VANCOUVER, BC, April 23, 2021 /CNW/ - mCloud
Technologies Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud"
or the "Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, wishes to provide the following financial update
following the recent completion of its fully-subscribed overnight
marketed offering for gross proceeds of $14,490,000, which is being provided for the
purposes of satisfying certain NASDAQ listing requirements. The
pro-forma financial information presented below should be read in
conjunction with the Company's consolidated financial statements
and notes thereto for the year ended December 31, 2020, which are available on the
Company's profile on SEDAR at www.sedar.com:
Proforma Balance Sheet
|
April-20
|
December-31
|
|
2021
|
2020
|
|
Proforma/Unaudited
|
Audited
|
|
$
|
$
|
ASSETS
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$
|
14,365,483
|
$
|
1,110,889
|
Trade and other
receivables
|
8,389,248
|
6,747,463
|
Contract asset -
current
|
149,652
|
153,178
|
Prepaid expenses and
deposits
|
2,024,962
|
1,326,319
|
Current portion of
long-term receivables
|
5,340,463
|
5,857,386
|
Total current
assets
|
$
|
30,269,808
|
$
|
15,195,235
|
Non-current
assets
|
|
|
Contract asset -
non-current
|
$
|
161,716
|
$
|
161,716
|
Prepaid expenses and
deposits - NC
|
718,731
|
718,731
|
Long-term
receivables
|
2,389,975
|
2,091,059
|
Right-of-use
assets
|
3,547,000
|
3,660,717
|
Property and
equipment
|
420,000
|
506,387
|
Derivative
asset
|
131,400
|
131,400
|
Intangible
assets
|
26,511,000
|
27,766,839
|
Goodwill
|
27,052,000
|
27,086,727
|
Total non-current
assets
|
$
|
60,931,822
|
$
|
62,123,576
|
Total
assets
|
$
|
91,201,630
|
$
|
77,318,811
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
Current
liabilities
|
|
|
Bank
indebtedness
|
$
|
989,480
|
$
|
976,779
|
Trade payables and
accrued liabilities
|
10,272,000
|
12,078,028
|
Deferred
revenue
|
1,863,680
|
1,771,120
|
Due to related
party
|
827,654
|
846,228
|
Loans and
borrowings
|
3,726,000
|
4,149,092
|
Warrant
liabilities
|
562,240
|
710,924
|
Current portion of
lease liabilities
|
788,000
|
835,472
|
Other liabilities -
current
|
0
|
5,285,997
|
Business acquisition
payable
|
1,416,920
|
1,594,297
|
|
|
|
Total current
liabilities
|
$
|
20,445,974
|
$
|
28,247,937
|
|
|
|
Non-current
liabilities
|
|
|
Convertible
debentures
|
$
|
31,374,085
|
$
|
19,534,988
|
Lease
liabilities
|
2,929,000
|
3,109,604
|
Loans and borrowings -
NC
|
9,735,000
|
9,953,626
|
Deferred income tax
liability
|
4,168,905
|
4,168,905
|
Business acquisition
payable - non-current
|
821,560
|
845,232
|
Total
liabilities
|
$
|
69,474,524
|
$
|
65,860,292
|
|
|
|
EQUITY
|
|
|
Share
capital
|
$
|
97,610,611
|
$
|
83,120,611
|
Contributed
surplus
|
8,965,000
|
8,518,476
|
Accumulated other
comprehensive income (loss)
|
1,980,231
|
1,669,596
|
Deficit
|
(90,494,606)
|
(85,686,366)
|
|
|
|
Equity attributable
to shareholders
|
$
|
18,061,236
|
$
|
7,622,317
|
Non-controlling
interest
|
3,665,870
|
3,836,202
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
91,201,630
|
$
|
77,318,811
|
Non-Brokered Financing
The Company also announces that it will no longer be proceeding
with its previously announced non-brokered unit offering.
About mCloud Technologies Corp.
mCloud is unlocking the untapped potential of energy intensive
assets with AI and analytics, curbing energy waste, maximizing
energy production, and getting the most out of critical energy
infrastructure. Through mCloud's AI-powered AssetCare™ platform,
mCloud offers complete asset management solutions for commercial
buildings, renewable energy, healthcare, heavy industry, and
connected workers. IoT sensors bring data from connected assets
into the cloud, where AI and analytics are applied to maximize
their performance.
Headquartered in Canada with
offices worldwide, the mCloud family includes an ecosystem of
operating subsidiaries that deliver high-performance IoT, AI, 3D,
and mobile capabilities to customers, all integrated into
AssetCare. With over 100 blue-chip customers and more than 59,000
assets connected in thousands of locations worldwide, mCloud is
changing the way energy assets are managed.
mCloud's common shares trade on the TSXV under the symbol MCLD
and on the OTCQB under the symbol MCLDF. mCloud's convertible
debentures trade on the TSXV under the symbol MCLD.DB. For more
information, visit www.mcloudcorp.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities laws. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only the Company's beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently
uncertain and outside of the Company's control. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved". The
forward-looking information contained herein includes, but is not
limited to, certain pro-forma financial information of the
Company.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to a number of risks including, without limitation, the
risks discussed under the heading "Risk Factors" in the Company's
annual information form dated April 12,
2021. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking information
and forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. A
number of risks, uncertainties and other factors could cause actual
results to differ materially from the results discussed in the
forward-looking information contained herein.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions, including, but not limited to
the following: the Company will remain in compliance with
regulatory requirements; the Company will have sufficient working
capital and will, if necessary, be able to secure additional
funding necessary for the continued operation and development of
its business; key personnel will continue their employment with the
Company and the Company will be able to obtain and retain
additional qualified personnel, as needed, in a timely and cost
efficient manner; and general economic conditions and global
events, including the impact of COVID-19.
Although the Company believes that the assumptions and factors
used in preparing, and the expectations contained in, the
forward-looking information and statements are reasonable, undue
reliance should not be placed on such information and statements,
and no assurance or guarantee can be given that such
forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither 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 mCloud Technologies Corp.