Exhibit 99.1
AcuityAds Holdings Inc.
Condensed Interim Consolidated
Financial Statements
(Unaudited)
Three and Nine Months ended
September 30, 2021 and 2020
(expressed in Canadian dollars)
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(expressed in Canadian dollars)
September 30, 2021 $ | December 31, 2020 $ | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 100,297,463 | 22,638,300 | ||||||
Accounts receivable | 24,525,463 | 31,859,306 | ||||||
Prepaid expenses and other | 3,132,237 | 1,901,067 | ||||||
Investment tax credits receivable | - | 21,922 | ||||||
127,955,163 | 56,420,595 | |||||||
Non-current assets | ||||||||
Property and equipment (note 3) | 5,943,241 | 7,945,110 | ||||||
Intangible assets (note 4) | 3,127,292 | 3,197,953 | ||||||
Goodwill | 4,869,841 | 4,869,841 | ||||||
141,895,537 | 72,433,499 | |||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | 19,816,614 | 23,232,661 | ||||||
Term loans (note 16) | 2,444,544 | 2,481,550 | ||||||
International loans (note 17) | 852,232 | 1,092,297 | ||||||
Lease obligations (notes 5) | 2,248,982 | 2,850,497 | ||||||
25,362,372 | 29,657,005 | |||||||
Non-current liabilities | ||||||||
Term loans (note 16) | 3,964,185 | 5,796,454 | ||||||
International loans (note 17) | 569,522 | 887,932 | ||||||
Lease obligations (notes 5) | 2,577,356 | 4,041,520 | ||||||
32,473,435 | 40,382,911 | |||||||
Shareholders’ Equity (notes 7) | 109,422,102 | 32,050,588 | ||||||
141,895,537 | 72,433,499 |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Income (Loss)
(Unaudited)
(expressed in Canadian dollars)
Three months | Three months | Nine months | Nine months | |||||||||||||
Revenue | ||||||||||||||||
Managed services | 19,320,662 | 18,766,560 | 65,197,665 | 52,724,493 | ||||||||||||
Self-service | 8,164,158 | 7,297,762 | 20,026,969 | 17,112,239 | ||||||||||||
27,484,820 | 26,064,322 | 85,224,634 | 69,836,732 | |||||||||||||
Media costs | 13,232,069 | 12,536,168 | 40,798,761 | 34,011,563 | ||||||||||||
Gross profit | 14,252,751 | 13,528,154 | 44,425,873 | 35,825,169 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 5,260,944 | 5,043,490 | 14,982,171 | 13,623,418 | ||||||||||||
Technology (note 11) | 2,581,090 | 2,943,386 | 9,716,514 | 9,819,590 | ||||||||||||
General and administrative | 2,012,256 | 1,577,519 | 5,439,210 | 4,844,283 | ||||||||||||
Share-based compensation (note 7) | 1,465,706 | 252,335 | 3,954,217 | 485,151 | ||||||||||||
Depreciation and amortization | 1,172,334 | 2,217,626 | 3,816,994 | 6,640,617 | ||||||||||||
12,492,330 | 12,034,356 | 37,909,106 | 35,413,059 | |||||||||||||
Income from operations | 1,760,421 | 1,493,798 | 6,516,767 | 412,110 | ||||||||||||
Finance costs (note 8) | 263,220 | 251,159 | 797,074 | 1,304,195 | ||||||||||||
Foreign exchange (gain) loss | (1,864,926 | ) | 350,743 | (2,599,487 | ) | (530,959 | ) | |||||||||
(1,601,706 | ) | 601,902 | (1,802,413 | ) | 773,236 | |||||||||||
Net income (loss) before income taxes | 3,362,127 | 891,897 | 8,319,180 | (361,126 | ) | |||||||||||
Income taxes (recovery) (note 18) | - | (29,324 | ) | 231,600 | 113,284 | |||||||||||
Net income (loss) for the period | 3,362,127 | 921,221 | 8,087,580 | (474,410 | ) | |||||||||||
Net income (loss) per share (note 9) | ||||||||||||||||
Basic and diluted | 0.06 | 0.02 | 0.14 | (0.01 | ) |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(expressed in Canadian dollars)
Three months ended September 30, 2021 $ | Three months ended September 30, 2020 $ | Nine months ended September 30, 2021 $ | Nine months ended September 30, 2020 $ | |||||||||||||
Net income (loss) for the period | 3,362,127 | 921,221 | 8,087,580 | (474,410 | ) | |||||||||||
Exchange differences on translating foreign operations | (331,401 | ) | (129,637 | ) | 671,363 | 52,098 | ||||||||||
Comprehensive income (loss) for the period | 3,693,528 | 1,058,858 | 7,416,217 | (526,508 | ) |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
For the nine-month periods ended September 30, 2021 and 2020
(expressed in Canadian dollars)
2021 | ||||||||||||||||||||||||||||
Common shares | ||||||||||||||||||||||||||||
Number
| Amount $ | Contributed surplus $ | Warrants $ | Other reserves $ | Deficit $ | Total $ | ||||||||||||||||||||||
Balance – December 31, 2020 | 53,422,024 | 56,983,111 | 7,224,222 | 31,279 | 415,049 | (32,603,073 | ) | 32,050,588 | ||||||||||||||||||||
Shares issued – options exercised | 742,183 | 1,056,189 | - | - | - | - | 1,056,189 | |||||||||||||||||||||
Equity financing (note 7 (b)) | 5,665,025 | 63,955,491 | - | - | - | - | 63,955,491 | |||||||||||||||||||||
Share-based compensation (note 7(c)) | - | - | 3,954,217 | - | - | - | 3,954,217 | |||||||||||||||||||||
Shares issued –Warrants exercised | 39,821 | 61,723 | 31,279 | (31,279 | ) | - | - | 61,723 | ||||||||||||||||||||
Shares issued – DSUs/RSUs exercised (notes 7(d) and 7(e)) | 768,569 | 1,434,848 | (1,434,848 | ) | - | - | - | - | ||||||||||||||||||||
Other comprehensive income | - | - | - | - | 256,314 | - | 256,314 | |||||||||||||||||||||
Net income for the period | - | - | - | - | - | 8,087,580 | 8,087,580 | |||||||||||||||||||||
Balance – September 30, 2021 | 60,637,622 | 123,491,362 | 9,774,870 | - | 671,363 | (24,515,493 | ) | 109,422,102 |
2020 | ||||||||||||||||||||||||||||
Common shares | ||||||||||||||||||||||||||||
Number
| Amount $ | Contributed surplus | Warrants $ | Other reserves $ | Deficit $ | Total $ | ||||||||||||||||||||||
Balance – December 31, 2019 | 47,824,212 | 42,185,794 | 6,954,447 | 2,337,372 | 415,915 | (36,294,063 | ) | 15,599,465 | ||||||||||||||||||||
Shares issued – options exercised | 832,667 | 674,961 | - | - | - | - | 674,961 | |||||||||||||||||||||
Share-based compensation (note 7(c)) | - | - | 485,151 | - | - | - | 485,151 | |||||||||||||||||||||
Warrants issued – term loan (note 16) | - | - | (1,922,271 | ) | - | - | - | (1,922,271 | ) | |||||||||||||||||||
Shares issued – Warrants exercised | 1,140,118 | 1,171,285 | 877,209 | (877,209 | ) | - | - | 1,171,285 | ||||||||||||||||||||
Shares issued – DSUs/RSUs exercised (notes 7(d) and 7(e)) | 664,679 | 566,659 | (566,659 | ) | - | - | - | - | ||||||||||||||||||||
Other comprehensive income | - | - | - | - | (468,013 | ) | - | (468,013 | ) | |||||||||||||||||||
Warrants cancelled and forfeited | - | - | 1,215,128 | (1,215,128 | ) | - | - | - | ||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (474,410 | ) | (474,410 | ) | |||||||||||||||||||
Balance – September 30, 2020 | 50,461,676 | 44,598,699 | 7,043,005 | 245,035 | (52,098 | ) | (36,768,473 | ) | 15,066,168 |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited)
For the nine-month periods ended September 30, 2021 and 2020
(expressed in Canadian dollars)
2021 $ | 2020 $ | |||||||
Cash provided by (used in) | ||||||||
Operating activities | ||||||||
Income (loss) for the period | 8,087,580 | (474,410 | ) | |||||
Adjustments to reconcile net income to net cash flows | ||||||||
Depreciation and amortization | 3,816,994 | 6,640,617 | ||||||
Finance costs (note 8) | 797,074 | 1,304,195 | ||||||
Share-based compensation (note 7(c)) | 3,954,217 | 485,151 | ||||||
Change in non-cash operating working capital | ||||||||
Accounts receivable | 7,333,843 | 14,523,223 | ||||||
Prepaid expenses and other | (1,209,249 | ) | 4,696 | |||||
Investment tax credits receivable | - | 304,821 | ||||||
Accounts payable and accrued liabilities | (3,390,866 | ) | (5,694,479 | ) | ||||
Interest paid – net | (695,976 | ) | (1,102,249 | ) | ||||
18,693,617 | 15,991,564 | |||||||
Investing activities | ||||||||
Additions to property and equipment (note 3) | (779,828 | ) | (3,553,449 | ) | ||||
Additions to intangible assets (note 4) | (964,636 | ) | (351,686 | ) | ||||
(1,744,464 | ) | (3,905,135 | ) | |||||
Financing activities | ||||||||
Amount drawn from revolving line of credit (note 15) | - | 60,154,399 | ||||||
Repayment of revolving line of credit (note 15) | - | (74,138,115 | ) | |||||
Net proceeds from term loans (note 16) | - | 9,205,581 | ||||||
Repayment of term loans principal (note 16) | (1,818,053 | ) | (6,613,249 | ) | ||||
Additions to international loans | 852,486 | 948,897 | ||||||
Repayment of international loans | (1,410,960 | ) | (1,438,323 | ) | ||||
Additions to leases | 358,644 | 2,535,440 | ) | |||||
Repayment of leases | (2,345,510 | ) | (2,520,751 | ) | ||||
Net proceeds from equity financing (note 7) | 63,955,491 | - | ||||||
Proceeds from the exercise of warrants | 61,723 | 1,171,285 | ||||||
Proceeds from the exercise of stock options | 1,056,189 | 674,961 | ||||||
60,710,010 | (10,019,875 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 77,659,163 | 2,066,554 | ||||||
Cash and cash equivalents – Beginning of period | 22,638,300 | 7,407,122 | ||||||
Cash and cash equivalents – End of period | 100,297,463 | 9,473,676 | ||||||
Supplemental disclosure of non-cash transactions | ||||||||
Additions to property and equipment under leases | 447,869 | 2,821,959 |
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
1 | Corporate information |
AcuityAds Holdings Inc. (“AcuityAds” or the “Company”), and its wholly owned subsidiaries AcuityAds Inc., AcuityAds US Inc., 140 Proof Inc., and ADman Interactive S.L.U. (“ADman”), a company that holds certain technology assets, is a leading provider of targeted digital media solutions, enabling advertisers to connect intelligently with their audiences across online display, video, social and mobile campaigns. AcuityAds is a publicly traded company, incorporated in Canada, and its head office is located at 70 University Ave, Suite 1200, Toronto, Ontario M5J 2M4. The Company’s common shares are listed on the Toronto Stock Exchange in Canada, under the trading symbol “AT, and on the Nasdaq Capital Market in the United States, under the trading symbol “ATY”.
Effective January 1, 2020, AcuityAds MM Inc. and Visible Measures Corp were merged into AcuityAds US Inc. and 2422330 Ontario Inc. was amalgamated into AcuityAds Inc.
2 | Summary of significant accounting policies |
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, as applicable to the preparation of interim financial statements, including International Accounting Standard 34 - Interim Financial Reporting. The date the Board of Directors authorized the consolidated financial statements for issue is November 3, 2021.
Basis of presentation
These condensed interim consolidated financial statements are prepared in Canadian dollars, which is the Company’s functional and reporting currency and have been prepared mainly under the historical cost basis. Other measurement bases used are described in the applicable notes.
Significant accounting policies
The disclosures contained in these unaudited condensed interim consolidated financial statements do not include all the requirements of IFRS for annual financial statements. The unaudited condensed interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2020.
The unaudited condensed interim consolidated financial statements are based on accounting policies, as described in note 2 to the 2020 audited annual consolidated financial statements.
Risks and uncertainties
On March 11, 2020, the World Health Organization declared the outbreak of COVID-19, which continues to spread throughout Canada and around the world, as a global pandemic. To date, the Canadian federal and provincial governments as well as businesses have mandated various measures, including: travel restrictions, restrictions on public gatherings and the quarantine of individuals who have been exposed to the virus. COVID-19 and actions taken to mitigate the spread of it have had, and are expected to continue to have, an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates.
1
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including but not limited to the duration and severity of the pandemic and the extent and severity of the impact on the Company’s customers, all of which are uncertain and cannot be predicted. COVID-19 could cause a further and sustained decline in the Company’s share price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause the Company to perform a goodwill or intangible assets impairment test and result in an impairment charge being recorded for that period.
As of the date of issuance of these condensed interim consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity or results of operations is uncertain.
3 | Property and equipment |
Furniture and fixtures $ | Data centre equipment $ | Office computer equipment $ | Equipment under finance leases $ | Total $ | |||||||||||||||||
Net book value – December 31, 2020 | 850,831 | 8,824, | 367,405 | 6,718,050 | 7,945,110 | ||||||||||||||||
Additions | 1,514 | - | 330,445 | 447,869 | 779,828 | ||||||||||||||||
Depreciation | (174,594 | ) | (5,664 | ) | (190,484 | ) | (2,410,955 | ) | (2,781,697 | ) | |||||||||||
Net book value – September 30, 2021 | 677,751 | 3,160 | 507,366 | 4,754,964 | 5,943,241 |
Furniture and fixtures $ | Data centre equipment $ | Office computer equipment $ | Equipment under finance leases $ | Total $ | |||||||||||||||||
Net book value – December 31, 2019 | 373,330 | 21,351 | 482,641 | 6,101,512 | 6,978,834 | ||||||||||||||||
Additions | 663,520 | - | 67,970 | 2,821,959 | 3,553,449 | ||||||||||||||||
Depreciation | (153,196 | ) | (9,561 | ) | (161,552 | ) | (2,621,163 | ) | (2,945,472 | ) | |||||||||||
Net book value – September 30, 2020 | 883,654 | 11,790 | 389,059 | 6,302,308 | 7,586,811 |
2
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
4 | Intangible assets |
Customer relationships $ | Tradename $ | Technology $ | Total $ | ||||||||||||||
Net book value – December 31, 2020 | 52,460 | - | 3,145,493 | 3,197,953 | |||||||||||||
Additions | - | - | 964,636 | 964,636 | |||||||||||||
Amortization | (52,460 | ) | - | (982,837 | ) | (1,035,297 | ) | ||||||||||
Net book value – September 30, 2021 | - | - | 3,127,292 | 3,127,292 |
Customer relationships $ | Tradename $ | Technology $ | Total $ | ||||||||||||||
Net book value – December 31, 2019 | 1,641,517 | 336,548 | 5,763,817 | 7,741,882 | |||||||||||||
Additions | - | - | 387,615 | 387,615 | |||||||||||||
Amortization | (1,206,244 | ) | (274,299 | ) | (2,214,599 | ) | (3,695,142 | ) | |||||||||
Net book value – September 30, 2020 | 435,273 | 62,249 | 3,936,833 | 4,434,355 |
During the nine months ended September 30, 2021, the Company capitalized $964,636 (2020 – $387,615) of development costs relating to revenue generating technology net of any proceeds received from government assistance (see Note 11).
5 | Lease obligations |
The Company has minimum lease payment commitments under leases for the following amounts:
September 30, 2021 $ | December 31, 2020 $ | |||||||
Obligations under leases | 4,826,338 | 6,892,017 | ||||||
Less: Current portion | 2,248,982 | 2,850,497 | ||||||
2,577,356 | 4,041,520 |
$ | |||
2021 | 762,287 | ||
2022 | 2,275,414 | ||
2023 | 1,715,908 | ||
2024 | 621,351 | ||
5,374,960 | |||
Less: Interest | 548,622 | ||
Present value of minimum lease payments | 4,826,338 |
3
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
6 | Related party transactions and balances |
Directors and officers are eligible to participate in the Company’s long-term incentive plans. During the three and nine months ended September 30, 2021, the Company issued nil and nil (2020 – nil and 170,000) stock options to directors and officers of the Company (note 7(c)).
During the three and nine months ended September 30, 2021, the Company issued 9,553 and 107,051 (2020 – 847,475 and 847,475) RSUs to directors and officers of the Company. Of those issued in 2021, 5,269 and 90,494 were granted to officers in lieu of cash bonuses and 4,284 and 16,557 were granted to directors in lieu of director fees.
7 | Share capital and share based payments |
a) | Share capital |
As at September 30, 2021, the Company had an unlimited number of common shares authorized for issuance (2020 – unlimited) and 60,637,622 common shares outstanding (2020 – 50,461,676).
b) | Equity financings |
On December 4, 2020, the Company closed a bought deal offering comprised of 1,968,000 common shares issued from treasury and offered by the Company at a price of $6.10 per share for total gross proceeds of $12,004,800, including the full exercise by the underwriters of the over-allotment option. The offering was completed by a syndicate of underwriters. In consideration for their services, the underwriters received aggregate compensation equal to 6% of the gross proceeds of the offering. The Company incurred additional share issuance costs of $1,386,913 in connection with the offering.
On June 14, 2021, the Company closed a public offering comprised of 5,665,025 common shares issued from treasury and offered by the Company at a price of US$10.15 ($12.25) per share for total gross proceeds to the Company of US$57,500,003 ($69,396,556). The offering was completed by a syndicate of underwriters. In consideration for their services, the underwriters received aggregate compensation equal to 5.5% of the gross proceeds of the offering. The Company incurred additional share issuance costs of $1,640,742 in connection with the offering, which was recorded as a reduction of equity.
c) | Stock Option Plan and Omnibus Incentive Plan |
The Company has a stock option plan (the “Stock Option Plan”), a deferred share unit plan (the “Deferred Share Unit Plan”) and an omnibus long-term incentive plan (the “Omnibus Incentive Plan”). Since the adoption of the Omnibus Incentive Plan by shareholders on June 16, 2020, the Company has stopped issuing new stock options under its Stock Option Plan and new DSUs under its Deferred Share Unit plan. Previously issued stock options and DSUs remain outstanding and are governed by the plans under which they were initially issued.
Under the Stock Option Plan, the Board of Directors granted stock options to employees, officers, directors and consultants of the Company. The expiry date of options granted under the Stock Option Plan typically did not exceed five years from the grant date. The vesting schedule was at the discretion of the Board of Directors and was generally annually over a three-year period. The exercise price of options was equal to the market price per share on the day preceding the grant date.
4
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The Omnibus Incentive Plan allows for a variety of equity-based awards to be granted to officers, directors, employees and consultants (in the case of stock options, performance share units (“PSUs”) and restricted share units (“RSUs”)) and non-employee directors (in the case of deferred share units (“DSUs”)). Stock options, PSUs, RSUs and DSUs are collectively referred to herein as “Awards”. Each Award represents the right to receive common shares, or in the case of PSUs, RSUs and DSUs, common shares or cash, in accordance with the terms of the Omnibus Incentive Plan.
The maximum number of common shares reserved for issuance, in the aggregate, under the Omnibus Incentive Plan, the Stock Option Plan, the Deferred Share Unit Plan of the Company and any other security based compensation arrangement, collectively, is 15% of the aggregate number of common shares issued and outstanding from time to time.
As at September 30, 2021, the Company was entitled to issue a maximum of 9,095,643 equity-based awards, collectively under the Omnibus Incentive Plan, the existing Stock Option Plan, the existing DSU Plan and any other security-based compensation arrangement.
The following table summarizes the continuity of options issued under the Stock Option Plan:
September 30, 2021 | September 30, 2020 | |||||||||||||||
Number of options | Weighted average exercise price $ | Number of options | Weighted average exercise price $ | |||||||||||||
Outstanding – Beginning of year | 1,865,519 | 1.69 | 3,409,886 | 1.45 | ||||||||||||
Granted | 3,333 | 1.06 | 340,000 | 1.53 | ||||||||||||
Forfeited or cancelled | (27,667 | ) | 1.06 | (732,552 | ) | 1.06 | ||||||||||
Exercised | (730,517 | ) | 1.42 | (832,667 | ) | 0.81 | ||||||||||
Outstanding – End of period | 1,110,668 | 1.89 | 2,184,667 | 1.84 | ||||||||||||
Options exercisable – End of period | 883,669 | 1.98 | 1,408,834 | 2.17 |
5
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The following table summarizes the continuity of options issued under the Omnibus Incentive Plan:
September 30, 2021 | September 30, 2020 | |||||||||||||||
Number of options | Weighted average exercise price $ | Number of options | Weighted average exercise price $ | |||||||||||||
Outstanding – Beginning of year | 35,000 | 2.09 | - | - | ||||||||||||
Granted | - | - | 35,000 | 2.09 | ||||||||||||
Forfeited or cancelled | - | - | - | - | ||||||||||||
Exercised | (11,666 | ) | 2.09 | - | - | |||||||||||
Outstanding – End of period | 23,334 | 2.09 | 35,000 | 2.09 | ||||||||||||
Options exercisable – End of period | - | - | - | - | ||||||||||||
During the three and nine months ended September 30, 2021, the Company recorded share-based compensation expense under the Black-Scholes option pricing model, related to stock options granted to employees, officers, directors and consultants of the Company, of $1,465,706 and $3,954,217 (2020 – $252,335 and $485,151).
During the three and nine months ended September 30, 2021, the Company granted nil and 3,333 (2020 – 45,000 and 375,000) stock options to employees, officers, directors and consultants of the Company. Of those options, nil and nil (2020 – 10,000 and 340,000) options were granted to officers or employees of the Company. Nil and 3,333 (2020 – nil and nil) options were granted to consultants as compensation for services rendered.
During the three and nine months ended September 30, 2021, 58,866 and 742,183 options were exercised at a weighted average exercise price of $1.21 and $1.43 per option, for gross proceeds of $71,014 and $1,063,155 (2020 – 742,667 and 832,667 were exercised at a weighted average price of $1.06 and $0.81 for gross proceeds of $604,761 and $674,961).
During three and nine months ended September 30, 2021, the Company granted nil and nil (2020 – 35,000 and 35,000) options under the Omnibus Incentive Plan with a weighted average exercise price of $nil and $nil (2020 – $2.09 and $2.09) to employees, officers, and directors.
During the three and nine months ended September 30, 2021, 11,666 and 11,666 (2020 – nil and nil) options under the Omnibus Incentive Plan were exercised.
6
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
Share-based compensation expense was determined based on the fair value of the options at the date of measurement using the Black-Scholes option pricing model with the weighted average assumptions for options granted during the nine months ended September 30 as follows:
2021 $ | 2020 $ | |||||||
Weighted average grant date fair value of options granted | $ | 1.45 | $ | 1.45 | ||||
Weighted average assumptions used | ||||||||
Expected option life | 5 years | 5 years | ||||||
Risk-free interest rate | 1.45 | % | 1.45 | % | ||||
Expected volatility | 101 | % | 101 | % |
The expected volatility was estimated based on the historical volatility of the Company’s common shares that covers the expected life of the options granted. The expected option life was estimated based on historical data and represents the numbers of years the options are expected to be outstanding. The risk-free rate was estimated based on the Government of Canada marketable bonds with a term that covers the expected life of the options granted.
d) | Deferred share units |
During the three and nine months ended September 30, 2021, the Company issued nil and nil (2020 – nil and 204,008) DSUs to employees, officers, independent directors and consultants of the Company, vesting every year in the measure of one third. During the three and nine months ended September 30, 2021, 72,933 and 508,178 DSUs were exercised (2020 – 62,276 and 664,679).
e) | Restricted share units |
During the three and nine months ended September 30, 2021, the Company issued 122,619 and 354,159 (2020 – 1,089,408 and 1,089,408) RSUs to employees, officers, directors and consultants of the Company. During the three and nine months ended September 30, 2021, 70,577 and 260,391 (2020 – nil and nil) RSUs were exercised.
8 | Finance costs |
Three months ended September 30, 2021 $ | Three months ended September 30, 2020 $ | Nine months ended September 30, 2021 $ | Nine months ended September 30, 2020 $ | |||||||||||||
Finance costs | ||||||||||||||||
Interest on finance leases and other interest | 161,235 | 42,668 | 456,098 | 339,391 | ||||||||||||
Interest and fees on revolving line of credit (note 15) | - | 71,867 | - | 482,349 | ||||||||||||
Interest and fees on term loans (note 16) | 101,985 | 136,624 | 340,976 | 482,455 | ||||||||||||
263,220 | 251,159 | 797,074 | 1,304,195 |
7
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
9 | Net income (loss) per share |
The computations for basic and diluted net income (loss) per share for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three months ended September 30, 2021 $ | Three months ended September 30, 2020 $ | Nine months ended September 30, 2021 $ | Nine months ended September 30, 2020 $ | |||||||||||||
Net income (loss) for the period | 3,362,127 | 921,221 | 8,087,580 | (474,409 | ) | |||||||||||
Weighted average number of shares outstanding – basic and diluted | 60,609,370 | 50,312,701 | 57,614,037 | 49,546,125 | ||||||||||||
Net income (loss) per share – basic and diluted | 0.06 | 0.02 | 0.14 | (0.01 | ) |
Exercisable options to purchase 883,669 common shares (2020 – 1,408,834) and nil warrants (2020 – 318,226) were outstanding as at September 30, 2021. The weighted average numbers of options and warrants were excluded from the calculation of diluted income (loss) per share for the three and nine months ended September 30, 2021 and 2020 because their inclusion would have been anti-dilutive.
10 | Segment information |
The Company’s assets and operations are substantially located in Canada; however, the Company also has employees and customers in the United States and Europe, and generates revenue in each region. Revenue by region for the three and nine months ended September 30, 2021 and 2020 is as follows:
Three months ended September 30, 2021 $ | Three months ended September 30, 2020 $ | Nine months ended September 30, 2021 $ | Nine months ended September 30, 2020 $ | |||||||||||||
United States | 18,508,561 | 19,174,998 | 62,569,389 | 52,435,005 | ||||||||||||
Canada | 4,453,527 | 2,952,045 | 11,338,764 | 7,724,798 | ||||||||||||
Europe and other | 4,522,732 | 3,937,279 | 11,316,481 | 9,676,929 | ||||||||||||
27,484,820 | 26,064,322 | 85,224,634 | 69,836,732 |
During the three and nine months ended September 30, 2021, the Company had one and two customer(s) that represented 6% and 7% (2020 - 10% and 11%) of total revenue.
11 | Government assistance |
During the year ended December 31, 2020, the Company secured a $3,000,000 commitment funding from the National Research Council’s Industrial Research Assistance Program (“IRAP”) that was paid in full between May 2020 and September 2021. In January 2021, the Company secured an additional $500,000 commitment to bring the total commitment to $3,500,000. During the three and nine months ended September 30, 2021, the Company has received $nil and $1,613,892 of this commitment from IRAP, respectively, and these amounts were used to reduce capitalized intangible technology costs on the statement of financial position and technology costs on the condensed interim consolidated statement of income (loss).
8
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
12 | Financial instruments |
Classification of financial instruments
The following table provides the allocation of financial instruments and their associated financial instrument classifications:
Loans and receivables/ financial liabilities (amortized cost) | ||||||||
Measurement basis | September 30, 2021 $ | December 31, 2020 $ | ||||||
Financial assets | ||||||||
Cash and cash equivalents | 100,297,463 | 22,638,300 | ||||||
Accounts receivable | 24,525,463 | 31,859,306 | ||||||
Investment tax credit receivable | - | 21,922 | ||||||
124,822,926 | 54,519,528 |
Loans and receivables/ financial liabilities (amortized cost) | ||||||||
Measurement basis | September 30, 2021 $ | December 31, 2020 $ | ||||||
Financial liabilities | ||||||||
Accounts payable and accrued liabilities | 19,816,614 | 23,232,661 | ||||||
Term loans | 6,408,729 | 8,278,004 | ||||||
International loans | 1,421,754 | 1,980,229 | ||||||
Lease obligations | 4,826,338 | 6,892,017 | ||||||
32,473,435 | 40,382,911 |
9
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
Fair value measurements
The Company provides disclosure of the three-level hierarchy that reflects the significance of the inputs used in making the fair value measurement. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, input tax credit (“ITC”) receivable, revolving line of credit, repayable government grant, accounts payable and accrued liabilities, current portion of finance lease obligations, current portion of contingent consideration and current portion of term loans approximate their fair values given their short-term nature. The carrying value of the non-current liabilities approximates their fair value, given that the difference between the discount rates used to recognize the liabilities in the consolidated statements of financial position and the market rates of interest is not considered significant. The three levels of fair value hierarchy based on the reliability of inputs are as follows:
• | Level 1 – inputs are quoted prices in active markets for identical assets and liabilities; |
• | Level 2 – inputs are based on observable market data, either directly or indirectly other than quoted prices; and |
• | Level 3 – inputs are not based on observable market data. |
There were no transfers of financial assets during the nine months ended September 30, 2021 and 2020 between any of the levels.
13 | Capital risk management |
The Company’s objectives in managing capital are to ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions and to provide returns to its shareholders. The Company defines capital that it manages as the aggregate of its shareholders’ equity, which comprises issued capital, contributed surplus and deficit. The Company manages its capital structure and makes adjustments to it in working capital requirements. In order to maintain or adjust its capital structure, the Company, upon approval from the Board of Directors, may issue shares, repurchase shares, pay dividends or undertake other activities as deemed appropriate under the specific circumstances. The Company is not subject to externally imposed capital requirements, except for certain monthly financial covenants associated with the revolving line of credit as described in note 15.
14 | Financial risk management |
The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s risk management policies on an annual basis. Management identifies and evaluates financial risks and is charged with the responsibility of establishing controls and procedures to ensure that financial risks are mitigated in accordance with the approved policies.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises from the Company’s accounts receivable and cash. As at September 30, 2021, 3 customers each represented 5% of the gross accounts receivable balance of $24,813,425. As at September 30, 2020, one customer represented more than 5% of the gross accounts receivable balance of $24,201,571.
10
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The Company reviews the components of these accounts on a regular basis to evaluate and monitor this risk. The Company’s customers are generally financially established organizations, which limits the credit risk relating to the customers. In addition, credit reviews by the Company take into account the counterparty’s financial position, past experience and other factors.
As at September 30, 2021, the allowance for doubtful accounts was $287,962 (2020 – $500,000). In establishing the appropriate allowance for doubtful accounts, management makes assumptions with respect to the future collectability of the receivables. Assumptions are based on an individual assessment of a customer’s credit quality as well as subjective factors and trends. Overdue accounts as at September 30, 2021 were $3,610,575 (2020 – $3,491,029), which is in the normal course of business. Management believes that the allowance is adequate.
The Company from time to time invests its excess cash in accounts with Schedule I banks, with the objective of maintaining the safety of the principal and providing adequate liquidity to meet current payment obligations and future planned capital expenditures and with the secondary objective of maximizing the overall yield of the portfolio. The Company’s cash as at September 30, 2021 is not subject to external restrictions. Investments must be rated at least investment grade by recognized rating agencies. Given these high credit ratings, the Company does not expect any counterparties to these investments to fail to meet their obligations.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company’s approach to managing liquidity is to ensure, to the extent possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company manages its liquidity risk by continually monitoring forecasted and actual revenue and expenditures and cash flows from operations. Management is also actively involved in the review and approval of planned expenditures. The Company’s principal cash requirements are for principal and interest payments on its debt, capital expenditures and working capital needs. The Company uses its operating cash flows, loans and borrowings and cash balances to maintain liquidity. In the event that future cash flows from operations are lower than expected, the Company may need to seek additional financing, either by issuing additional equity or by undertaking additional borrowings. There is no certainty that additional financing will be available or that it will be available on attractive terms.
The following are the contractual maturities for the financial liabilities:
September 30, 2021 | ||||||||||||||||||||
Carrying amount $ | Total contractual cash flows $ | Less than 1 year $ | 1 to 3 Years $ | >3 years $ | ||||||||||||||||
Accounts payable and accrued liabilities | 19,816,614 | 19,816,614 | 19,816,614 | - | - | |||||||||||||||
Revolving line of credit | - | - | - | - | - | |||||||||||||||
International Loans | 1,421,754 | 1,421,754 | 852,232 | 569,522 | - | |||||||||||||||
Term Loans | 6,408,729 | 6,747,467 | 2,444,544 | 4,302,923 | - | |||||||||||||||
Lease Obligation | 4,826,338 | 5,374,960 | 2,248,982 | 3,125,978 | - | |||||||||||||||
32,473,435 | 33,360,795 | 25,362,372 | 7,998,423 | - |
11
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
December 31, 2020 | ||||||||||||||||||||
Carrying amount $ | Total contractual cash flows $ | Less than 1 year $ | 1 to 3 Years $ | >3 years $ | ||||||||||||||||
Accounts payable and accrued liabilities | 23,232,661 | 23,232,661 | 23,232,661 | - | - | |||||||||||||||
Revolving line of credit | - | - | - | - | - | |||||||||||||||
International Loans | 1,980,229 | 1,980,229 | 1,092,297 | 887,932 | - | |||||||||||||||
Term loans | 8,278,004 | 8,710,774 | 2,481,550 | 6,229,224 | - | |||||||||||||||
Lease Obligation | 6,892017 | 7,315,497 | 3,366,199 | 3,949,298 | ||||||||||||||||
40,382,911 | 41,239,161 | 30,172,707 | 11,066,454 |
Interest rate risk
Interest rate risk is the risk of financial loss to the Company if interest rates increase on interest-bearing instruments. The revolving line of credit bears interest at 4.6%. The term loans bear interest at a fixed rate of 3.85%, which the Company believes is consistent with market interest rates for this type of debt.
Foreign exchange or currency risk
The Company is exposed to foreign exchange risk from purchase transactions, as well as recognized financial assets and liabilities denominated in U.S. dollars. The Company’s main objective in managing its foreign exchange risk is to maintain U.S. cash on hand to support US forecasted obligations and cash flows. To achieve this objective, the Company monitors forecasted cash flows in foreign currencies and attempts to mitigate the risk by modifying the nature of cash held.
If a shift in foreign currency exchange rates of 10% were to occur, the foreign exchange gain or loss on the Company’s net monetary assets could change by approximately $10,166,120 due to the fluctuation and this would be recorded in the consolidated statements of comprehensive loss.
Balances held in U.S. dollars are as follows in CAD:
September 30, 2021 $ | December 31, 2020 $ | |||||||
Cash | 94,725,017 | 9,255,266 | ||||||
Accounts receivable | 18,116,700 | 24,011,673 | ||||||
Accounts payable | 11,180,521 | 14,547,342 |
12
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
15 | Revolving line of credit |
The Company currently has a revolving line of credit with Silicon Valley Bank (“SVB”). The line of credit has been amended several times in 2016, 2018, and 2019. Currently the line of credit has a maximum borrowing availability of US$18 million ($22 million). Actual availability from time to time depends on the Company’s borrowing base at such time.
Most recently on December 24, 2020, the Company and SVB agreed to amend the applicable interest rate on the line of credit to the greater of prime plus 1.35% and 4.60%. At September 30, 2021, the prime rate was 3.25%. The line of credit is secured by a general security agreement, an assignment of ITCs and a pledge of all shares of any direct or indirect subsidiary of the Company.
The following table outlines the activity of the line of credit during the nine months ended September 30, 2021 and 2020:
$ | ||||
Amortized cost – January 1, 2021 | - | |||
Amount drawn from revolving line of credit | - | |||
Principal amount repaid | - | |||
Accrued interest on revolving line of credit | - | |||
Payment of interest on revolving line of credit | - | |||
Foreign exchange differences | - | |||
Amortized cost – September 30, 2021 | - |
$ | ||||
Amortized cost – January 1, 2020 | 15,384,498 | |||
Amount drawn from revolving line of credit | 60,154,399 | |||
Principal amount repaid | (74,138,115 | ) | ||
Accrued interest on revolving line of credit | 482,349 | |||
Payment of interest on revolving line of credit | (393,599 | ) | ||
Foreign exchange differences | 792,616 | |||
Amortized cost – September 30, 2020 | 2,282,148 |
During the nine months ended September 30, 2021, transaction costs incurred relating to the line of credit were $nil (2020 – $nil). All transaction costs have been capitalized and deferred. These deferred transaction costs are being amortized over the term of the agreement under the effective interest method and are included in finance costs.
16 | Term loans |
On June 15, 2018, all outstanding principal balances related to previous term loans were repaid and the Company obtained a new $7,263,000 term loan (the “2018 Loan”) from a group of private lenders (the “Lenders”). The 2018 Loan was made pursuant to a credit agreement dated June 15, 2018, between the Company and various Lenders, including several individuals who are non-arms length to the Company (the “NAL Lenders”). The NAL Lenders included several officers and directors of the Company who funded an aggregate of $2,263,000 of the 2018 Loan.
13
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The 2018 Loan was subordinate to the Company’s existing line of credit with SVB and had a term of two years. The 2018 Loan accrued interest at the rate of 12.0% per annum and the Lenders were issued an aggregate of 2,420,990 warrants (the “Warrants”) as bonus warrants in connection with the 2018 Loan. Each Warrant entitled the Lender to acquire one common share for a period of two years at an exercise price of $1.01 per common share, which represented the closing price of the common shares on June 14, 2018. At the time of issuance, the 2,420,990 Warrants had a fair value of $0.46 per Warrant. The fair value of the Warrants was determined using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate of 2.18%, expected volatility of 98%, expected life of 1.75 years and expected dividends of $nil.
Transaction costs incurred in securing the 2018 Loan were $256,403. Included in that amount are nominal fees that the Company agreed to pay to two eligible parties assisting in the 2018 Loan. All transaction costs were capitalized and deferred. These deferred transaction costs are being amortized over the term of the agreement under the effective interest rate method and included in the finance costs.
Fifty percent of the principal portion of the 2018 Loan was to be repaid in ten equal quarterly installments beginning January 1, 2019. The remaining 50% of the 2018 Loan was to be paid at maturity.
On March 31, 2019, the Company entered into an amending agreement to its credit agreement dated June 15, 2018, whereby the maturity date of the 2018 Loan was extended from June 15, 2020 to June 15, 2021.
On April 12, 2020, the Company borrowed US$5,400,000 from SVB in the form of a secured term loan that expires April 1, 2024 (the “Secured Term Loan”), and bears interest at the annual rate equal to the greater of (i) prime plus 2.0% and (ii) 6.75%. All transaction costs related to the Secured Term Loan have been capitalized and deferred and are being amortized over the term of the Secured Term Loan under the effective interest rate method and included in finance costs.
On April 17, 2020, all outstanding principal balances related to the 2018 Loan were repaid in the amount of $5,144,625 and the Company incurred an early repayment penalty of 2.5% totalling $128,616. During the year ended December 31, 2020, $372,188 of transaction costs were incurred securing the Secured Term Loan. All transaction costs have been capitalized and deferred. These deferred transaction costs are being amortized over the term of the agreement under the effective interest method and included in finance costs.
On November 9, 2020, the Company and SVB agreed to increase the availability under the Secured Term Loan by additional US$2,350,000 to a total of US$7,750,000.
On December 24, 2020, the Company and SVB agreed to amend the applicable interest rate of the Secured Term Loan to the greater of prime plus 1.50% and 4.75%. At December 31, 2020, the prime rate was 3.25%.
On May 4, 2021, the Company and SVB agreed to amend the applicable interest rate of the Secured Term Loan to the greater of prime plus 0.60% and 3.85%. At September 30, 2021, the prime rate was 3.25%.
On May 5, 2020, the Company secured a loan of US$1,390,294 ($1,816,836) pursuant to the Paycheck Protection Program as part of the United States’ Coronavirus Aid, Relief and Economic Security Act. On October 12, 2020, the Company applied for the loan forgiveness in accordance with the terms of that program, and the loan was fully forgiven on November 25, 2020. The total loan of US$1,390,294 ($1,816,836) was used to reduce salary costs on the statement of income (loss), $1,282,208 for sales and marketing costs, $465,481 for technology costs, and $69,147 for general and administrative costs.
14
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
The following table outlines the activity of the term loans during the nine months ended September 30, 2021 and 2020:
$ | ||||
Amortized cost – January 1, 2021 | 8,278,004 | |||
Accrued interest | 340,976 | |||
Payment of interest | (239,878 | ) | ||
Principal amount repaid | (1,818,053 | ) | ||
Exchange | (152,320 | ) | ||
Balance – September 30, 2021 | 6,408,729 |
$ | ||||
Amortized cost – January 1, 2020 | 3,452,331 | |||
Accrued interest | 482,455 | |||
Payment of interest | (369,259 | ) | ||
Principal amount repaid | (6,613,249 | ) | ||
Exchange | (193,781 | ) | ||
Adjustment for warrants granted for repaid term loan | 1,922,271 | |||
Amounts borrowed – net of costs and warrants issued | 9,135,921 | |||
Balance – September 30, 2020 | 7,816,689 |
17 | International loans |
On June 15, 2018, as a part of the acquisition of ADman, the Company assumed various government and bank loans and lines of credits.
Term loans
The interest rate and maturity date of each of the unsecured term loans held and the activity during the nine months ended September 30, 2021 and 2020 are set out in the table below.
15
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
Line of credit
The line of credit is secured against the Company’s accounts receivable. The interest rate and term date of line of credit held and the activity during the nine months ended September 30, 2021 and 2020 are set out in the table below:
Balance – January 1, 2021 $ | Amount drawn $ | Principal amount repaid $ | Balance – September 30 2021 $ | Interest rate % | Maturity date | |||||||||||||||||
Term Loans | ||||||||||||||||||||||
Bankinter | 20,054 | - | 20,054 | - | 2.75 | % | May 20, 2021 | |||||||||||||||
Banco Sabadell | 29,346 | - | 29,346 | - | 3.25 | % | October 15, 2021 | |||||||||||||||
Bankinter | 119,770 | - | 57,074 | 62,696 | 2.35 | % | August 17, 2022 | |||||||||||||||
Banco Sabadell | 67,648 | - | 28,744 | 38,904 | 4.60 | % | October 20, 2022 | |||||||||||||||
Santander | 353,658 | - | 113,526 | 240,132 | 2.53 | % | May 18, 2023 | |||||||||||||||
Bankinter_ICO 2020 | 53,580 | 71,096 | 28,368 | 96,308 | 2.25 | % | May 22, 2024 | |||||||||||||||
Santander _ ICO | 390,200 | - | 37,607 | 352,593 | 2.03 | % | April 8, 2025 | |||||||||||||||
Sabadell_ICO 2020 | 156,082 | - | 12,082 | 144,000 | 1.75 | % | May 21, 2025 | |||||||||||||||
Santander | - | 1,623 | 1,623 | - | 1.45 | % | July 31, 2021 | |||||||||||||||
CDTI | 125,167 | - | 33,215 | 91,952 | 3.00 | % | December 31, 2022 | |||||||||||||||
1,315,505 | 72,719 | 361,639 | 1,026,585 | |||||||||||||||||||
Line of credit | ||||||||||||||||||||||
Bankinter | 7,554 | 23,763 | 31,317 | - | 2.65 | % | July 17, 2021 | |||||||||||||||
Bankinter | 120,141 | 28,916 | 120,141 | 28,916 | Euribor + 2,25 | May 19, 2022 | ||||||||||||||||
Santander | 525,890 | 664,402 | 824,038 | 366,254 | Euribor + 1,95 | April 16, 2023 | ||||||||||||||||
Banco Sabadell | - | 62,686 | 62,686 | - | 1.75 | % | May 21, 2023 | |||||||||||||||
Bankia | 11,139 | - | 11,139 | - | 2.90 | % | August 6, 2023 | |||||||||||||||
664,724 | 779,767 | 1,049,321 | 395,170 | |||||||||||||||||||
Total | 1,980,229 | 852,486 | 1,410,960 | 1,421,755 |
Balance – January 1, 2020 $ | Amount drawn $ | Principal amount repaid $ | Balance – September 30, 2020 $ | Interest rate % | Maturity date | |||||||||||||||||
Term Loans | ||||||||||||||||||||||
Bankinter | 80,322 | - | 39,436 | 40,886 | 2.75 | May 20, 2021 | ||||||||||||||||
La Caixa | 24,305 | - | 24,305 | - | 1.96 | June 1, 2020 | ||||||||||||||||
Santander | 508,026 | - | 79,075 | 428,951 | 2.53 | May 18, 2023 | ||||||||||||||||
Banco Sabadell | 106,025 | - | 21,039 | 84,986 | 4.60 | October 20, 2021 | ||||||||||||||||
Bankinter | 197,310 | - | 44,016 | 153,294 | 2.35 | August 17, 2022 | ||||||||||||||||
Banco Sabadell | 21,918 | 70,340 | 92,258 | - | 3.25 | October 15, 2022 | ||||||||||||||||
Santander | - | 390,775 | - | 390,775 | 2.03 | April 8, 2025 | ||||||||||||||||
Bankinter | - | 58,114 | 992 | 57,122 | 2.35 | May 22, 2024 | ||||||||||||||||
Banco Sabadell | - | 156,310 | - | 156,310 | 1.75 | May 21, 2025 | ||||||||||||||||
Banco Sabadell | 69,193 | - | 24,836 | 44,357 | 3.25 | October 15, 2022 | ||||||||||||||||
CDTI | 159,258 | 11,445 | - | 170,703 | 3.00 | December 31, 2020 | ||||||||||||||||
Avanza 2014 | 270,409 | - | 270,409 | - | 3.00 | December 20, 2020 | ||||||||||||||||
1,436,766 | 686,984 | 596,366 | 1,527,384 | |||||||||||||||||||
Line of credit | ||||||||||||||||||||||
Banco Sabadell | 85,045 | 143,517 | 134,267 | 94,295 | 1.75 | May 21, 2023 | ||||||||||||||||
Bankinter | 92,177 | 13,578 | 42,808 | 62,947 | Euribor + 2.25 | May 19, 2022 | ||||||||||||||||
Santander | - | 21,319 | 21,319 | - | 2.12 | May 31, 2021 | ||||||||||||||||
Santander | 524,066 | 530,318 | 532,372 | 522,012 | Euribor + 1,95 | April 16, 2023 | ||||||||||||||||
Bankinter | 129,794 | 44,149 | 173,943 | - | 1.75 | July 23, 2020 | ||||||||||||||||
Santander | 175,571 | - | 175,571 | - | Euribor + 1,75 | April 25, 2021 | ||||||||||||||||
1,006,653 | 752,881 | 1,080,280 | 679,254 | |||||||||||||||||||
Total | 2,443,419 | 1,439,865 | 1,676,646 | 2,206,638 |
16
AcuityAds Holdings Inc.
Notes to Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021 and 2020
(expressed in Canadian dollars)
18 | Income taxes |
Income tax expense is recognized based on management’s estimate of the weighted average annual income tax rate expected for the full financial year.
17