Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - January 5, 2025) - Investorideas.com, a global news source and expert investing resource covering water and renewable energy stocks issues a new edition of the Investorideas.com Cleantech Podcast.Host Cali Van Zant talks to Mr. Alexandre Mongeon, Co-Founder and CEO of Vision Marine Technologies Inc. (NASDAQ: VMAR), a pioneer in electric boating,With the Electric Boats Market projected to be a $16.6 Billion Market by 2031, according to Clean ...

Leases and Property - The company leases a kiosk and two slips at Ventura Portside Marina for USD$2,200 per month, with the lease expiring on March 31, 2027[73] - The company leases a 5,000 square feet warehouse in Miramar, Florida for USD$6,500 per month, primarily used for boat inventory storage and occasional assembly, with the lease expiring on May 31, 2025[75] - The company does not own any real property and leases only the properties mentioned above[75] - The company's right-of-use asset for the Boisbriand premises lease was nil as of August 31, 2024, compared to $1,270,955 in 2023[188] - The company's lease liability for the Boisbriand premises lease was nil as of August 31, 2024, compared to $1,395,732 in 2023[188] - The company recorded rent expense of $22,446 under the renegotiated lease for the fiscal year ended August 31, 2024[188] - The company paid $309,715 in rent to California Electric Boat Company in fiscal year 2024, compared to $381,555 in 2023 and $358,111 in 2022[186] Executive Compensation - Alexandre Mongeon, CEO, received a total compensation of USD$585,146 in 2024, with no share-based or option-based awards[94] - Xavier Montagne, CTO and COO, received a total compensation of USD$403,103 in 2024, including USD$53,638 in option-based awards[94] - Raffi Sossoyan, CFO since March 1, 2024, received a total compensation of USD$333,228 in 2024, including USD$39,698 in share-based awards and USD$23,850 in other compensation[94] - Kulwant Sandher, former CFO, received a total compensation of USD$227,768 in 2024 before resigning on February 29, 2024[94] - Patrick Bobby, former Head of Performance and Special Projects, received a total compensation of USD$245,894 in 2024 before resigning on April 16, 2024[94] - Alexandre Mongeon's executive employment agreement includes an annual base salary of USD$400,000, eligibility for a discretionary bonus of 50% to 100% of his base salary, and four weeks of paid annual vacation[96][97] - Mr. Mongeon is eligible for up to 40,000 restricted common shares if the company achieves a market capitalization of $100,000,000 for a 21-day period[101] - Mr. Mongeon can receive up to $500,000 in cash bonuses if the company achieves EBITDA of $10,000,000 in a fiscal year[101] - Mr. Sossoyan's annual base salary is $260,000 with a signing bonus of $50,000 in common shares if he remains in service for at least 12 months[102] - Mr. Sossoyan is eligible for a discretionary bonus of up to 25% of his annual base salary[102] - Mr. Montagne's annual base salary was increased to CAD$302,000 in June 2023[107] - Mr. Montagne is eligible for US$20,000 worth of restricted common shares for each patent application filed for the E-Motion™ 180e outboard electric powertrain system[115] - The company granted Mr. Montagne 100,000 options under the Share Option Plan[112] Share Options and Equity - The company's 2020 Share Option Plan allows for the issuance of up to 13,074 shares[125] - The company has 7,858 securities available for issuance upon exercise of outstanding options, with a weighted average exercise price of $657.77[124] - As of August 31, 2024, the company had 7,858 stock options outstanding under the stock option plan[130] - In May 2020, the company issued 2,478 options to purchase common shares at $499.50 per share and 815 options at $375.30 per share[131] - In November 2020, the company issued 260 options to purchase common shares at $2,199.15 per share[131] - In March 2023, the company issued 3,004 options to purchase common shares at $777.60 per share and 2,912 options at $778.95 per share[131] - In December 2023, the company issued 371 options to purchase common shares at $612.43 per share[131] - In January 2024, the company issued 371 options to purchase common shares at $138.47 per share[131] - As of December 17, 2024, directors and executive officers as a group owned 61,559 common shares, representing 2.2% of outstanding shares[152] - KPAC Holdings Ltd. owned 180,000 common shares, representing 6.3% of outstanding shares as of December 17, 2024[152] Financial Reporting and Standards - The company's financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), with estimates and assumptions based on historical experience and reasonable circumstances[77][78] - The company's consolidated financial statements for the years ended August 31, 2024, 2023, and 2022 were prepared in accordance with IFRS[190] Employee and Workforce - As of August 31, 2024, the company employed 20 full-time employees, with 13 in administration and 7 in manufacturing[147][149] Share Issuance and Offerings - The company issued 11,439 common shares and 1,465 pre-funded warrants in the January 2023 Registered Direct Offering, raising approximately US$2.3 million from the sale of 4,108 common shares and warrants[207] - In the February 2023 Registered Direct Offering, the company sold 3,520 common shares at US$568.35 per share, raising approximately US$2.0 million, and issued warrants to purchase up to 3,520 common shares[215] - The April 2023 Registered Direct Offering involved the sale of 2,826 common shares at US$568.35 per share, raising approximately US$1.6 million, with warrants issued to purchase up to 2,826 common shares[217] - In the June 2023 Registered Direct Offering, the company sold 3,659 common shares at US$546.75 per share, raising approximately US$2.0 million, and issued warrants to purchase up to 3,659 common shares[218][219] - The July 2023 Registered Direct Offering included the sale of 3,662 common shares at US$546.75 per share, raising approximately US$2.0 million, with warrants issued to purchase up to 3,662 common shares[222] - The September 2023 Private Placement involved the sale of 2,763 common shares at US$546.75 per share, raising approximately US$1.5 million, with warrants issued to purchase one common share per share sold[224] - In the December 2023 Private Placement, the company sold 3,000 Series A Convertible Preferred Shares at US$1,000 per share, raising US$3.0 million, and issued warrants to purchase up to 21,169 common shares[228] - The January 2024 Private Placement with the Government of Quebec involved the sale of 3,000 Series B Convertible Preferred Shares at US$1,000 per share, raising US$3.0 million, and issued warrants to purchase up to 21,165 common shares[230] - The company paid placement agents fees ranging from 3% to 6.5% of gross proceeds in various offerings, with additional warrants issued to placement agents in some cases[208][216][221][223][225][229] - In the September 2024 Private Placement, the company sold 377,778 common shares at US$9.00 per share, raising approximately US$3.4 million[232] - The company paid ThinkEquity LLC a cash fee of 7.5% of the gross proceeds, amounting to an unspecified total, and issued warrants to purchase 18,896 common shares at an exercise price of US$11.25 per share[233] - The company established an "at-the-market" facility with ThinkEquity LLC for the sale of up to US$11.75 million of Voting Common Shares, issuing 1,854,957 shares for a total cash consideration of US$5,484,874, less transaction costs of US$333,130[234] - The company issued warrants to ThinkEquity LLC that are exercisable six months after issuance and expire five years from the date of issuance[233] - The company's "at-the-market" facility resulted in the issuance of 1,854,957 Voting Common Shares, generating US$5,484,874 in cash consideration[234] Dividends and Shareholder Information - The company has not paid any dividends on its common shares since incorporation and does not intend to declare or pay any cash dividends in the foreseeable future[192] - The company's common shares are traded on the Nasdaq Capital Market under the symbol "VMAR"[161] - Series A Preferred Shares were limited to 6,000 shares with a stated value of $1,000 each, totaling $6 million[164] - Series B Preferred Shares were limited to 3,000 shares with a stated value of $1,000 each, totaling $3 million[171] Investment Canada Act and Foreign Investment - The Investment Canada Act requires that investments by non-Canadians to acquire control over existing Canadian businesses or to establish new ones be either reviewable or notifiable, with specific thresholds for review based on the value of acquired assets[239] - A non-Canadian acquiring a majority of the company's common shares would be considered to have acquired control under the Investment Canada Act[240] - The acquisition of less than a majority but one-third or more of the company's common shares would be presumed to be an acquisition of control unless proven otherwise[241] - For direct acquisitions by non-WTO investors, the review threshold is $5 million or more, while for WTO investors, the threshold is significantly higher, currently at $1.075 billion or $1.613 billion depending on free trade agreements[244] - The company is incorporated in Quebec, Canada, and there are no Canadian laws restricting the export or import of capital, except for withholding tax requirements on remittances to non-residents[236] - The Investment Canada Act includes provisions for national security reviews of investments by non-Canadians, with guidelines issued in 2016 outlining factors for such reviews[247] Tax and PFIC Considerations - The company does not believe it was a PFIC in the preceding taxable year and does not anticipate being a PFIC in the current or future taxable years[262] - A foreign corporation is considered a PFIC if 75% or more of its gross income is "passive income" or 50% or more of the average quarterly value of its assets produce "passive income"[262] - U.S. Holders may face adverse tax consequences if the company is classified as a PFIC during their ownership of Common Shares[262] - U.S. Holders are required to report information relating to an interest in Common Shares by attaching IRS Form 8938 with their tax return[263] - Payments of dividends and sales proceeds within the U.S. may be subject to information reporting and backup withholding unless certain conditions are met[264] - Backup withholding is not an additional tax and can be credited against the U.S. Holder's federal income tax liability[264] - The company does not intend to provide the necessary information for U.S. Holders to make a valid "qualified electing fund" election[262] - The determination of PFIC status is based on complex U.S. federal income tax rules and is not determinable until after the end of the taxable year[262] Miscellaneous - The company's documents referred to in the Annual Report can be inspected at its offices in Boisbriand, Quebec, or at the SEC's public reference facility[270] - The company does not have any defined benefit pension plans or retirement payment plans[122] - The company has supply agreements with Mac Engineering, SASU totaling approximately $4.5 million over the next two fiscal years[186] - The company sold 100% of EB Rental, Ltd. shares to EB Strategies Inc. for $1,089,302 on April 25, 2024[186]

Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - December 3, 2024) - Investorideas.com, a go-to investing platform covering electric vehicle stocks issues a snapshot on the future of the electric boating market and some of the partnerships moving the sector forward, featuring Vision Marine Technologies Inc. (NASDAQ: VMAR), a pioneer in electric marine propulsion.Read the full article on Investorideas.comhttps://www.investorideas.com/News/2024/renewable-energy/12030Electric-Boat.aspAccordi ...

Fully Integrated 30-foot Electric Pontoon Platform Designed for Commercial and Recreational Markets Showcases Commitment to Innovation and SustainabilityGARLAND, Texas, Dec. 2, 2024 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO) ("Massimo"), a manufacturer and distributor of powersports vehicles and pontoon boats, today announced the Company's marine division, Massimo Marine, entered into a partnership with Vision Marine Technologies Inc (Nasdaq: VMAR) ("Vision Marine"), a pioneer in electric marine propulsio ...

Exhibit 99.1 Vision Marine Technologies Inc. Consolidated financial statements August 31, 2024 and 2023 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Vision Marine Technologies Inc. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statement of financial position of Vision Marine Technologies Inc. (the Company) as of August 31, 2024, and the related consolidated statements of comprehensive loss, changes ...

Condensed Interim Consolidated Financial Statements For the three-month and six-month periods ended February 29, 2024 (Unaudited) Vision Marine Technologies Inc. Consolidated statements of financial position [Going concern uncertainty – see note 2] Exhibit 99.1 Vision Marine Technologies Inc. (Unaudited) For the six-months period ended | | | | | Accumulated | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | other | | | | | | | Contributed | comprehensive | | | | | Capital stock | | surplus | Defici ...

Exhibit 99.1 Vision Marine Technologies Inc. Condensed Interim Consolidated Financial Statements For the Three-Month Periods Ended November 30, 2023 and November 30, 2022 (Unaudited) Vision Marine Technologies Inc. Consolidated statements of financial position [Going concern uncertaintv – see note 2] (Unaudited) | | As at November | As at August | | --- | --- | --- | | | 30, 2023 | 31, 2023 | | | ર્સ્ડ | સ્ક | | Assets | | | | Current | | | | Cash | 841,988 | 3,359,257 | | Trade and other receivables [note ...

Table of Contents 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 August 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 ...

Exhibit 99.1 Vision Marine Technologies Inc. Consolidated financial statements August 31, 2023 and 2022 Report of independent registered public accounting firm To the Shareholders and the Board of Directors of Vision Marine Technologies Inc. Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of Vision Marine Technologies Inc. [the "Company"] as of August 31, 2023 and 2022, the related consolidated statements of changes in shareholders' equity ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2023 Commission File No. 001-39730 VISION MARINE TECHNOLOGIES INC. (Translation of registrant’s name into English) 730 Boulevard du Curé-Boivin Boisbriand, Québec, J7G 2A7, Canada (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual repo ...