This press release includes references to "Working Capital", "EBITDA", "Adjusted EBITDA" and "Normalized Net Income" $(NNI)$, which are not defined under International Financial Reporting Standards (IFRS). The intent of these non-IFRS measures is to provide additional useful information to investors and analysts. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other entities. As such, these non-IFRS measures should not be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS.

Working Capital is defined as current assets less current liabilities as reported on SSC's consolidated statements of financial position. Working Capital is considered as a useful measure by management of SSC to indicate SSC's ability to service its short-term financial obligations with short-term assets.

EBITDA is calculated as income before interest, taxes, depreciation and amortization expenses. EBITDA is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of capital structure, taxation and depreciation, but may not be appropriate for other purposes.

Adjusted EBITDA is calculated as EBITDA less the sale of SSC's facility and settlement payment(s), plus the acquisition of Dash Capital Corp. and share compensation expense. Adjusted EBITDA is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of certain non-operating items.

Normalized Net Income (NNI) is calculated as income less the sale of SSC's facility and settlement payment(s), plus the acquisition of Dash Capital Corp. and share compensation expense. Normalized Net Income is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of certain non-operating items.

The following table reconciles current assets and current liabilities to Working Capital:

 
As at,                Sep 30, 2024  Sep 30, 2023  Dec 31, 2024  Dec 31, 2023 
 
Current assets          19,983,394     7,511,840     8,419,131     8,419,131 
Current liabilities      6,767,395     3,865,228     4,163,379     4,725,252 
Working Capital         11,610,122     3,646,612     4,255,752     3,693,879 
 

The following table reconciles net income (loss) to EBITDA:

 
                        Three months ended          Twelve months ended 
                        Sep 30, 2024  Sep 30, 2023  Dec 31, 2023  Dec 31, 2022 
 
Net and comprehensive 
 (loss) 
 income                      424,446       121,216     1,040,316   (1,683,799) 
Add (deduct): 
Depreciation and 
 amortization                 27,409        12,590        48,207       229,854 
Net interest (income) 
 expense                      53,654        66,520       313,324       261,995 
EBITDA                       505,509       200,326     1,401,847   (1,191,950) 
 

The following table reconciles net income (loss) to Adjusted EBITDA:

 
                        Three months ended          Twelve months ended 
                        Jun 30, 2024  Jun 30, 2023  Dec 31, 2023  Dec 31, 2022 
 
Net and comprehensive 
 (loss) 
 income                      424,446       121,216     1,040,316   (1,683,799) 
Add (deduct): 
Depreciation and 
 amortization                 27,409        12,590        48,207       229,854 
Net interest (income) 
 expense                      53,654        66,520       313,324       261,995 
Gain on settlement          (15,212)             -             -             - 
Gain on disposal                   -             -     (417,814)             - 
Restructuring costs          225,348             -             -             - 
Acquisition of Dash 
 Capital                           -             -     1,043,909             - 
Share compensation 
 expense                     288,897        69,682       218,984        48,607 
Adjusted EBITDA            1,004,542       270,008     2,246,926   (1,143,343) 
 

The following table reconciles net income (loss) to Normalized Net Income:

 
                        Three months ended          Twelve months ended 
                        Sep 30, 2024  Sep 30, 2023  Dec 31, 2023  Dec 31, 2022 
 
Net and comprehensive 
 (loss) 
 income                      424,446       121,216     1,040,316   (1,683,799) 
Add (deduct): 
Gain on settlement          (15,212)             -             -             - 
Gain on disposal                   -             -     (417,814)             - 
Restructuring costs          225,348             -             -             - 
Acquisition of Dash 
 Capital                           -             -     1,043,909             - 
Share compensation 
 expense                     288,897        69,682       218,984        48,607 
Adjusted Net and 
 comprehensive 
 (loss) income               923,479       190,898     1,885,395   (1,635,192) 
 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Simply Solventless Concentrates Ltd.

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/CONTACT:

Simply Solventless Concentrates Ltd., Jeff Swainson, President and CEO, Phone: 403-796-3640, Email: jeff@simplysolventless.ca

Copyright CNW Group 2024 
 

(END) Dow Jones Newswires

November 21, 2024 07:00 ET (12:00 GMT)