Q2 2025
June 30, 2025
(Expressed in Canadian Dollars)
Q2 2025
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (loss) (Canadian dollars) (unaudited) | ||||
Three months ended Six months ended | ||||
Note | June 30 2025 | June 30 2024 | June 30 2025 | June 30 2024 |
Sales | $ 20,537,770 | $ 19,106,119 | $ 40,445,608 | $ 40,476,991 |
Cost of Sales | 16,637,776 | 15,054,327 | 33,104,687 | 32,599,755 |
Gross margin | 3,899,994 | 4,051,792 | 7,340,921 | 7,877,236 |
Expenses | ||||
Salaries and benefits | 1,843,146 | 1,822,614 | 3,685,349 | 3,690,072 |
Selling, general and administration | 1,060,774 | 1,198,805 | 2,210,910 | 2,229,952 |
Interest on current portion of long-term debt | 98,312 | 84,022 | 195,004 | 202,122 |
Depreciation on property and equipment | - | |||
and right of use assets | 294,566 | 325,367 | 622,066 | 657,462 |
Bad debts | (70,218) | 84,846 | 74,251 | 823,969 |
Interest on short-term operating debt | 545,968 | 799,434 | 1,160,209 | 1,638,602 |
Interest on lease liability | 11,392 | 13,489 | 26,322 | 41,081 |
Foreign exchange loss / (gain) | 22,607 | 238,696 | (139,892) | 869,733 |
3,806,547 | 4,567,273 | 7,834,219 | 10,152,993 | |
Profit (loss) before income taxes | 93,447 | (515,481) | (493,298) | (2,275,757) |
Income tax expense (recovery) | ||||
Current | 34,207 | 68,138 | 64,951 | 74,906 |
Deferred | (97,536) | (95,818) | (303,245) | (356,685) |
(63,329) | (27,680) | (238,294) | (281,779) | |
Net profit (loss) | $ 156,776 | (487,801) | $ (255,004) | (1,993,978) |
Other comprehensive income (loss) Foreign currency translation adjustment | 207,129 | 274,787 | 51,400 | 1,046,935 |
Total comprehensive income (loss) | $ 363,905 | $ (213,014) | $ (203,604) | $ (947,043) |
Net gain per share | ||||
Basic 7 | $ 0.01 | $ (0.02) | (0.01) | $ (0.08) |
Diluted 7 | $ 0.01 | $ (0.02) | $ (0.01) | $ (0.08) |
The accompanying notes are an integral part to these interim condensed consolidated financial statements
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Q2 2025
Interim Condensed Consolidated Statements of Financial Position (Canadian dollars) (unaudited) | |||
Note | June 30 2025 | December 31 2024 | |
Assets Current assets Inventories Accounts receivable Prepaid expenses and deposits | 4 | 19,739,251 $ 17,887,996 937,897 | 24,301,999 $ 17,935,856 462,032 |
38,565,144 | 42,699,887 | ||
Non-current assets | |||
Property and equipment | 8,768,714 | 9,081,702 | |
Deferred tax assets | 5,576,004 | 5,572,183 | |
Right-of-use assets | 467,047 | 784,000 | |
Other long-term assets | 26,780 | 28,245 | |
$ 53,403,689 | $ 58,166,017 | ||
Liabilities | |||
Current liabilities | |||
Bank indebtedness | 5 | $ 12,526,017 | $ 16,824,694 |
Accounts payable and accrued liabilites | 14,152,279 | 14,000,918 | |
Current portion of long-term debt | 6 | 227,417 | 6,740,451 |
Current portion of lease liabilites | 361,564 | 555,004 | |
Income tax payable | 162,761 | 118,965 | |
27,430,038 | 38,240,032 | ||
Non-current liabilities | |||
Lease liabilities | 170,098 | 317,049 | |
Long-term debt | 6 | 6,398,221 | - |
33,998,357 | 38,557,081 | ||
Equity | |||
Share capital | 33,939,875 | 33,939,875 | |
Contributed surplus | 4,045,560 | 4,045,560 | |
Deficit | (16,693,172) | (16,438,168) | |
Accumulated other comprehensive loss | (1,886,931) | (1,938,331) | |
19,405,332 | 19,608,936 | ||
$ 53,403,689 | $ 58,166,017 | ||
The accompanying notes are an integral part to these interim condensed consolidated financial statements
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Q2 2025
Interim Condensed Consolidated Statements of Changes in Equity (Canadian dollars) (unaudited) | ||||
Share capital | Contributed surplus | Deficit | Accumulated other comprehensive income / (loss) Total equity | |
Balance at January 1, 2024 | $ 33,939,875 | $ 4,045,175 | $ (12,586,741) | $ (2,855,843) $ 22,542,466 |
Employee share-based payment options | - | 385 | - | - $ 385 |
Total comprehensive income | - | - | (3,851,427) | 917,512 $ (2,933,915) |
Balance at December 31, 2024 | $ 33,939,875 | $ 4,045,560 | $ (16,438,168) | $ (1,938,331) $ 19,608,936 |
Total comprehensive income (loss) | - | - | (255,004) | 51,400 (203,604) |
Balance at June 30, 2025 | $ 33,939,875 | $ 4,045,560 | $ (16,693,172) | $ (1,886,931) $ 19,405,332 |
The accompanying notes are an integral part to these interim condensed consolidated financial statements
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Q2 2025
Interim Condensed Consolidated Statements of Cash Flows (Canadian dollars) (unaudited) | ||
For the Six months ended Note | June 30 2025 | June 30 2024 |
Operating activities | ||
Net loss | $ (255,004) | $ (1,993,978) |
Adjustments for: | ||
Depreciation on property and equipment and right-of-use assets | 622,066 | 657,462 |
Amortization of debt related transaction costs | 11,215 | 34,392 |
Foreign exchange (gain) loss on debt | (1,271,450) | 525,866 |
Unrealized foreign exchange (gain) | (58,681) | (14,984) |
Interest on debt and finance leases | 1,343,998 | 1,847,413 |
Gain on disposal of equipment | (2,100) | - |
Share-based payments | - | 385 |
Recovery (expense) of deferred tax | (3,821) | (509,693) |
Change in non-cash working capital 10 | 4,331,360 | 7,597,415 |
Total cash provided by operating activities | 4,717,583 | 8,144,278 |
Financing activities | ||
Repayment on bank indebtedness | (3,323,708) | (5,909,349) |
Interest paid on debt and finance leases | (1,187,325) | (1,602,048) |
Repayment of obligations under finance lease | 125,709 | (174,657) |
Repayment on long-term debt | (117,326) | (107,023) |
Total cash used in financing activities | (4,502,650) | (7,793,077) |
Investing activities Purchases of property and equipment | (214,933) | (351,201) |
Total cash used in investing activities | (214,933) | (351,201) |
Net change in cash and cash equivalents | - | - |
Cash and cash equivalents, beginning of the period | - | - |
Cash and cash equivalents, end of the period | $ - | $ - |
The accompanying notes are an integral part to these interim condensed consolidated financial statements
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