Pathfinder Ventures Inc. Announces 2022 First Quarter Financial and Operating Results
Pathfinder Ventures Inc. (RVRVF) announced its Q1 2022 financial results, reporting revenues of $459,078, up from $313,735 in Q1 2021. Operating expenses increased to $1,178,862 from $746,497, leading to a net loss of $748,258 compared to $435,502 in the previous year. Cash and cash equivalents stood at $2,068,772. The company aims to expand operations and enhance guest experiences at its British Columbia campgrounds.
- Revenue increased to $459,078 from $313,735 year-over-year.
- Consulting expenses decreased to $10,272 from $98,831 in Q1 2021.
- Increased occupancy with 12,512 camp site nights in Q1 2022 versus 11,588 in Q1 2021.
- Operating expenses surged to $1,178,862 from $746,497 year-over-year.
- Net loss widened to $748,258 from $435,502 in Q1 2021.
- Adjusted EBITDA loss increased to $307,278 from $284,920 in the prior year.
VANCOUVER, BC, May 31, 2022 /PRNewswire/ - Pathfinder Ventures Inc. (TSXV: RV) (OTCQB: RVRVF) (the "Company" or "Pathfinder.") is pleased to announce it has filed on SEDAR the consolidated financial statements and management discussion and analysis ("MD&A") for the three months ended March 31, 2022 and 2021.
Pathfinder Ventures is committed to developing the business opportunities that exist given the growing trend of people looking to explore, reside and vacation in RVs.
The consolidated financial statements and MD&A can be viewed at www.sedar.com. The financial information provided herein should be read in conjunction with and is qualified by additional information and disclosures contained in the consolidated financial statements, including the notes thereto, and the MD&A.
Mr. Joe Bleackley, CEO, Founder and Director of Pathfinder, commented, "In the first quarter of 2022, the Pathfinder team focused on preparing all locations and staff for a busy spring and summer camping season. We finished off outstanding projects and upgrades at our 3 British Columbia locations as we strive to deliver the best possible experience for our RV guests. Our RV Resorts are seeing increased reservations and occupancy rates and we're looking forward to building upon our current foundation with expansions and more locations."
- Revenues increased to
$459,078 from$313,735 in the comparative period; - Consulting expense decreased to
$10,272 from$98,831 in the comparative period. - Financing costs were $nil compared with
$20,433 in the comparative period as the no new financing arrangements were completed during Q1 2022. - Cash and cash equivalents at March 31, 2022 were
$2,068,772 , compared to$2,092,893 at December 31, 2021. - Cash used in operating activities was
$256,651 , compared to$286,904 during Q1 2021. - 12,512 camp resort site nights (as defined below) occupied in Q1 2022, compared to 11,588 camp resort site nights occupied in the comparative period;
On April 7, 2022, the Company completed the purchase of property adjacent to its existing Pathfinder Camp Resorts location in Agassiz B.C. for the cash purchase price of
Q1 2022 | Q1 2021 | |
Occupied Site Nights (1) | 12,512 | 11,588 |
Revenue | 459,078 | 313,765 |
Operating expenses | 1,178,862 | 746,497 |
Net loss | (748,258) | (435,502) |
Net loss per share | (0.01) | (0.01) |
Adjusted EBITDA (loss) (2) | (307,278) | (284,920) |
(1) | Occupied Site Nights is the sum of all actual nights the sites were occupied by visitors to the camp resorts when summing all occupied sites across the Company's three camp resorts (for example: 1 camp site is available 7 Site Nights per week). |
(2) | Adjusted EBITDA is a non-GAAP financial measure that is calculated as income (loss) from operations before depreciation and amortization, interest, accretion, financing costs, and share-based compensation. Management will continue to drive towards positive Adjusted EBITDA through additional cost cutting initiatives and maximizing the operating capacity of the camp resort parks. |
Revenues for Q1 2022 were
Operating expenses for Q1 2022 were
- Depreciation of
$191,053 , compared to$45,638 during the comparative period, which relates to the Company's expenditures on properties and equipment since the prior year period, with these capital assets then depreciating over their respective useful lives. - Interest expense of
$156,167 , compared to$74,585 during the comparative period, as a result of interest payments on mortgages that the Company entered into during 2021 for the purposes of funding acquisitions. - Property costs of
$172,098 , compared to$67,496 during the comparative period, which relates to repairs, maintenance, and operational costs of the properties acquired in 2021. - Salaries and benefits of
$306,832 , compared to$129,159 during the comparative period, which relates to having three operating locations in Q1 2022 and the additional full time and part-time employees required to run the camp resorts. - Share-based compensation of
$69,174 , compared to $nil during the comparative period, which relates to the Company's issuance of stock options during fiscal 2021.
Net loss from operations for Q1 2022 was
The discussion of consolidated financial results in this press release includes references to "Adjusted EBITDA" (earnings before interest, taxes, depreciation, and amortization), which is a non-IFRS performance measure. The Company presents these measures to provide additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three months ended March 31, 2022 and 2021 for a reconciliation of these measures to reported IFRS results.
Pathfinder Ventures Inc. is developing a network of premier branded, upscale and family-friendly RV parks and campgrounds under the "Pathfinder Camp Resorts" name. Pathfinder currently has three camp resorts located in B.C. and is focused on growing its network through both acquisitions and new construction. The Corporation is taking advantage of the rapidly growing market of Canadians who want to experience the great outdoors in an RV.
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.
In the case of RV, this news release includes certain "forward-looking statements" which are particular to RV and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe RV's future plans, objectives or goals, including words to the effect that RV or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to RV, RV provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, RV's objectives, goals or future plans, statements, its projected revenues and earnings, and anticipated future growth in new markets. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the RV to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in RV's industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect RV' s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties; the economic circumstances surrounding RV's business, including general economic conditions in Canada, the US and worldwide; changes in exchange rates; changes in the equity market; inflation; uncertainties relating to the availability and costs of financing needed in the future; and those other risks disclosed in the filing statement or other disclosure document prepared and supplied on sedar. Although RV believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. RV 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.
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SOURCE Pathfinder Ventures Inc.
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