Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.) Announces Year Ended and Q4/2022 results

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Published Jul 11, 2023 • 4 minute read

TORONTO, July 11, 2023 (GLOBE NEWSWIRE) — Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.) (“Eddy” or the “Company”) (TSXV: EDY) released its financial statements for the three and twelve months ended December 31, 2022.

REVENUE

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Revenue for the three months ended December 31, 2022, increased by $631,457 to $885,648 as compared with $254,191 reported for the comparable quarter in 2021.

Revenue for the year ended December 31, 2022, increased by $1,341,016 to $2,563,852 as compared with to $1,222,836 reported for the comparable period in 2021.

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NET LOSS

Net loss for the three months ended December 31, 2022, was ($3,770,340), as compared to ($1,860,472) reported for the comparable period.

Net loss for the year ended December 31, 2022, was ($11,800,950), excluding the nonrecurring, non-cash reverse takeover listing expense which amounted to $902,673, the adjusted net loss for the year ended December 31, 2022, was ($10,898,277), as compared to ($8,010,503) reported for 2021.

BASIC AND DILUTED LOSS PER SHARE

Basic and diluted loss per share for the three months ended December 31, 2022, was ($0.05), as compared to ($0.16) reported for the comparable period.

Basic and diluted loss per share for the year ended December 31, 2022, was ($0.16), as compared to ($0.26) reported for 2021.

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SUBSEQUENT EVENT

On February 8, 2023, a claim which was filed on May 10, 2022, in the amount of $250,000 against the Company, by an employee relating to wrongful dismissal was settled for an amount of $24,000.

On March 10, 2023, the Company increased its credit facility of $3,000,000 to $5,000,000. The Company is in the process of entering into a security pledge subject to TSX Venture Exchange approval. There were no fees paid in connection with the Facility. The Company intends to use the net proceeds from the financing largely for working capital purposes, to deploy its contracted revenue backlog and general corporate expenses. As of the date of these financial statements the draw on the facility amounted to $4,643,554.

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On March 31, 2023, The Company entered into a loan agreement with a non arm’s length lender (the “Lender”) for a $1,500,000 revolving credit facility (the “Facility”). This Facility bears interest at a rate of 8% (increasing to 14% upon any default) per annum and will mature in two years. This Facility has no security pledges and there were no fees paid in connection with the Facility. As of the date of this MD&A the draw on this Facility amounts to $1,000,000.

On June 14, 2023, a claim was filed in the amount of $184,000 against the Company, relating to wrongful dismissal of an employee. The Company believes that there is no merit to this claim and will defend its position and has not included an accrual in its provision for this claim.

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On June 14, 2023, a claim was filed in the amount of $710,000 against the Company, relating to wrongful dismissal of an employee. The Company believes that there is no merit to this claim and will defend its position and has not included an accrual in its provision for this claim.

ABOUT EDDY

Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more detail on the Company’s products or corporate information please visit www.eddysolutions.com.

For further information on the financial results of the Company, please review the Company’s consolidated financial statements and management’s discussion and analysis of the financial condition and results of operations for the years ended December 31, 2022 and 2021, available on Eddy’s SEDAR website at www.sedar.com.

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FORWARD-LOOKING INFORMATION AND STATEMENTS

This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward looking information in this news release includes information regarding additional future contracted revenue, the Company’s leadership position in intelligent water management and leak protection and the expectation of future sales momentum. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described under the heading “Risk Factors” in the Company’s filing statement dated January 6, 2022 (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.

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All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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.

For further information, please contact:

Mark Silver, Executive Chairman and Chief Executive Officer
Tel: 416.221.8998
Email: [email protected]