 30, 2020 (Successor) and December 31, 2019 (Predecessor)

2

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and the period from February 10, 2020 to September 30, 2020 (Successor), and for the periods from January 1, 2020 to February 9, 2020, and for the three and nine months ended September 30, 2019 (Predecessor)

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three months ended September 30, 2020 and the period from February 10, 2020 to September 30, 2020 (Successor), and for the periods from January 1, 2020 to February 9, 2020, and for the three and nine months ended September 30, 2019 (Predecessor)

4

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity/Members’ Deficit for the three months ended September 30, 2020 and the period from February 10, 2020 to September 30, 2020 (Successor), and for the periods from January 1, 2020 to February 9, 2020, and for the three and nine months ended September 30, 2019 (Predecessor)

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the period from February 10, 2020 to September 30, 2020 (Successor) and for the periods from January 1, 2020 to February 9, 2020, and for the nine months ended September 30, 2019 (Predecessor)

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

 

 

 

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

50

 

 

 

Item 4.

Controls and Procedures

51

 

 

 

PART II.

OTHER INFORMATION

52

 

 

 

Item 1.

Legal Proceedings

52

 

 

 

Item 1A.

Risk Factors

52

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

 

 

 

Item 6.

Exhibits

52

 

 

 

Signatures

53

 

1


 

PART I.

FINANCIAL INFORMATION

ITEM 1.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

September 30,

2020

 

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

169,135

 

 

 

$

62,892

 

Restricted cash

 

 

1,727

 

 

 

 

1,140

 

Trade receivables, net

 

 

4,935

 

 

 

 

7,578

 

Prepaid expenses and other current assets

 

 

11,994

 

 

 

 

9,199

 

Total current assets

 

 

187,791

 

 

 

 

80,809

 

Real property interests, net:

 

 

 

 

 

 

 

 

 

Right-of-use assets - finance leases, net

 

 

201,197

 

 

 

 

80,498

 

Cell site leasehold interests, net

 

 

760,381

 

 

 

 

346,662

 

Real property interests, net

 

 

961,578

 

 

 

 

427,160

 

Intangible assets, net

 

 

5,134

 

 

 

 

2,848

 

Property and equipment, net

 

 

613

 

 

 

 

1,095

 

Goodwill

 

 

89,164

 

 

 

 

 

Deferred tax asset

 

 

 

 

 

 

991

 

Restricted cash, long-term

 

 

153,065

 

 

 

 

14,014

 

Other long-term assets

 

 

5,735

 

 

 

 

5,892

 

Total assets

 

$

1,403,080

 

 

 

$

532,809

 

Liabilities and Stockholders’ Equity/Members’ Deficit

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

30,282

 

 

 

$

22,786

 

Rent received in advance

 

 

17,008

 

 

 

 

13,856

 

Finance lease liabilities, current

 

 

8,032

 

 

 

 

5,749

 

Cell site leasehold interest liabilities, current

 

 

5,521

 

 

 

 

8,379

 

Current portion of long-term debt, net of deferred financing costs

 

 

 

 

 

 

48,884

 

Total current liabilities

 

 

60,843

 

 

 

 

99,654

 

Finance lease liabilities

 

 

22,142

 

 

 

 

10,451

 

Cell site leasehold interest liabilities

 

 

10,269

 

 

 

 

8,462

 

Long-term debt, net of debt discount and deferred financing costs

 

 

695,308

 

 

 

 

524,047

 

Deferred tax liability

 

 

58,121

 

 

 

 

 

Other long-term liabilities

 

 

7,267

 

 

 

 

5,531

 

Total liabilities

 

 

853,950

 

 

 

 

648,145

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Stockholders’ equity/Members’ deficit:

 

 

 

 

 

 

 

 

 

Series A Founder Preferred Shares (Successor), no par value; 1,600,000 shares authorized;

   1,600,000 shares issued and outstanding as of September 30, 2020

 

 

 

 

 

 

 

Series B Founder Preferred Shares (Successor), no par value; 1,386,033 shares authorized;

   1,386,033 shares issued and outstanding as of September 30, 2020

 

 

 

 

 

 

 

Ordinary Shares (Successor), no par value; 1,590,000,000 shares authorized;

   58,425,000 shares issued and outstanding as of September 30, 2020

 

 

 

 

 

 

 

Class B Shares (Successor), no par value; 200,000,000 shares authorized;

   11,414,030 shares issued and outstanding as of September 30, 2020

 

 

 

 

 

 

 

Class A units (Predecessor)

 

 

 

 

 

 

33,672

 

Common units (Predecessor)

 

 

 

 

 

 

85,347

 

Additional paid-in capital (Successor)

 

 

669,707

 

 

 

 

 

Members’ accumulated deficit (Predecessor)

 

 

 

 

 

 

(208,883

)

Members’ accumulated other comprehensive loss (Predecessor)

 

 

 

 

 

 

(25,472

)

Accumulated other comprehensive loss (Successor)

 

 

(4,900

)

 

 

 

 

Accumulated deficit (Successor)

 

 

(173,523

)

 

 

 

 

Total stockholders’ equity attributable to Radius Global Infrastructure, Inc./

   members’ deficit

 

 

491,284

 

 

 

 

(115,336

)

Noncontrolling interest

 

 

57,846

 

 

 

 

 

Total liabilities and stockholders’ equity/members' deficit

 

$

1,403,080

 

 

 

$

532,809

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three months

ended

September 30,

2020

 

 

Period from

February 10,

2020 to

September 30,

2020

 

 

 

Period from

January 1,

2020 to

February 9,

2020

 

 

Three months

ended

September 30,

2019

 

 

Nine months

ended

September 30,

2019

 

Revenue

 

$

17,861

 

 

$

42,797

 

 

 

$

6,836

 

 

$

14,002

 

 

$

40,939

 

Cost of service

 

 

200

 

 

 

375

 

 

 

 

34

 

 

 

14

 

 

 

88

 

Gross profit

 

 

17,661

 

 

 

42,422

 

 

 

 

6,802

 

 

 

13,988

 

 

 

40,851

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

14,231

 

 

 

42,915

 

 

 

 

4,344

 

 

 

7,764

 

 

 

23,562

 

Share-based compensation

 

 

4,072

 

 

 

79,173

 

 

 

 

 

 

 

 

 

 

 

Management incentive plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

765

 

Amortization and depreciation

 

 

11,683

 

 

 

30,512

 

 

 

 

2,584

 

 

 

5,064

 

 

 

14,273

 

Impairment - decommission of cell

   sites

 

 

1,462

 

 

 

2,059

 

 

 

 

530

 

 

 

122

 

 

 

1,327

 

Total operating expenses

 

 

31,448

 

 

 

154,659

 

 

 

 

7,458

 

 

 

12,950

 

 

 

39,927

 

Operating income (loss)

 

 

(13,787

)

 

 

(112,237

)

 

 

 

(656

)

 

 

1,038

 

 

 

924

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized (loss) gain on

   foreign currency debt

 

 

(18,138

)

 

 

(17,408

)

 

 

 

11,500

 

 

 

11,668

 

 

 

13,508

 

Interest expense, net

 

 

(7,499

)

 

 

(16,821

)

 

 

 

(3,623

)

 

 

(8,248

)

 

 

(23,820

)

Other income (expense), net

 

 

987

 

 

 

1,362

 

 

 

 

(277

)

 

 

(2,031

)

 

 

(2,436

)

Gain on extinguishment of debt

 

 

 

 

 

1,264

 

 

 

 

 

 

 

 

 

 

 

Total other income (expense), net

 

 

(24,650

)

 

 

(31,603

)

 

 

 

7,600

 

 

 

1,389

 

 

 

(12,748

)

Income (loss) before income tax

   expense

 

 

(38,437

)

 

 

(143,840

)

 

 

 

6,944

 

 

 

2,427

 

 

 

(11,824

)

Income tax expense

 

 

3,455

 

 

 

4,884

 

 

 

 

767

 

 

 

1,284

 

 

 

2,233

 

Net income (loss)

 

 

(41,892

)

 

 

(148,724

)

 

 

$

6,177

 

 

$

1,143

 

 

$

(14,057

)

Net loss attributable to noncontrolling

   interest

 

 

(3,373

)

 

 

(6,347

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Radius Global

   Infrastructure, Inc. ordinary shareholders

 

$

(38,519

)

 

$

(142,377

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per ordinary share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.66

)

 

$

(2.44

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares

   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

58,425,000

 

 

 

58,425,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(in thousands)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months

Ended

September 30,

2020

 

 

Period from

February 10,

2020 to

September 30,

2020

 

 

 

Period from

January 1,

2020 to

February 9,

2020

 

 

Three months

ended

September 30,

2019

 

 

Nine months

ended

September 30,

2019

 

Net income (loss)

 

$

(41,892

)

 

$

(148,724

)

 

 

$

6,177

 

 

$

1,143

 

 

$

(14,057

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

8,817

 

 

 

(4,900

)

 

 

 

(7,165

)

 

 

(10,044

)

 

 

(9,620

)

Comprehensive loss

 

$

(33,075

)

 

$

(153,624

)

 

 

$

(988

)

 

$

(8,901

)

 

$

(23,677

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

4


 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/MEMBERS’ DEFICIT (Unaudited)

(in thousands, except share and per share amounts)

 

Predecessor

 

 

 

Class A units

 

 

Common units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Accumulated

deficit

 

 

Accumulated

other

comprehensive

loss

 

 

Members'

deficit

 

Balance at June 30, 2019

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(185,717

)

 

$

(25,952

)

 

$

(92,650

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,044

)

 

 

(10,044

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,143

 

 

 

 

 

 

1,143

 

Balance at September 30, 2019

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(184,574

)

 

$

(35,996

)

 

$

(101,551

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(170,517

)

 

$

(26,376

)

 

$

(77,874

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,620

)

 

 

(9,620

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,057

)

 

 

 

 

 

(14,057

)

Balance at September 30, 2019

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(184,574

)

 

$

(35,996

)

 

$

(101,551

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2020

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(208,883

)

 

$

(25,472

)

 

$

(115,336

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,165

)

 

 

(7,165

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,177

 

 

 

 

 

 

6,177

 

Balance at February 9, 2020

 

 

4,003,603

 

 

$

33,672

 

 

 

20,000,000

 

 

$

85,347

 

 

$

(202,706

)

 

$

(32,637

)

 

$

(116,324

)

 

See accompanying notes to condensed consolidated financial statements.

5


 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/MEMBERS’ DEFICIT (Unaudited)

(in thousands, except share and per share amounts)

 

Successor

 

 

 

Series A Founder

Preferred Shares

 

 

Series B Founder

Preferred Shares

 

 

Ordinary Shares

 

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Additional

paid-in

capital

 

 

Accumulated

other

comprehensive

loss

 

 

Accumulated

deficit

 

 

Noncontrolling

interest

 

 

Total

stockholders'

equity

 

Balance at June 30, 2020

 

 

1,600,000

 

 

$

 

 

 

1,386,033

 

 

$

 

 

 

58,425,000

 

 

$

 

 

 

11,414,030

 

 

$

 

 

$

665,635

 

 

$

(13,717

)

 

$

(135,004

)

 

$

61,219

 

 

$

578,133

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,072

 

 

 

 

 

 

 

 

 

 

 

 

4,072

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,817

 

 

 

 

 

 

 

 

 

8,817

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,519

)

 

 

(3,373

)

 

 

(41,892

)

Balance at September 30, 2020

 

 

1,600,000

 

 

$

 

 

 

1,386,033

 

 

$

 

 

 

58,425,000

 

 

$

 

 

 

11,414,030

 

 

$

 

 

$

669,707

 

 

$

(4,900

)

 

$

(173,523

)

 

$

57,846

 

 

$

549,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at February 10, 2020

 

 

1,600,000

 

 

$

 

 

 

 

 

$

 

 

 

58,425,000

 

 

$

 

 

 

 

 

$

 

 

$

590,534

 

 

$

 

 

$

(31,146

)

 

$

 

 

$

559,388

 

Issuances of shares in APW

   Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,014,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,193

 

 

 

64,193

 

Share-based compensation

 

 

 

 

 

 

 

 

1,386,033

 

 

 

 

 

 

 

 

 

 

 

 

5,400,000

 

 

 

 

 

 

79,173

 

 

 

 

 

 

 

 

 

 

 

 

79,173

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,900

)