Business
Parkit Enterprise Reports Two-Month Transitional Fiscal 2020 Results
Toronto, Ontario--(Newsfile Corp. - March 31, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (" ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Reports Two-Month Transitional Fiscal 2020 ResultsToronto, Ontario--(Newsfile Corp. - March 31, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\", \"Company\" or the \"Corporation\"), an industrial real estate growth vehicle and parking platform, is pleased to report the audited financial results for the two-month transitional fiscal year from November 1, 2020 to December 31, 2020 with a comparative to the audited financial statements for the twelve months ended October 31, 2020. The two-month transitional period resulted from the Company's previously announced change of its fiscal year-end to December 31 from October 31.Two-Month Audited Transitional Fiscal Year to December 31, 2020 ResultsIn the two-month period ending December 31, 2020, the Company recorded a loss of $1,568,069 (October 31, 2020 Fiscal Year - $5,327,509 loss). The loss is mainly a result of transaction costs and land transfer taxes of $1,259,824 relating the acquisition of $36,250,000 of industrial assets which closed on December 29, 2020. As a result, the Company only had two days of revenues and expenses from these acquisitions. Financial Information A summary of the operating and financial results are as follows:Two months endedDecember 31, 2020 Year endedOctober 31, 2020 Investment properties revenue$17,290$-Investment properties expenses(5,974)-Net rental income11,316- Other expenses (income)  Share of loss from equity-accounted investees78,0614,662,512General and administrative expenses233,386431,460Transaction costs and land transfer taxes1,259,824-Finance costs8,114- 1,579,3855,093,972 Loss before tax(1,568,069)(5,093,972)Income tax expense- (233,537)Net (loss) and comprehensive loss for the period$(1,568,069)$(5,327,509) Subsequent to Year EndSubsequent to the two-month transitional year end, Parkit completed the acquisition of two additional industrial properties. The first closing occurred on March 15, 2021 for a purchase price $12,250,000 for a property in Toronto and the second closing occurred on March 18, 2021 for a purchase price $28,500,000 for a property in Ottawa (see press releases dated March 15, 2021 and March 18, 2021 for additional details).In addition, Parkit raised gross proceeds of $125,261,004 through private placements of common shares on February 17, 2021 and Mar...