Slide 1: Consolidated balance sheets
Variperm Holdings Ltd Consolidated balance sheets it Decemt and 2021, Assets Current assets Accounts receivable ‘epaid expenses and deposits Inventores nome taxes recoverable Property and equipment Intangible assets Goodwill Liabilities Current Habiliies ort-term borrowings accounts Payable and accr
Slide 2: Consolidated statements of earnings and retained earnings
Variperm Holdings Ltd Jed December 31, 2022 Service Total revenue Direct costs Depreciation of property and equipment Gross profit General and administrative expenses Earnings from operations before the following Other expenses (income) Loss on epee of property and equipment Interest expense and fe
Slide 3: Notes to the consolidated financial statements
Variperm Holdings Ltd. Notes to the consolidated financial statements December 31, 2022 and 2021 Variperm Holdings Ltd. (the "Company") was established as a Canadian corporation incorporated under the Business Corporations Act of Alberta on January 20, 2014. The Company, through its wholly owned sub
Slide 4: Fair values and prepaid expenses and deposits
The fair values of cash, accounts receivable, inventories, prepaid expenses, and accounts payable and accrued liabilities approximate their carrying values due to the short-term maturity of the instruments. The fair value of property and equipment was determined using a third-party appraisal report.
Slide 5: Property and equipment
Equipment Rental tools Automotive Office equipment Leasehold improvements Assets under construction 2022 ‘Accumulated Net book Cost depreciation value $ $ $ 39,858,097 13,829,782 26,028,315 3,442,000 — 3,442,000 1,451,652 978,178 473,474 474,984 385,247 89,737 1,670,544 1,647,646 22,898 65,544 = 65,
Slide 6: Intangible assets
Assets under construction include equipment purchased but not yet installed or put into operation at year-end. 6. Intangible assets
Slide 7: Share capital, distributions and stock option plan
Any distributions, either by way of dividend or return of capital, are recorded when declared and approved by the Board of Directors. During the year ended December 31, 2022, a dividend of $nil was paid on the common shares ($nil in 2021). The Company has established a stock option plan for director
Slide 8: Stock awards and commitments and contingencies
On September 1, 2021 the Company granted two employees stock awards. A total of 17,500 Class C common shares were awarded to these employees, which will vest over four years. On each anniversary of the agreement, providing that the employees still work for the Company, 4,375 shares will be issued. D
Slide 9: Reconciliation of shareholders' equity under ASPE to U.S. GAAP
Reconciliation of shareholders’ equity under ASPE to U.S. GAAP
Slide 10: Reconciliation to United States generally accepted accounting principles (continued)
Variperm Holdings Ltd. Notes to the consolidated financial statements December 31, 2022 and 2021 14. Reconciliation to United States generally accepted accounting principles (continued) Operating leases In these consolidated financial statements, lease rentals related to operating leases were recogn