ANCHORAGE, Alaska--(BUSINESS WIRE)--Vicinity Group LLC ("Vicinity"), a managed IT services provider serving businesses across Alaska, Hawaii, and the Pacific Northwest, today announced it has achieved the Microsoft Solutions Partner for Modern Work designation. This credential places Vicinity among an exclusive group of technology partners in the regions it serves. Vicinity is now one of just four partners in Alaska and one of only three in Hawaii to hold this designation. The Solutions Partner. ...

Core Viewpoint - Vicinity Motor (NASDAQ:VEV) stock is experiencing significant trading activity, with over 73 million shares moving, far exceeding its average daily volume of approximately 2.5 million shares and its float of 41.34 million units [1][2]. Group 1: Stock Performance - VEV stock has surged by 141.1% as of Tuesday morning, indicating a strong upward movement in its price [3]. - The stock is categorized as a penny stock, with a prior closing price of 10 cents and a market capitalization of only $5.017 million [2][3]. Group 2: Market Activity - The unusual trading activity is occurring without any clear news or press releases from Vicinity Motor, nor is there any analyst coverage that could explain the rally [2]. - The high trading volume may suggest speculative interest from traders, potentially involving retail and day traders engaging in pump and dump strategies [3].

Vicinity Motor Corp. (NASDAQ:VEV) Q1 2024 Earnings Conference Call May 14, 2024 4:30 PM ET Company Participants William Trainer - Founder & CEO Brent Phillips - President Dan Buckle - CFO Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings, and welcome to the Vicinity Motor Corp. First Quarter 2024 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal pr ...

Vicinity Motor Corp. (NASDAQ:VEV) Q4 2023 Earnings Conference Call April 2, 2024 4:30 PM ET Company Participants William Trainer - Founder and CEO Dan Buckle - CFO Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings and welcome to the Vicinity Motor Corp. Fourth Quarter and Full Year 2023 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides a high-level summary of the company's financial and operational performance [Q4 & FY 2023 Financial Results Announcement](index=1&type=section&id=Q4%20%26%20FY%202023%20Financial%20Results%20Announcement) Vicinity Motor Corp. announced Q4 and FY 2023 results, detailing **$5.1 million** Q4 revenue and **71 VMC 1200 electric truck** invoicing - Q4 2023 deliveries included **11 Vicinity™ Classic Transit Buses**[2](index=2&type=chunk) - Q4 2023 revenue reached **$5.1 million**[2](index=2&type=chunk) - **71 VMC 1200 electric trucks** were invoiced for 2024 delivery[4](index=4&type=chunk) [Fourth Quarter 2023 and Subsequent Operational Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20and%20Subsequent%20Operational%20Highlights) This section details key operational achievements and management commentary from Q4 2023 [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasized increasing operational execution and sales momentum in Q4 2023 across all product lines - The VMC 1200 provides an ideal entry into the underserved commercial EV market, with an attractive price point enhanced by Canadian federal and provincial rebates[5](index=5&type=chunk) - VMC 1200 was approved for Quebec's Écocamionnage Program, providing a **CAD$85,000 incentive** for commercial freight electrification[5](index=5&type=chunk) - Partnership with ADASTEC to develop an **SAE Level-4 automated Vicinity Lighting EV transit bus** (Vicinity Autonomous Lightning EV) for North America, with initial deployments in **Q2 2024**[6](index=6&type=chunk) - The transit bus business maintained a solid recurring customer base and strong order momentum, retaining market leadership in the Canadian mid-sized heavy-duty segment[8](index=8&type=chunk) - Order backlog **exceeded $125 million** as of December 31, 2023, with **over 75% from electric vehicles**[9](index=9&type=chunk) [Key Operational Achievements](index=1&type=section&id=Key%20Operational%20Achievements) Vicinity Motor Corp. achieved key operational milestones in Q4 2023, including substantial order backlog, increased revenue, and EV truck invoicing - Order backlog as of December 31, 2023, **exceeded $125 million**, with electric vehicles accounting for **over 75%**[7](index=7&type=chunk) - Revenue **increased to $5.1 million** in Q4 2023, primarily driven by the sale of **11 Vicinity™ Classic transit buses**[7](index=7&type=chunk) - Invoiced **71 EV trucks** to dealers in December 2023, with revenue recognition and delivery scheduled for 2024[7](index=7&type=chunk) - Secured four new VMC 1200 distribution agreements, establishing new dealerships in strategic Canadian markets (Ontario, Quebec, Alberta)[7](index=7&type=chunk) - Secured new orders for **twenty Vicinity™ Classic Clean Diesel Buses** from Autobus La Québécoise for 2024 delivery[7](index=7&type=chunk) - Partnered with ADASTEC to create an **SAE Level-4 automated Vicinity Lighting EV transit bus**, with deployment agreements for Michigan State University and Buffalo Niagara Medical Campus in **mid-2024**[7](index=7&type=chunk) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Vicinity Motor Corp. reported significant financial improvements in 2023, with full-year revenue increasing to **$19.1 million** and gross profit improving to **$2.1 million** [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) Vicinity Motor Corp. reported significant financial improvements in 2023, with full-year revenue increasing to **$19.1 million** and gross profit improving to **$2.1 million** Revenue Performance | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Revenue | $5.1 million | $2.0 million | +155% | $19.1 million | $18.5 million | +3.2% | | Primary Driver (Q4) | 11 bus deliveries | 11 trucks | | | | | Gross Profit/Loss Analysis | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Gross Loss | $(0.4) million | $(0.6) million | Improved | | | | | Gross Loss % of Revenue | (9%) | (28%) | Improved | | | | | Gross Profit | | | | $2.1 million | $0.4 million | +425% | | Gross Profit % of Revenue | | | | 11% | 2% | Improved | Cash Flow from Operating Activities | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :-------------------------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Cash Used in Operating Activities | $5.7 million | $3.9 million | +46.2% | $24.7 million | $9.1 million | +171.4% | Net Loss and EPS | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Net Loss | $9.1 million | $3.8 million | +139.5% | $16.6 million | $18.0 million | -7.7% | | EPS (Basic & Diluted) | $(0.20) | $(0.08) | | $(0.36) | $(0.45) | | Adjusted EBITDA Performance | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Adjusted EBITDA Loss | $3.2 million | $1.4 million | +128.6% | $6.9 million | $7.4 million | -6.8% | Cash and Cash Equivalents Summary | Metric | Dec 31, 2023 (USD in millions) | Dec 31, 2022 (USD in millions) | YoY Change | | :-------------------------- | :----------------- | :----------------- | :---------- | | Cash and Cash Equivalents | $2.0 million | $1.6 million | +25% | [Fourth Quarter and Full Year 2023 Results Conference Call](index=2&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Results%20Conference%20Call) This section provides details for the Q4 and FY 2023 results conference call, including access and replay information [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) This section provides details for the Q4 and FY 2023 results conference call, including access and replay information - Date & Time: **Tuesday, April 2, 2024, 4:30 p.m. Eastern time**[17](index=17&type=chunk) - U.S./Canada Dial-in: **1-877-407-3982**; International Dial-in: **1-201-493-6780**; Conference ID: **13745184**[17](index=17&type=chunk) - Webcast available at: Vicinity Motor Q4 & FY2023 Webcast[17](index=17&type=chunk) - Playback available through **Wednesday, May 1, 2024**, via phone replay (U.S./Canada: **1-844-512-2921**, International: **1-412-317-6671**, replay pin **13745184**) and webcast[18](index=18&type=chunk) [About Vicinity Motor Corp.](index=3&type=section&id=About%20Vicinity%20Motor%20Corp.) This section provides an overview of Vicinity Motor Corp., a North American supplier of electric vehicles for public and commercial sectors [Company Profile](index=3&type=section&id=Company%20Profile) Vicinity Motor Corp. is a North American supplier of electric vehicles for public and commercial sectors, leveraging a dealer network and manufacturing partners - Vicinity Motor Corp. is a North American supplier of electric vehicles for both public and commercial enterprise use[19](index=19&type=chunk) - The company supplies flagship electric, CNG, and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck[19](index=19&type=chunk) - Leverages a dealer network and relationships with manufacturing partners to serve transit and industrial markets[19](index=19&type=chunk) [Contact Information](index=3&type=section&id=Contact%20Information) This section provides contact details for the Company's VP Corporate Development and Investor Relations - Company Contact: John LaGourgue, VP Corporate Development, **604-288-8043**, **IR@vicinitymotor.com**[20](index=20&type=chunk) - Investor Relations Contact: Lucas Zimmerman, MZ Group - MZ North America, **949-259-4987**, **VMC@mzgroup.us**[20](index=20&type=chunk) [Legal and Financial Disclosures](index=3&type=section&id=Legal%20and%20Financial%20Disclosures) This section outlines legal and financial disclosures, including cautionary notes on forward-looking statements and non-GAAP financial measures [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section advises on forward-looking statements, highlighting inherent risks and uncertainties that may cause actual results to differ materially - The press release includes **'forward-looking information'** and **'forward-looking statements'** identified by words like 'expects', 'anticipates', 'believes', etc[21](index=21&type=chunk) - Forward-looking statements involve various risks and uncertainties, and actual results could differ materially from those anticipated[21](index=21&type=chunk) - Important factors include economic conditions, vehicle sales volume, market prices for parts, operational strategies, facility operations, COVID-19 impact, supply chain recovery, strategic partnerships, and debt terms[22](index=22&type=chunk) - Vicinity assumes no obligation to update forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines non-GAAP financial measures, specifically **Adjusted EBITDA**, noting they lack standardized IFRS meanings but are useful for assessing performance - Non-GAAP and other financial measures do not have standardized meaning prescribed by IFRS and may not be directly comparable to similar measures presented by other issuers[23](index=23&type=chunk) - Data presented is intended to provide additional information and should not be considered in isolation or as a substitute for IFRS measures[23](index=23&type=chunk) - **Adjusted EBITDA** is defined as earnings before interest, income taxes, depreciation and amortization, foreign exchange gains or losses, certain non-recurring/non-operating income and expenses, and share-based compensation[24](index=24&type=chunk) - **Adjusted EBITDA** is considered a meaningful metric in assessing the Company's financial performance and operational efficiency[24](index=24&type=chunk) [Adjusted EBITDA Reconciliation](index=4&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section provides a reconciliation of **Adjusted EBITDA**, a non-GAAP financial measure, to Net Comprehensive Loss Adjusted EBITDA Reconciliation Table | | 3 months ended | 3 months ended | Year ended | Year ended | | --- | --- | --- | --- | --- | | | December 31, | December 31, | December 31, | December 31, | | (US dollars in thousands - unaudited) | 2023 | 2022 | 2023 | 2022 | | Net Comprehensive loss | (9,108) | (3,828) | (16,633) | (17,948) | | Add back | | | | | | Stock based compensation | 470 | 668 | 929 | 1,380 | | Interest | 1,876 | 482 | 5,036 | 2,258 | | Gain on modification of debt | — | — | (492) | (803) | | Change in fair value of embedded derivatives | (580) | — | (605) | — | | Write down of intangible asset | 5,037 | — | 5,037 | — | | Foreign exchange (gain) loss | (1,546) | (629) | (1,728) | 3,253 | | (Gain) loss on disposal of property and equipment | (6) | — | (6) | 27 | | Inventory write down | 178 | 1,227 | 178 | 1,227 | | Income tax expense | (9) | (98) | — | 202 | | Amortization | 510 | 754 | 1,419 | 2,966 | | **Adjusted EBITDA** | **(3,178)** | **(1,424)** | **(6,865)** | **(7,438)** | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The Consolidated Financial Statements provide a comprehensive overview of the company's financial position, performance, and cash flows [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) The Consolidated Statements of Financial Position detail the company's assets, liabilities, and equity as of December 31, 2023 and 2022 Financial Position Data | | Dec 31, 2023 (USD in thousands) | Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :------------------------------------ | :--------------- | :--------------- | :--------- | :--------- | | **Current Assets** | | | | | | Cash and cash equivalents | 2,026 | 1,622 | 404 | 24.9% | | Trade and other receivables | 5,599 | 2,655 | 2,944 | 110.9% | | Inventory | 23,273 | 10,068 | 13,205 | 131.1% | | Prepaids and deposits | 9,748 | 3,801 | 5,947 | 156.5% | | **Total Current Assets** | **40,646** | **18,146** | **22,500** | **124.0%** | | **Long-term Assets** | | | | | | Intangible assets | 9,815 | 14,273 | (4,458) | -31.2% | | Property, plant, and equipment | 23,734 | 22,613 | 1,121 | 5.0% | | **Total Assets** | **74,195** | **55,032** | **19,163** | **34.8%** | | **Current Liabilities** | | | | | | Accounts payable and accrued liabilities | 10,162 | 4,942 | 5,220 | 105.6% | | Credit facility | 15,926 | 628 | 15,298 | 2436.0% | | Current portion of deferred revenue | 4,429 | 2,382 | 2,047 | 86.0% | | Current debt facilities | 8,499 | 6,587 | 1,912 | 29.0% | | Convertible debt | 2,658 | — | 2,658 | N/A | | **Total Current Liabilities** | **43,508** | **16,573** | **26,935** | **162.5%** | | **Long-term Liabilities** | | | | | | Other long-term liabilities | 9,355 | 1,503 | 7,852 | 522.4% | | **Total Liabilities** | **52,998** | **18,200** | **34,798** | **191.2%** | | **Shareholders' Equity** | **21,197** | **36,832** | **(15,635)** | **-42.4%** | [Consolidated Statements of (Loss) Income](index=6&type=section&id=Consolidated%20Statements%20of%20%28Loss%29%20Income) The Consolidated Statements of (Loss) Income for 2023 and 2022 show increased revenue and gross profit, but also higher expenses leading to a net loss Statements of (Loss) Income Data | (In thousands of US dollars, except for per share amounts) | Year ended Dec 31, 2023 (USD in thousands) | Year ended Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :------------------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | **Revenue** | | | | | | Vehicle sales | 13,651 | 13,165 | 486 | 3.7% | | Other | 5,399 | 5,310 | 89 | 1.7% | | **Total Revenue** | **19,050** | **18,475** | **575** | **3.1%** | | Cost of sales | (16,914) | (18,035) | 1,121 | -6.2% | | **Gross profit** | **2,136** | **440** | **1,696** | **385.5%** | | **Expenses** | | | | | | Sales and administration | 9,730 | 9,526 | 204 | 2.1% | | Stock-based compensation | 929 | 1,380 | (451) | -32.7% | | Amortization | 862 | 2,572 | (1,710) | -66.5% | | Interest and finance costs | 5,036 | 2,258 | 2,778 | 123.0% | | Change in fair value of embedded derivatives | (605) | — | (605) | N/A | | Write-down of intangible asset | 5,037 | — | 5,037 | N/A | | Gain on modification of debt | (492) | (803) | 311 | -38.7% | | Foreign exchange (gain) loss | (1,728) | 3,253 | (4,981) | -153.1% | | **Total Expenses** | **18,769** | **18,186** | **583** | **3.2%** | | Loss before taxes | (16,633) | (17,746) | 1,113 | -6.3% | | Current income tax expense | — | 202 | (202) | -100.0% | | **Net loss** | **(16,633)** | **(17,948)** | **1,315** | **-7.3%** | | **Loss per share (Basic & diluted)** | **(0.36)** | **(0.45)** | **0.09** | **-20.0%** | | Weighted average number of common shares outstanding | 45,605,239 | 39,650,426 | 5,954,813 | 15.0% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows for 2023 and 2022 indicate increased cash used in operating activities, offset by substantial cash from financing activities Cash Flow Data | (In thousands of US dollars) | Year ended Dec 31, 2023 (USD in thousands) | Year ended Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | **Cash used in operating activities** | **(24,697)** | **(9,082)** | **(15,615)** | **171.9%** | | **Cash used in investing activities** | **(1,945)** | **(10,698)** | **8,753** | **-81.8%** | | **Cash provided by financing activities** | **27,014** | **17,368** | **9,646** | **55.5%** | | Effect of foreign exchange rate on cash | 32 | (368) | 400 | -108.7% | | **Increase (decrease) in cash and cash equivalents** | **404** | **(2,780)** | **3,184** | **-114.5%** | | Cash and cash equivalents, beginning | 1,622 | 4,402 | (2,780) | -63.1% | | **Cash and cash equivalents, ending** | **2,026** | **1,622** | **404** | **24.9%** |

Vicinity Motor Corp. (NASDAQ:VEV) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Dan Buckle - Chief Financial Officer Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings and welcome to the Vicinity Motor Corp. Third Quarter 2023 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will f ...

Vicinity Motor Corp. (NASDAQ:VEV) Q2 2023 Results Conference Call August 14, 2023 4:30 PM ET Company Participants William Trainer - Founder and CEO Dan Buckle - CFO Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Research **Note: Transcript provided by the company Operator Greetings, and welcome to the Vicinity Motor Corp.’s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Before we begin the formal presentation, I'd like to remind everyone th ...

Vicinity Motor Corp. (NASDAQ:VEV) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants William Trainer - Founder and CEO Danial Buckle - CFO Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Equity Research Operator Greetings and welcome to the Vicinity Motor Corp. First Quarter 2023 Corporate Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. A ...

Financial Performance - Revenue for the year ended December 31, 2022 was $18,475, a decrease of 56% compared to $41,708 for 2021[201]. - Net loss for the year ended December 31, 2022 was $17,948, compared to a net loss of $7,323 for 2021[201]. - Gross margin for the year ended December 31, 2022 was 2% of revenue, down from 10% in 2021[202]. - Adjusted EBITDA loss for the year ended December 31, 2022 was ($7,438), compared to ($2,666) for 2021[205]. - Revenue for Q4 2022 was $2,035, a 13% decrease from $2,330 in Q4 2021, primarily due to product mix with 11 truck deliveries versus four bus deliveries[241]. - Gross loss for Q4 2022 was $560, representing a gross margin of (28%) of revenue, compared to a gross loss of $316 or (14%) of revenue in Q4 2021[242]. - For the year ended December 31, 2022, revenue was $18,475, down from $41,708 in 2021, with vehicle sales revenue at $13,165 compared to $38,197 in 2021[243][244]. - Total revenue for the year ended December 31, 2022 was $18,475, a significant decrease from $41,708 in 2021, with bus sales in Canada dropping from $10,925 to $7,429[281]. Operational Developments - The newly constructed manufacturing facility in Ferndale, Washington is set to commence operations in the first half of 2023[218]. - The Corporation's first Vicinity Lightning™ EV buses are in production, and the Vicinity 1200 EV trucks were delivered in November 2022[226]. - The demand for the VMC 1200 has exceeded expectations with 1,000 trucks ordered in October 2022[217]. - The Corporation secured a $100 million+ purchase order for 1,000 VMC 1200 electric trucks from Pioneer Auto Group[203]. Cash Flow and Liquidity - Cash used in operating activities for the year ended December 31, 2022 was $9,082, a decrease of $12,676 compared to cash provided of $3,594 in 2021, mainly due to increased operational losses[251]. - Investing activities used cash of $10,698 in 2022, a decrease from $23,120 in 2021, attributed to the purchase of a sales and marketing license in 2021[252]. - Financing activities provided cash of $17,368 in 2022, down from $22,945 in 2021, due to lower proceeds from option exercises and private placements[253]. - The company estimates sufficient liquidity to meet working capital requirements for at least the next twelve months based on forecasted cash flows and current cash on hand[263]. - The company had cash and cash equivalents of $1,622 as of December 31, 2022, down from $4,402 in 2021, reflecting a decrease in liquidity[250]. - The company had $19.4 million undrawn on its C$20 million credit facility as of December 31, 2022, and subsequently secured an additional $30 million in debt financing for production[262]. Expenses and Costs - Selling, general, and administrative costs rose by $1.7 million from 2021 to 2022, driven by increased travel, legal, and compliance expenses[247]. - Depreciation increased by $1.7 million in 2022 due to the Optimal license purchased in Q4 2021[248]. - Interest costs rose by $739 in 2022 compared to 2021, reflecting a full year of interest on debt received in Q4 2021[248]. - Foreign exchange losses increased by $2.9 million in 2022, primarily due to intercompany balance translations[249]. Management and Compensation - The total compensation for CEO William Trainer in fiscal 2022 was C$480,428, including a base salary of C$467,588 and other compensation[299]. - The Corporation's Vice President Corporate Development, John LaGourgue, received total compensation of C$342,941, with a base salary of C$310,380[299]. - Chief Financial Officer Dan Buckle earned total compensation of C$379,633, including a base salary of C$311,072[299]. - The Corporation's independent directors received total compensation ranging from C$120,000 to C$180,000 for their services in fiscal 2022[297]. - The Corporation's compensation program aims to attract and retain qualified executives, motivate performance, and align interests with shareholders[300]. - The Corporation's Board reviews compensation policies annually to mitigate risks associated with executive compensation practices[309]. - The Corporation's executives receive a significant portion of their compensation in the form of long-term equity-based awards[315]. Shareholder Information - The total direct and indirect shareholdings of the Corporation's directors and executive officers amounted to 4,600,428 common shares, representing 10.07% of total outstanding common shares[328]. - William Trainer holds 1,613,541 common shares, accounting for 3.53% of total outstanding shares[326]. - Joseph Miller owns 1,908,809 common shares, representing 4.18% of total outstanding shares[326]. Corporate Governance - The Audit Committee oversees the financial reporting processes and the integrity of the Corporation's financial statements[320]. - The Compensation Committee is responsible for recommending compensation levels for NEOs and key employees[325]. - The Corporation's Omnibus Equity Incentive Plan was adopted on December 22, 2022, allowing for equity-based incentive awards including Options, RSUs, DSUs, and PSUs[314]. - As of the date of the Annual Report, the Corporation has 1,580,826 Options and 623,802 DSUs outstanding[318]. - The maximum number of common shares available for issuance under the Omnibus Plan is capped at 10% of the issued and outstanding common shares[317]. - The Corporation had 57 employees as of December 31, 2022, an increase from 52 in 2021 and 48 in 2020[326].