TORONTO, May 2, 2022 /CNW/ - Facedrive
Inc. ("STEER " or the " Company")
(TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology
platform, today announced its 2021 ("Fiscal 2021")
operational and financial results for the year ended December 31, 2021. All financial results are
reported in Canadian dollars, unless otherwise stated.[1]
Highlights include a Company-record revenue of $25,416,461 in Fiscal 2021, up from $3,934,354 in Fiscal 2020, representing a 546%
year over year growth. The Company also reported a record Gross
Merchandize Value[2] of $76,928,000
in Fiscal 2021, up from $13,941,560
during Fiscal 2020, representing 452% growth. Steer's EV
subscription revenue grew to $2,804,700 in Fiscal 2021, up from $738,000 in Fiscal 2020, representing 280%
growth, while Steer's Food Delivery revenue grew to $21,694,500, up from $2,472,300 in Fiscal 2020, or 777% growth.
Fiscal 2021 Interim Financial and Operational
Highlights
- Revenue for Fiscal 2021 was $25,416,500, up from $3,934,400 in the fiscal year ended December 31, 2020.
- Revenue for Q4 2021 was $10,310,300, up from $3,186,400 in the same period a year
earlier.
- Facedrive Foods' revenue was $21,694,500 in Fiscal 2021, up from $2,472,300 in Fiscal 2020, with the Company
estimating that 1 in 5 independent restaurants in Ontario have an account on its platform.
- Steer subscription revenue was $2,804,700 in Fiscal 2021, up from $738,000 in Fiscal 2020.
- Net loss was $29,310,800 (of
which $19,886,714.71 was cash) in
Fiscal 2021, as compared to a net loss of $17,319,000 (of which $9,590,664 was cash) in Fiscal 2020, meaning that
while net loss has grown 69.2%, revenue has grown 546% for the same
period.
- General and administration expenses were $7,352,384 in Fiscal 2021, up from $3,605,182 in Fiscal 2020.
"Fiscal 2021 has been a year of strong revenue growth while
building a strong platform to further scale the Company in revenues
and operations. We have built an organization in which we can scale
our revenues in 2022 and beyond without having to increase our
costs at the same rate. Our results also show the continued growth
and adoption of our platform.. Our emphasis on data and analytics
will be strategically important to our offerings, as it will
be key to expanding and growing our market share. With our recent
financings we have a well capitalized Company, and our focus in
2022 will be to leverage our platform and grow revenues year over
year," said Chief Executive Officer Suman
Pushparajah.
For detailed information please refer to Facedrive's 2021 Annual
Consolidated Financial Statements and its Management's Discussion
and Analysis of Financial Condition and Results of Operations for
the years ended December 31, 2021 and
2020 (the "2021 Annual MD&A"), filed on SEDAR at
www.SEDAR.com. The following table provides a summary of the
Company's financial results for the years ended December 31, 2021 and 2020:
Selected Financial Highlights
For the years ended
December 31,
|
|
|
2021
|
|
2020
(Restated –
Note 38)
|
|
REVENUE
|
|
$
|
25,416,461
|
$
|
3,934,354
|
|
COSTS AND OPERATING
EXPENSES
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
27,428,288
|
|
3,228,263
|
|
General and
administration
|
|
|
7,352,384
|
|
3,605,182
|
|
Operational
support
|
|
|
11,754,957
|
|
3,764,360
|
|
Research and
development
|
|
|
2,079,063
|
|
1,444,153
|
|
Sales and
marketing
|
|
|
2,999,199
|
|
8,933,587
|
|
Amortization
|
|
|
2,721,518
|
|
1,010,239
|
|
Depreciation
|
|
|
413,526
|
|
76,130
|
|
Total costs and
operating expenses
|
|
$
|
54,748,935
|
|
22,061,914
|
|
OPERATING
LOSS
|
|
$
|
(29,332,474)
|
|
(18,127,560)
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
Government and other
grants
|
|
|
4,104,361
|
|
1,127,130
|
|
Foreign exchange
loss
|
|
|
(17,166)
|
|
(217,610)
|
|
Interest
expenses
|
|
|
(811,256)
|
|
(252,680)
|
|
Interest
income
|
|
|
38,077
|
|
41,663
|
|
Gain on lease
terminations
|
|
|
42,300
|
|
23,014
|
|
Deemed disposal of
investment
|
|
|
(3,489,916)
|
|
-
|
|
Fair value gain on
investment
|
|
|
13,671
|
|
-
|
|
Impairment of
intangible assets
|
|
|
(67,803)
|
|
(350,000)
|
|
LOSS BEFORE INCOME
TAXES
|
|
$
|
(29,520,206)
|
$
|
(17,756,043)
|
Income tax
expense
|
|
(85,170)
|
|
-
|
Deferred income tax
recovery
|
|
|
294,623
|
|
437,000
|
NET
LOSS
|
|
$
|
(29,310,753)
|
|
(17,319,043)
|
Cumulative translation
adjustment
|
|
$
|
(31,096)
|
|
(75,835)
|
NET LOSS AND
COMPREHENSIVE LOSS
|
|
$
|
(29,341,849)
|
$
|
(17,394,878)
|
Loss per share –
basic and diluted
|
|
$
|
(0.31)
|
$
|
(0.19)
|
Weighted average
shares outstanding – basic and diluted
|
|
|
95,251,514
|
|
91,952,197
|
|
|
|
|
|
|
|
|
Name Change
The Company anticipates issuing a notice of meeting in early
May 2022 to announce a shareholder
meeting date for middle of July 2022,
subject to availability and scheduling conflicts. In addition to
serving as the Company's annual general meeting, the Company plans
to seek approval of its official name change to "STEER Technologies
Inc." by way of Articles of Amendment. Until then, the Company will
continue its rebranding efforts including launch of its new website
and rebranding of all offerings where possible and applicable.
Shares for Debt
The Company intends to settle the outstanding debts owing by the
Company to two consultants in the aggregate amount of $69,500 (the "Debt"), pursuant to
agreements with effective dates of May 1st,
2022, through the issuance of 89,025 common shares of the
Company ("Shares"). The Shares will be issued at the price
of $0.78 per share ("Shares for
Debt"). In issuing the Shares for Debt, the Company intends to
preserve cash to better fund its operations. Closing of the Shares
for Debt remains subject to acceptance by the TSX Venture
Exchange.
About the Company
STEER is an integrated ESG technology platform offering
on-demand and subscription-based mobility and delivery services
aimed at bringing people together, through conscientious commerce,
and moving the world forward. The Company seeks to execute on its
vision by building a one-of-a-kind system that aggregates
conscientious users, through a series of connected offerings, and
enables them to buy, sell, or invest with the same platform, STEER.
The Company's offerings generally fall into two categories:
subscription-based offerings led by its flagship electric vehicle
subscription business, Steer EV, and on-demand services
incorporating delivery, B2B marketplace and rideshare businesses.
The Company's platform is also powered by EcoCRED, its big data,
analytics and machine learning engine which seeks to capture,
analyse, parse and report on key data points in ways that measure
the Company's impact on carbon reductions and offsets.
For more about the Company, visit www.facedrive.com.
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com
Forward-Looking Information
Certain information in this press release contains
forward-looking information, including with respect to the
Company's business, operations and condition, management's
objectives, strategies, beliefs and intentions, and the company's
forward plans to rebrand. This information is based on management's
reasonable assumptions and beliefs in light of the information
currently available to us and are made as of the date of this press
release. Actual results and the timing of events, such as those
pertaining to the Company's planned expansion of its electric
vehicle business, may differ materially from those anticipated in
the forward-looking information as a result of various factors.
Information regarding our expectations of future results,
performance, achievements, prospects or opportunities or the
markets in which we operate is forward-looking information.
Statements containing forward-looking information are not facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances. Many factors
could cause our actual results, level of activity, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward-looking
statements.
See "Forward-Looking Information" and "Risk Factors" in the
Company's Annual Management Discussion & Analysis (MD&A)
for the year ended December 31, 2020
(filed on SEDAR on April 30, 2021)
and its interim MD&A for the period ended September 30, 2021 (filed on SEDAR on
November 29, 2021) for a discussion
of the uncertainties, risks and assumptions associated with these
statements and other risks. Readers are urged to consider the
uncertainties, risks and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such information. We have no intention and undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities legislation and
regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
__________________________
|
1 All
figures are accurate to the hundreds.
|
2 "Gross
Merchandise Value" (GMV) means the total value of merchandise
sold over a given period of time through a customer-to-customer
(C2C) exchange site. It is intended to measure of the growth of the
business or use of a platform to sell merchandise owned by
others. In the Company's case, it includes the value of the
food and merchandise ordered and the gross fees charged by the
Company to customers on account of rides a substantial portion of
which the Company does not recognize as revenue. The most directly
comparably GAAP financial measure in the context of our Company is
revenue which, for Fiscal Year 2021 was 25,416,461 and for
Fiscal Year 2020 was $3,934,354. Note that this is
a non-GAAP financial measure, meaning that it is not a
standardized financial measure under the financial reporting
framework used to prepare the Company's financial statements and it
might not be comparable to similar financial measures disclosed by
other issuers.
|
SOURCE Facedrive Inc.