Revenue and Sales Performance - For the three months ended September 30, 2022, the company reported revenue from product sales of CAD 4,987,671, a decrease of 1.26% compared to CAD 5,051,302 for the same period in 2021[13]. - For the nine months ended September 30, 2022, total revenue was CAD 16,999,301, representing a 26.5% increase from CAD 13,478,181 in the same period of 2021[13]. - For the nine months ended September 30, 2022, total sales of produced goods amounted to CAD 20,244,954, a significant increase from CAD 14,914,698 in the same period of 2021, representing a growth of approximately 35.5%[64]. - The company reported a total revenue of CAD 4,987,670 for the three months ended September 30, 2022, compared to CAD 5,051,302 for the same period in 2021, indicating a slight decrease of about 1.3%[64]. - The largest customer accounted for 80% of the company's revenue for the nine months ended September 30, 2022, up from 79% in 2021, while the second largest customer contributed 8%[66]. - The company’s trading revenue from natural gas for the nine months ended September 30, 2022, was CAD 319,305, compared to CAD 144,243 in the same period of 2021, marking an increase of approximately 121%[64]. Financial Performance - The net income for the three months ended September 30, 2022, was CAD 4,066,730, down from CAD 4,522,915 in the same period of 2021, indicating a decline of 10.1%[13]. - The basic and diluted earnings per share for the nine months ended September 30, 2022, was CAD 0.02, compared to a loss of CAD 0.01 in the same period of 2021[13]. - For the three months ended September 30, 2022, the company reported a net loss of CAD 1.60 million, with a basic and diluted loss per share of CAD (0.00) compared to a profit of CAD 1.51 million and earnings per share of CAD 0.00 for the same period in 2021[73]. - For the nine months ended September 30, 2022, the company reported a net income of CAD 6.75 million, with earnings per share of CAD 0.02, compared to a net loss of CAD (3.26) million and a loss per share of CAD (0.01) for the same period in 2021[73]. - Financial expenses totaled CAD 2,405,428 for the nine months ended September 30, 2022, down from CAD 3,754,464 in the same period of 2021, reflecting a decrease of approximately 36%[70]. Assets and Liabilities - The company's total liabilities as of September 30, 2022, amounted to CAD 41,797,302, a decrease of 12.5% from CAD 47,968,368 at the end of 2021[10]. - The total assets of the company increased to CAD 60,790,710 as of September 30, 2022, compared to CAD 52,982,177 at the end of 2021, reflecting a growth of 14.5%[11]. - The company’s total equity increased to CAD 18,993,408 as of September 30, 2022, from CAD 5,013,809 at the end of 2021, marking a substantial increase[10]. - The company’s total liabilities included a repayment of CAD 5,000,000 during the nine months ended September 30, 2022[18]. - The company’s net debt as of September 30, 2022, was CAD 36,503,526, a decrease from CAD 42,329,628 as of December 31, 2021[94]. Cash Flow and Capital Expenditures - The company reported operating costs of CAD 5,061,271 for the three months ended September 30, 2022, significantly higher than CAD 1,730,104 for the same period in 2021[13]. - The company incurred capital expenditures of CAD 6,143,475 for property, plant, and equipment during the nine months ended September 30, 2022[18]. - The operating cash flow for the nine months ended September 30, 2022, was CAD 8,092,291, compared to CAD 1,289,438 for the same period in 2021[18]. - The company’s capital expenditures amounted to CAD 1.020 million in Q3 2022, compared to CAD (93) thousand in Q4 2021[111]. Debt and Financing - The company has drawn down CAD 15 million from its subordinated debt financing due on May 15, 2023[24]. - The company made total principal payments of CAD 5.0 million in the second quarter of 2022, fulfilling its obligations under the 2022 restructuring agreement[26]. - The company has waived certain financial covenants under its debt agreements, which may impact its ability to secure future financing[26]. - The company agreed to restructure its loan agreement on March 11, 2022, with a total principal repayment obligation of CAD 5 million by September 30, 2022, and an additional CAD 1 million by March 31, 2023[178]. Production and Operational Metrics - Average daily production of natural gas was 10,500 thousand cubic feet per day in Q3 2022, showing an increase from previous quarters[111]. - The average daily sales volume was 1,887 barrels of oil equivalent per day in Q3 2022, compared to 1,863 barrels in Q4 2021[111]. - The company’s total production for the nine months ending September 30, 2022, was 2,742 barrels of oil equivalent per day, a 21% increase from 2,271 barrels per day in the same period of 2021[119]. Tax and Regulatory Matters - The average royalty tax rate for the company was 22% for the three months and 17% for the nine months ended September 30, 2022, reflecting increases of 107% and 72% compared to the same periods in 2021[137]. - The company expects its actual royalty tax rate for the remainder of 2022 to be between 15% and 20%, benefiting from the modernization framework in Alberta[139]. Management and Corporate Governance - Total compensation for key management personnel for the three months and nine months ended September 30, 2022, was CAD 0.26 million and CAD 0.75 million, respectively, compared to CAD 0.20 million and CAD 0.60 million for the same periods in 2021[76]. - The company has not declared or paid any dividends since its establishment, focusing on maintaining financial flexibility and capital management[93]. Risks and Uncertainties - The company has significant uncertainty regarding its ability to continue as a going concern, dependent on generating positive cash flow from operations and obtaining financing[27]. - The company faces liquidity risk, with total financial liabilities amounting to CAD 39.88 million, with various due dates outlined[85].
吉星新能源(03395) - 2022 Q3 - 季度财报