STEER Reports Q1 2024 Financial Results
"As we mark the end of
After the 2023 spin-off of its legacy
The Company continues to seek buyers and is in active sales conversations about its equity interest in
For detailed information, please refer to STEER's Q1 2024 Interim Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the three months ended
For the three months ended |
|
|
2024 |
|
|
2023 |
REVENUE |
|
|
511,100 |
|
|
15,229,000 |
Cost of revenue |
|
|
245,600 |
|
|
15,434,000 |
General and administration |
|
|
983,000 |
|
|
1,409,200 |
Operational support |
|
|
408,400 |
|
|
2,116,500 |
Research and development |
|
|
49,200 |
|
|
278,800 |
Sales and marketing |
|
|
72,400 |
|
|
551,100 |
Amortization |
|
|
34,700 |
|
|
196,900 |
Depreciation |
|
|
8,500 |
|
|
458,900 |
Total operating expenses |
|
|
1,801,800 |
|
|
20,445,400 |
OPERATING LOSS |
|
|
(1,290,800) |
|
|
(5,216,400) |
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES) |
|
|
|
|||
Foreign exchange gain (loss) |
|
|
(100,600) |
|
|
(31,600) |
Interest expenses |
|
|
(434,100) |
|
|
(444,000) |
Interest income |
|
|
1,000 |
|
|
4,500 |
Loss from sale of equipment |
|
|
- |
|
|
(24,800) |
Gain (loss) on lease termination |
|
|
1,341,800 |
|
|
96,600 |
Account payable settlement |
|
|
98,200 |
|
|
- |
Penalties and settlements |
|
|
(59,000) |
|
|
|
Fair value loss on preferred shares |
|
|
- |
|
|
(30,700) |
Share of loss of an associate |
|
|
(1,083,500) |
|
|
- |
Gain from |
|
|
- |
|
|
35,946,300 |
PROFIT/(LOSS) BEFORE INCOME TAXES |
|
|
(1,526,900) |
|
|
30,300,000 |
Deferred income tax recovery |
|
|
|
|
|
- |
NET PROFIT |
|
|
(1,526,900) |
|
|
30,300,000 |
Cumulative translation adjustment |
|
|
(174,000) |
|
|
(24,000) |
NET PROFIT AND COMPREHENSIVE PROFIT |
|
|
(1,700,900) |
|
|
30,276,000 |
NET (LOSS) PROFIT FROM OPERATION |
|
|
(1,700,900) |
|
|
31,569,300 |
NET LOSS FROM OPERATION |
|
|
- |
|
|
(1,293,200) |
(Loss) profit per share – Basic and diluted |
|
|
(0.01) |
|
|
0.24 |
Weighted average shares outstanding - Basic and diluted |
|
|
132,944,615 |
|
|
123,902,400 |
STEER is an integrated ESG technology platform that facilitates sustainable delivery services. The Company aims to build a one-of-a-kind ecosystem that aggregates conscientious users and businesses through a series of connected offerings. The Company's platform is powered by an analytics engine which seeks to analyze and report on critical data points in ways that measure the Company's impact on carbon reductions and offsets.
For more information about the Company, visit www.steeresg.com.
junaid@steeresg.com
1-289-452-0164
STEER
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, their anticipated impact on shareholders of the Company, 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 success of the Company's financial performance going forward from the above Q1 2024 results, 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
Neither
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1 All figures are accurate to the hundreds. |
SOURCE