Vox Royalty (US:VOXR)2023-05-11 00:30Financial Performance - Total revenue for the three months ended March 31, 2023, was $3,580,855, a significant increase of 143% compared to $1,471,019 for the same period in 2022[7] - Royalty revenue reached $3,580,855, while other revenue was $0, compared to $315,084 in the previous year[7] - Gross profit for Q1 2023 was $2,964,857, up from $1,164,293 in Q1 2022, reflecting a gross margin improvement[7] - Net loss for the period was $681,239, compared to a loss of $240,392 in Q1 2022, resulting in a loss per share of $0.02[7] - Revenue from Australia for the three months ended March 31, 2023, was $2,819,734, a significant increase from $741,678 in the same period of 2022, reflecting a growth of approximately 279.5%[63] Assets and Liabilities - Total current assets increased to $8,372,734 as of March 31, 2023, from $6,770,247 at the end of 2022, driven by higher accounts receivable[5] - Total assets rose to $43,236,735 as of March 31, 2023, compared to $41,805,456 at the end of 2022, indicating growth in the company's asset base[5] - Total liabilities increased to $8,284,921 as of March 31, 2023, from $6,391,008 at the end of 2022, primarily due to higher accounts payable and accrued liabilities[5] - Accounts payable and accrued liabilities rose to $2,127,960 as of March 31, 2023, compared to $1,766,131 as of December 31, 2022, an increase of 20.5%[33] - The total balance of other liabilities increased significantly to $1,893,907 as of March 31, 2023, compared to $601,715 in the previous year, marking an increase of approximately 214.5%[46] Shareholder Returns - The company declared dividends of $496,397 during the quarter, reflecting a commitment to returning value to shareholders[8] - The company declared a quarterly dividend of $0.011 per common share on March 13, 2023, totaling $496,397 payable on April 14, 2023[37] - The company declared a quarterly dividend of $0.011 per common share, payable on July 14, 2023, to shareholders of record as of June 30, 2023[81] Management and Expenses - General and administrative expenses for the three months ended March 31, 2023, totaled $1,301,245, an increase of approximately 7.3% from $1,212,998 in the same period of 2022[54] - The total remuneration for key management personnel increased to $1,318,810 in the three months ended March 31, 2023, compared to $736,114 in the same period of 2022, reflecting an increase of approximately 79.0%[56] Cash and Equivalents - Cash and cash equivalents at the end of the period were $4,166,474, slightly down from $4,174,654 at the end of 2022[11] - The company's working capital as of March 31, 2023, was $3,683,329, down from $3,795,951 at the end of 2022[69] Royalty and Asset Management - Vox Royalty Corp. is focusing on acquiring royalties on producing or near-term producing assets to enhance its portfolio[15] - Royalties receivable increased to $3,469,097 as of March 31, 2023, compared to $1,921,670 in the same period of 2022, representing an increase of 80.5%[25] - Total royalty, stream, and other interests decreased slightly to $32,740,016 as of March 31, 2023, from $32,860,568 as of December 31, 2022, a decline of 0.4%[28] - The accumulated depletion for royalty interests reached $3,450,842 as of March 31, 2023, reflecting ongoing operational costs[26] Financial Instruments and Risks - The company's royalty receivables are subject to credit risk from counterparties operating the mines in its portfolio[68] - The company does not hedge its future revenue, exposing shareholders to fluctuations in market prices of precious and base metals[72] - The company has not used any derivative instruments to mitigate interest rate risk, opting instead to invest excess cash in short-term securities[71] - A 10% increase or decrease in the value of the Canadian and Australian dollar relative to the US dollar would impact net loss and other comprehensive loss by $649,000[70] Equity and Shares - The company issued 215,769 common shares on January 24, 2023, for total consideration of $495,446, increasing the total issued and outstanding shares to 45,126,956 as of March 31, 2023[35] - The company's total equity as of March 31, 2023, was $34,951,814, compared to $35,414,448 as of December 31, 2022[80] - The company maintained 3,600,000 outstanding warrants with a weighted average exercise price of C$4.50 as of March 31, 2023[38] - The company has a maximum of 6,413,750 common shares issuable under its long-term incentive plan as of March 31, 2023[39] - The number of Performance Share Units (PSUs) outstanding at the end of the period rose to 902,540, up from 790,908 in the prior year, representing an increase of about 14.1%[51] - As of March 31, 2023, the number of outstanding Restricted Stock Units (RSUs) decreased to 462,126 from 760,770 in the same period of 2022, reflecting a reduction of approximately 39.2%[45] Other Financial Metrics - Current tax expense for the three months ended March 31, 2023, was $178,977, a decrease from $196,708 in the same period of 2022, indicating a reduction of approximately 9.2%[66] - The fair value change of other liabilities resulted in a loss of $830,924 for the three months ended March 31, 2023, compared to a gain of $282,372 in the previous year[55] - The total non-current assets as of March 31, 2023, were valued at $34,864,001, a slight decrease from $35,035,209 in the previous year[65] - The net book value of intangible assets decreased to $1,309,824 as of March 31, 2023, down from $1,355,709 as of December 31, 2022, a decline of 3.4%[32] - Deferred royalty acquisitions amounted to $114,161 as of March 31, 2023, slightly down from $118,932 as of December 31, 2022[29] - The balance of Level 3 financial instruments increased to $1,893,907 as of March 31, 2023, from $601,715 at the end of 2022[79]