Charge Enterprises Announces Third Quarter 2021 Financial Results
Charge Enterprises reported Q3 revenue of $117.1 million with a net loss of $25.2 million or $0.17 per share, primarily due to non-cash charges amounting to $27.4 million. The company focused on enhancing its leadership team and optimizing processes to support growth in EV charging and 5G infrastructure. Charge is actively working towards a Nasdaq listing to broaden visibility and liquidity. The recent infrastructure bill includes a $7.5 billion investment for national EV charger networks, aligning with Charge's core business strategies aimed at capitalizing on the growing market for both EV and 5G technologies.
- Q3 revenue of $117.1 million indicates significant business activity.
- Strategic hires including Mark LaNeve as President and Leah Schweller as CFO enhance leadership capabilities.
- The integration of ANS Advanced Network Services is progressing, improving service offerings.
- Market opportunity is strong in the EV and 5G infrastructure sectors, projected to exceed $224 billion by 2028.
- Charge Powerbanks service has secured nearly 75 contracts, expanding market reach.
- Net loss of $25.2 million raises concerns about profitability.
- Significant non-cash charges of $27.4 million may indicate operational inefficiencies.
Q3 Revenue of
Strengthening Team and Processes to Support Strategic Execution
NEW YORK, NY / ACCESSWIRE / November 18, 2021 / Charge Enterprises Inc. (OTC PINK:CRGE) ("Charge"), consisting of a portfolio of global businesses with the vision of connecting people everywhere with communications and electric-vehicle charging ("EV") infrastructure, today reported its financial results for the three-month period and nine-month period ended September 30, 2021.
Third Quarter 2021 Results - Selected Financial Information
"Charge made considerable progress in Q3, strengthening and growing the leadership team, streamlining our processes and engaging with customers across a variety of industry sectors, to provide seamless solutions addressing infrastructure requirements for mobility and connectivity while delivering a reliable, safe, ecosystem positioned for flexibility and scalability," said Charge's Chairman and CEO Andrew Fox. "Our newly-named President Mark LaNeve and Charge's new CFO, Leah Schweller, along with Charge's leadership team, are transforming the operations and organizing the skill teams to continue developing the deployment for Electric Vehicle (EV) Charging and 5G wireless network infrastructure. We are being deliberate and careful as we construct our team and build internal public company processes to simultaneously tackle the challenges of pioneering a new industry and identify and procure the resources required for today's mobility and wireless data transmission, therefore effectuating these cross-over industry infrastructures to move and connect people for future use cases. Our goal is to be the trusted global infrastructure partner for 5G wireless network and intelligent sites as well as EV Charging."
Reported results include: TransWorld Enterprises, Inc., acquired on May 8, 2020; GetCharged, Inc., acquired on October 12, 2020; PTGI International Carrier Services, Inc., acquired on October 31, 2020; and ANS Advanced Network Services ("ANS") on May 21, 2021, and are therefore not comparable to year-ago periods.
Third quarter revenue was
Gross margin for the third quarter improved due to the inclusion of a full quarter of ANS operations. Charge's operating units continue to generate operating income, which was offset by corporate personnel expansion, in preparation for Charge's anticipated growth.
As of September 30,2021, Charge held
Please see Charge Enterprises' financial statements for the quarter ended September 30, 2021 filed with the OTC Markets for further details of the financials. Note the quarterly financial statements for March 31, 2021 and June 30, 2021 were refiled with the OTC Markets on November 12, 2021.
"The growth trajectory within the EV Charging industry is highly underestimated and the value proposition that Charge's bespoke, hardware and software agnostic solution provides, has proven a differentiator to our targeted clients," said Mr. Fox, "our customized infrastructure process enables them to optimize a solution for installation that aligns with their business goals as they embrace the EV revolution."
Key Recent Highlights
- ANS Advanced Network Services (ANS) integration is progressing. The synergies between the processes for 5G Wireless Networks, Intelligent site solutions, and EV Charging infrastructure are creating a value proposition for clients, enabling them to have a one-stop solution for both their Wireless Network needs as well as EV Charging ecosystem installations. The process and resources for infrastructure build-out are: Design and Engineering, Equipment selection and sourcing, Planning and Installation, Software selection and sourcing, Remote Maintenance and Monitoring. This fluid combination gives Charge a distinct competitive edge and increases new client procurement efficiency and effectiveness.
- Developed senior leadership team
- Founder and CEO Andrew Fox was named Chairman of the Board of Directors, consistent with Charge's succession plans. Mr. Fox and the Charge executive team are focused on executing Charge's unique value proposition, developing a strong culture and driving intelligent growth with sustainable value for all stakeholders and employees.
- Named Mark LaNeve, formerly Chief Business Officer, President. Mr. LaNeve previously held senior officer positions as Vice President of Sales and Marketing at General Motors, Ford Motor Company, Volvo, and CMO at Allstate. Mr. LaNeve has more than four decades of experience leading Fortune 100 companies.
- Nicole Antakli, who previously served as Director of Administration, succeeds Mr. LaNeve as Chief Business Officer. Before joining Charge, she served as President and Chief Operating Officer of Intraco Corporation, a global export management firm with a focus on architectural glass and OEM automotive distribution. She has extensive international operational leadership experience encompassing strategic joint ventures, purchasing, logistics coordination, financing mechanisms for manufacturers and customers.
- Named Leah Schweller Chief Financial Officer, bringing over two decades of experience, including 15 years of public company tenure, leading large global teams responsible for SEC reporting, credit reserving, technical accounting, securitization, and overall financial integrity, as well as M&A transaction services.
- Charge Powerbanks' service for on-the-go mobile device charging, with its proprietary Charge Powerbank App and backend software, has secured nearly 75 licensing contracts in 10 states. Charge Powerbanks has developed multiple business models customized to the respective targeted industry and client sector including leasing, sponsorships, licensing and shared revenue. It has proven a substantial feeder for crossover clients from the hospitality, retail and commercial industry seeking to develop an EV Charging Infrastructure ecosystem for their site locations.
- Charge continues to work diligently to complete its application to list its common stock on the Nasdaq Capital Market. A Nasdaq listing would be a key milestone for Charge, making Charge more visible to a broader range of investors, and enhancing its trading liquidity and ability to expand shareholder base.
Market Opportunity - Broad Support for Growth
Charge's unique market opportunity is to develop and deploy infrastructure, making it simple to move and connect people across the globe, installing 5G, building wireless networks and EV charging ecosystems; delivering the infrastructure clients require today to grow with them as scale is required to meet future demands. There are a number of strong drivers of demand in this space with investments being driven from the private, enterprise and public sectors. Most recently, the Biden administration signed the Infrastructure bill into Law on November 15th, which includes key aspects of infrastructure funding that supplement private capital already at work in the following areas which directly touches upon Charge's core competencies of building infrastructure for 5G wireless networks and EV charging installation solutions:
- EV Infrastructure - The administration's bill proposes a
$7.5 billion investment to build out a national network of EV chargers. This is the first-ever national investment in EV charging infrastructure in the United States and is a critical element to accelerate the adoption of EVs to address the climate crisis and support domestic manufacturing jobs. - Electric Buses - American school buses play a critical role in expanding access to education, but they are also a significant source of pollution. By investing
$2.5 billion in electric buses, the bill would expand access to rural communities, helping school districts across the country buy clean, American-made, zero emission buses, and replace the yellow school bus fleet. - High-Speed Internet - Broadband internet is necessary for Americans to do their jobs, to participate equally in school learning, health care, and to stay connected. The bill's
$65 billion investment would ensure every American has access to reliable high-speed internet with an historic investment in broadband infrastructure deployment. - Power Infrastructure - The bill's
$73 billion investment is the single largest investment in clean energy transmission in American history. It upgrades power infrastructure, including building thousands of miles of new, resilient transmission lines to facilitate the expansion of renewable energy. It would create a new Grid Deployment Authority, invest in research and development for advanced transmission and electricity distribution technologies, and promote smart grid technologies that deliver flexibility and resilience. - As previously discussed, Charge's market opportunity is to build infrastructure that moves and connects people to facilitate the electrification revolution, install 5G, and build intelligent sites. The 5G Infrastructure market is expected to reach
$80.5 billion by 2028 (1a) with the EV charging infrastructure market expected to reach$144.97 billion by 2028 (1b) , these combined segments create an addressable market of more than$224 billion .
EVs on U.S. roads are projected to reach 18.7 million in 2030, up from 1.7 million in 2020(2).
- Annual sales of EVs are anticipated to exceed 3.5 million in 2030(2), or more than
20% of annual vehicle sales. Moreover, on August 5, 2021, President Biden unveiled an executive order establishing a goal for50% of all cars to be sold as Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), or fuel-cell by 2030. $15 billion in investments are proposed to build a coast-to-coast network of 500,000 charging stations. (3)- In February 2021, the U.S. had only 100,000 charging outlets for electric vehicles, with the majority in California with almost 32,000 outlets. (4)
- U.S. EV Charger sales and installations are forecasted to increase from 100,000 outlets in 2021 to 13 million by 2030. (4)
[1a https://www.grandviewresearch.com/press-release/global-5g-infrastructure-market
2021-2022 Strategy - An Update
"Intelligent connectivity and electrification are required in almost everything all of us do. This transformation is advancing at an accelerating rate, necessitating a proper foundation and infrastructure for 5G wireless networks and EV Charging. Charge's infrastructure solutions affect both communities that are mobile and those that utilize wireless data transmission," said Charge's CEO, Founder & Chairman, Andrew Fox. "We optimize infrastructure engineering, design planning and installation, building an ecosystem critical for the intersection of mobility, communication and data transmission and addressing emerging applications such as UHD Mobile Streaming, Augmented Reality, Autonomous Vehicles, Remote Surgery, Smart Cities, and Industrial iOT - our strategy is to address the infrastructure requirements today to meet the future demands of tomorrow."
Differentiated by its hardware and software agnostic strategy, Charge's significant value proposition centers on tailoring installations to the requirements of each customer segment, creating customized electric solutions and affording clients superior economics to support organic growth:
- Auto dealerships: Charge's team is targeting top dealer groups with multiple OEM requirements across their portfolio of brands, with expansive nationwide geographic footprints.
- Fleet, commercial and government entities: Given the cadence and availability of commercial EV vans and alternative transit products, Charge is working with potential clients on flexible, scalable solutions to assist companies in converting fleets to EV.
- Commercial and retail charging: The global shift with OEMs towards EVs is propagating consumers increasing demand for EV Charging on-site, which has attracted the interest and growing support of a wide variety of potential clients, including grocery stores, big box retailers, real estate mall owners, parking garages and commercial as well as private parking lots and multi-family housing developments.
In addition to the above, Charge's strategy includes:
- Strategic Alliances: Collaborating with industry leaders offers the opportunity to create a balance of complementary products and services to offer Charge clients, incorporating network operators, hardware/equipment manufacturers, engineering services, utilities, OEMs, client-centric offerings as well as industry peers.
- Selective, strategic, M&A: Charge continues to seek acquisition opportunities that expand its scale, enhance our services and create greater value vertically and horizontally within the supply chain of adapting infrastructure implementation for EV Charging and 5G wireless networks, DAS, small cell and intelligent sites.
- Expand technology-enabled solutions: Whether through M&A, strategic alliances and joint ventures or proprietary development, Charge continues to research and develop mobile application opportunities and tech enabled software service solutions designed to provide a seamless offering that assists clients and consumers with an easy, digital-first experience throughout EVC and wireless network infrastructures. Additionally, Charge is pursuing R&D for OCPP (open charging point protocol) solutions for EV Charging stations, as well as the potential integration of ANS's telco maintenance and monitoring solution, a licensed cloud based platform with artificial intelligence capabilities
Last, Charge is continually investing to build a team with world class industry expertise, vision, and professionalism.
About Charge Enterprises Inc.
Our Telecommunications Division
Our Telecommunications division ("Telecommunications") has provided termination of both voice and data to Carriers and Mobile Network Operators (MNO's) globally for over two decades and we will selectively add profitable products and services to this long-established business.
Our Infrastructure Division
Our Infrastructure division ("Infrastructure") has a primary focus on two fast growing sectors: electric vehicle ("EV") charging, and Telecommunications Network 5G, including cell tower, small cell, and in-building applications. Solutions for these two sectors include: Design and Engineering, Equipment specification and sourcing, Installation, Data & software solutions, and Service and Maintenance.
Our Investment Division
Our Investment division ("Investment") focuses on opportunities related to our global portfolio to expand our vision's impact. We aim to invest in opportunities that would complement our two operating divisions in addition to marketable securities, including money markets funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.
We offer our Investment services through our wholly-owned subsidiary, Charge Investments ("CI").
To learn more about Charge, visit Charge Enterprises.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements, as defined in applicable securities laws. Forward-looking statements reflect current expectations or beliefs regarding future events or Charge's future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein are qualified by this cautionary statement.
Although Charge believes that the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, Charge's ability to generate profits and positive cash flow, and changes in government regulations and government incentives, subsidies, or other favorable government policies. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information on Charge, investors are encouraged to review Charge's public filings on OTC Market at https://www.otcmarkets.com/stock/CRGE/overview. Charge disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Media Contacts:
Steve Keyes (248) 952-7022
Steve.keyes@centigrade.com
Investor Relations:
Carolyn Capaccio, CFA (212) 838-3777
Ccapaccio@lhai.com
CHARGE ENTERPRISES, INC.
(FORMERLY TRANSWORLD HOLDINGS, INC. AND GOIP GLOBAL, INC.) AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | ||||||||
| 2021 (Unaudited) | 2020 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 9,425,732 | $ | 11,629,303 | |||||
Accounts receivable, net | 52,112,088 | 64,129,327 | |||||||
Inventory | 156,641 | - | |||||||
Deposits and prepaids | 625,818 | 370,081 | |||||||
Other current assets net | 466,186 | 227,307 | |||||||
Investment in marketable securities | 12,829,125 | 3,249,710 | |||||||
Investment in non-marketable securities | 100,000 | 149,262 | |||||||
Accrued revenue | 3,337,534 | - | |||||||
Total current assets | 79,053,124 | 79,754,990 | |||||||
Property, plant and equipment, net | 1,960,607 | 1,774,176 | |||||||
Capital lease asset | 318,604 | - | |||||||
Right-of-use asset | 550,098 | - | |||||||
Non-current assets | - | 259,157 | |||||||
Goodwill | 14,190,301 | 17,175,990 | |||||||
Deferred tax asset | 6,344,895 | 443,006 | |||||||
Total assets | $ | 102,417,629 | $ | 99,407,319 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 63,764,064 | $ | 69,914,181 | |||||
Accrued liabilities | 2,485,380 | 785,172 | |||||||
Deferred revenue | 62,973 | 3,455,886 | |||||||
Convertible notes payable, net of discount | 2,849,149 | 1,436,144 | |||||||
Convertible notes payable, related parties, net of discount | - | 275,984 | |||||||
Line of credit | 1,514,476 | - | |||||||
Related party payable | - | 189,312 | |||||||
Derivative liabilities | - | 749,600 | |||||||
Capital lease liability | 246,808 | - | |||||||
Lease liability | 154,639 | - | |||||||
Total current liabilities | 71,077,489 | 76,806,279 | |||||||
Non-current liabilities: | |||||||||
Lease liability, non-current | 379,552 | - | |||||||
Notes payable, net of discount | 10,252,039 | - | |||||||
Convertible notes payable, net of discount | 3,920,346 | 1,947,945 | |||||||
Total liabilities | 85,629,426 | 78,754,224 | |||||||
Mezzanine Equity | |||||||||
Series B (See Note 15) Preferred Stock | 6,850,000 | - | |||||||
Commitments and contingencies | |||||||||
Stockholder's Equity | |||||||||
Preferred stock, | |||||||||
Series A:1,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 1,000 | 1,000 | |||||||
Common stock, | 152,301 | 140,018 | |||||||
Common stock to be issued, 6,587,897 and 13,425,750 shares at September 30, 2021 and December 31, 2020 | 6,589 | 13,426 | |||||||
Treasury stock | (76 | ) | |||||||
Additional paid in capital | 98,844,657 | 72,583,222 | |||||||
Accumulated other comprehensive income (loss) | (27,648 | ) | 60,375 | ||||||
Accumulated deficit | (89,038,620 | ) | (52,144,946 | ) | |||||
Total stockholders' equity | 9,938,203 | 20,653,095 | |||||||
Total liabilities and stockholders' equity | $ | 102,417,629 | $ | 99,407,319 | |||||
CHARGE ENTERPRISES, INC.
(FORMERLY TRANSWORLD HOLDINGS, INC. AND GOIP GLOBAL, INC.) AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues | $ | 117,095,667 | $ | - | $ | 357,708,784 | $ | - | ||||||||
Cost of Goods Sold | 113,323,247 | - | 350,079,862 | - | ||||||||||||
Gross Margin | 3,772,420 | - | 7,628,922 | - | ||||||||||||
Operating expenses | ||||||||||||||||
Stock based compensation | 7,557,616 | - | 21,351,212 | - | ||||||||||||
General and administrative | 997,089 | 34,266 | 5,324,092 | 39,990 | ||||||||||||
Salaries and related benefits | 2,586,680 | - | 5,210,140 | - | ||||||||||||
Professional fees | 1,229,112 | 400,286 | 1,264,299 | 592,146 | ||||||||||||
Depreciation expense | 166,431 | - | 314,334 | - | ||||||||||||
Total operating expenses | 12,536,928 | 434,552 | 33,464,077 | 632,136 | ||||||||||||
Net operating loss | (8,764,508 | ) | (434,552 | ) | (25,835,155 | ) | (632,136 | ) | ||||||||
Other income (expenses): | ||||||||||||||||
Loss on impairment | (18,119,592 | ) | - | (18,119,592 | ) | - | ||||||||||
Net income from investments | (840,911 | ) | - | 3,420,417 | - | |||||||||||
Amortization of debt discount | (1,164,806 | ) | (118,271 | ) | (2,147,594 | ) | (157,028 | ) | ||||||||
Other income (expense), net | 1,177,229 | - | 1,181,781 | 10,590 | ||||||||||||
Interest expense | (480,990 | ) | (73,836 | ) | (934,225 | ) | (118,831 | ) | ||||||||
Foreign exchange adjustments | 251,280 | - | (261,432 | ) | - | |||||||||||
Amortization of debt discount, related party | - | (4,385 | ) | (95,127 | ) | (4,385 | ) | |||||||||
Amortization of debt issue costs | - | (7,562 | ) | (10,438 | ) | (11,999 | ) | |||||||||
Change in fair value of derivative liabilities | - | 291 | (400 | ) | (537 | ) | ||||||||||
Interest expense, related party | - | (15,086 | ) | - | (15,086 | ) | ||||||||||
Interest income | - | 16,333 | - | 20,061 | ||||||||||||
Loss on modification of debt | - | - | - | (98,825 | ) | |||||||||||
Total other expenses | (19,177,790 | ) | (202,516 | ) | (16,966,610 | ) | (376,040 | ) | ||||||||
Income tax benefit (expense) | 2,712,708 | - | 5,908,091 | - | ||||||||||||
Net income (loss) | $ | (25,229,590 | ) | $ | (637,068 | ) | $ | (36,893,674 | ) | $ | (1,008,176 | ) | ||||
Basic and diluted loss per share | $ | (0.17 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.08 | ) | ||||
Weighted average number of shares outstanding, basic and diluted | 152,222,589 | 12,491,278 | 150,397,062 | 12,491,278 | ||||||||||||
CHARGE ENTERPRISES, INC.
(FORMERLY TRANSWORLD HODLINGS, INC. AND GOIP GLOBAL, INC.) AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
| For the Nine Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (36,893,674 | ) | $ | (1,008,176 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 314,334 | - | ||||||
Stock-based compensation | 21,351,212 | - | ||||||
Stock issued for services | 353,903 | - | ||||||
Change in fair value of derivative liabilities | 400 | 537 | ||||||
Amortization of debt discount | 2,147,594 | 157,028 | ||||||
Amortization of debt discount, related party | 95,127 | 4,385 | ||||||
Amortization of debt issue costs | 10,438 | 11,999 | ||||||
Loss on foreign currency exchange | 261,432 | - | ||||||
Loss on impairment | 18,119,592 | |||||||
Loss on modification of debt | - | 98,825 | ||||||
Net income from investments | (3,420,417 | ) | - | |||||
Other income (expense), net | (1,268,155 | ) | (10,590 | ) | ||||
Income tax benefit (expense) | (5,908,091 | ) | ||||||
Changes in working capital requirements: | ||||||||
Accounts receivable | 18,536,022 | - | ||||||
Accrued revenue | (1,717,395 | ) | - | |||||
Inventory | 14,144 | - | ||||||
Deposits, prepaids and other current assets | 2,258,191 | (143,875 | ) | |||||
Other assets | 117,476 | - | ||||||
Accounts payable | (11,205,660 | ) | 308,230 | |||||
Accrued expenses | 424,506 | - | ||||||
Accrued interest | - | 75,397 | ||||||
Accrued interest, related party | - | 1,946 | ||||||
Interest receivable | - | (20,061 | ) | |||||
Other comprehensive income | (88,023 | ) | - | |||||
Related party advances | - | (28,074 | ) | |||||
Net cash used in operating activities | 3,502,956 | (552,429 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Acquisition of fixed assets | (1,410,866 | ) | - | |||||
Disposal of fixed assets | 837,120 | - | ||||||
Purchase of marketable securities | (62,031,435 | ) | - | |||||
Sale of marketable securities | 55,872,437 | - | ||||||
Purchase of non-marketable securities | (100,000 | ) | - | |||||
Investment in ANS | (12,948,324 | ) | - | |||||
Cash acquired in acquisition | (282,101 | ) | - | |||||
Cash issuance for notes receivable | - | (735,000 | ) | |||||
Net cash (used in) provided by investing activities | (20,063,169 | ) | (735,000 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Cash receipts from issuance of notes payable | 10,000,000 | 12,500 | ||||||
Cash receipts from issuance of convertible notes payable | 5,000,000 | 3,195,000 | ||||||
Cash receipts from issuance of convertible notes payable, related party | - | 495,000 | ||||||
Repayment of line of credit | (270,727 | ) | - | |||||
Repayment on capital lease | 54,907 | - | ||||||
Cash paid for contingent liability | (61,232 | ) | - | |||||
Net cash provided by financing activities | 14,722,948 | 3,702,500 | ||||||
Foreign currency adjustment | (366,306 | ) | - | |||||
NET INCREASE IN CASH | (2,203,571 | ) | 2,415,071 | |||||
CASH, BEGINNING OF PERIOD | 11,629,303 | 31 | ||||||
CASH, END OF PERIOD | $ | 9,425,732 | $ | 2,415,102 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 247,900 | $ | 49,183 | ||||
Cash paid for income taxes | $ | - | $ | - | ||||
Non-cash operating and financing activities: | ||||||||
Goodwill acquired in a business combination through the issuance of stock | $ | 13,418,172 | $ | 3,057,907 | ||||
Issuance of Series B Preferred Stock for acquisition | $ | 6,850,000 | $ | - | ||||
Debt discount associated with convertible notes | $ | 4,296,911 | $ | 499,669 | ||||
Series G Preferred Stock issued in connection with convertible notes financing | $ | - | $ | 143,339 | ||||
SOURCE: Charge Enterprises Inc.
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https://www.accesswire.com/673611/Charge-Enterprises-Announces-Third-Quarter-2021-Financial-Results
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