- Record annual engagements of 149,000, an increase of 10%
year-over-year
- Revenue up 30% and 7% year-over-year for the fourth quarter and
full year 2022, respectively
- Multi-year contract renewals across installed client base in
2022
- Ongoing cost optimization to position Company toward
profitability in 2023
- Q4 and FY 2022 conference call scheduled for April 18, 2023 at 5 pm
ET
TORONTO, April 18,
2023 /CNW/ - Newtopia Inc. ("Newtopia" or the
"Company") (TSXV: NEWU) (OTCQB: NEWUF), a tech-enabled whole
health platform creating sustainable habits that prevent, slow, and
reverse chronic disease, today announced its fourth quarter and
fiscal 2022 financial results, operational highlights and filing of
its annual financial statements. These results pertain to the three
months and year ended December 31,
2022. All amounts are expressed in Canadian dollars, unless
otherwise noted.
Fourth Quarter 2022 Financial Highlights (vs. Q4
2021):
- Revenue of $3.1 million, as
compared to $2.4 million.
- Gross profit margin1 of 65%, as compared to
52%.
Full Year 2022 Financial Highlights (vs. 2021):
- Revenue of $11.2 million, as
compared to $10.5 million.
- Gross profit margin1 of 54%, as compared to
49%.
"The past twelve months were crucial to the lifecycle and
development of Newtopia. Not only did we grow our revenue
year-over-year, but we also achieved a record number of engagements
on our platform, actively expanded our gross margins, and secured
multi-year contract renewals across our installed client base.
Following a strategic pivot taken in the third quarter in which we
re-evaluated our operations and actively cut expenses, Newtopia is
on a clear path to profitability in 2023. These accomplishments are
a testament to our remarkable team and the industry-leading results
delivered by our outcomes-based platform," said Jeff Ruby, Founder and CEO of Newtopia.
Ruby continued, "Newtopia is sitting at a positive inflection
point. We've returned to top-line growth and continued to deepen
our relationships with our current client base all while actively
expanding our new business pipeline across self-insured employers
and innovative health plans. With recent client expansions and
multi-year renewals, the prevailing belief that unchecked chronic
disease is one of the greatest cost generators across the entire
healthcare system, and a new class of effective GLP-1 diabetes and
obesity drugs hitting the market requiring effective behavior
change for sustained weight loss, there's never been a better time
to invest in primary prevention behavior change. We look forward to
a successful and profitable 2023."
__________________________
|
1
|
Gross profit is defined
as revenue which is comprised of onboarding welcome revenue,
ongoing engagement fees and success fees, less cost of sales which
is comprised of Welcome Kit costs, compensation expense for
Inspirators and care specialists, genetic testing costs and
amortization of intangibles. Gross margin percentage is calculated
by dividing gross profit by total revenue for the defined period.
Gross profit is considered by management to be an integral measure
of financial performance and represents the amount of revenues
retained by the Company after incurring direct costs. However,
gross profit is not a recognized measure of profitability under
IFRS.
|
|
|
Fourth Quarter 2022 Financial Results
Revenue for the three months ended December 31, 2022 was $3.1
million, an increase of 30% compared to $2.4 million in the prior-year period. Enrollment
fee revenue, or revenue from Welcome Kit sales, totaled 8% of
revenue for the quarter.
Gross profit for the fourth quarter 2022 totaled $2.0 million, as compared to $1.2 million in the prior-year period. Gross
profit is comprised of Newtopia's revenue less direct expenses,
which include the cost of Welcome Kits sold to new participants as
well as labor costs associated with hiring and training of the
Company's coaching team of Inspirators and amortization of
intangibles. As a percentage of revenue, gross profit totaled 65%,
compared to 52% in the prior-year period.
Adjusted operating expenses1 for the three months
ended December 31, 2022 totaled
$2.8 million, compared to
$2.6 million in the prior-year
period. For the fourth quarter, the Company had an adjusted
operating loss2 of $0.7
million, compared with an adjusted operating loss of
$1.4 million in the prior-year
period.
The Company ended the fourth quarter 2022 with approximately
$0.35 million in cash, with access to
$1.5 million in equity raised via
private placement in March 2023.
__________________________
|
1
|
Adjusted operating
expenses consist of all cash-based technology, sales and marketing
and administrative expenses. Adjusted operating expense is not a
measure of financial performance under IFRS and should not be
considered a substitute for total operating expenses, which we
believe to be the most directly comparable IFRS measure.
|
2
|
Adjusted operating loss
consists of adjusted gross profit less adjusted operating expenses.
Adjusted gross profit and operating loss is not a measure of
financial performance under IFRS and should not be considered a
substitute for loss from operations which we believe to be the most
directly comparable IFRS measure.
|
|
|
Full Year 2022 Financial Results
Revenue for the full year ended December
31, 2022 was $11.2 million, an
increase of 7% compared to $10.5
million in the prior year. Engagements totaled 149,000 for
the full year, an increase of 10% year-over-year. Enrollment fee
revenue, or revenue from Welcome Kit sales, totaled 11% of revenue
for the year.
Gross profit for the year totaled $6.0
million, as compared to $5.1
million in 2021. As a percentage of revenue, gross profit
totaled 54%, up from the prior year of 49%.
Adjusted operating expenses2 for the year totaled
$11.7 million, as compared to
$11.0 million in the prior year. For
the full year ended December 31,
2022, the Company had an adjusted operating loss3
of $5.7 million compared to
$5.9 million in 2021.
2023 Outlook
Following the momentum heading out of 2022, along with the
strength of Newtopia's new business pipeline, the Company
anticipates both top and bottom-line year-over-year growth in 2023.
In addition, due to continued strategic expense management,
including additional expense cuts made in the first quarter of the
current year, Newtopia anticipates that the Company is currently on
a clear path to Adjusted EBITDA and cash flow positive within 2023.
Profitability is anticipated to build throughout the year, with the
bottom line improving incrementally each quarter.
Conference Call
The Company will host a conference call today at 5 p.m. Eastern Time to discuss the fourth quarter
and full year 2022 results in further detail. To access the
conference call, please dial (877) 407-3982 (U.S.) or (201)
493-6780 (International) 10 minutes prior to the start time and
reference Conference ID number 13736051. The call will also be
available via live webcast on the investor relations portion of the
Company's website located at investor.newtopia.com.
A replay of the conference call will be available through
May 2, 2023 which can be accessed by
dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and
entering the passcode 13736051. The webcast will also be archived
on the Company's website.
_____________________________
|
2
|
Adjusted operating
expenses consist of all cash-based technology, sales and marketing
and administrative expenses. Adjusted operating expense is not a
measure of financial performance under IFRS and should not be
considered a substitute for total operating expenses, which we
believe to be the most directly comparable IFRS measure.
|
3
|
Adjusted operating loss
consists of adjusted gross profit less adjusted operating expenses.
Adjusted gross profit and operating loss is not a measure of
financial performance under IFRS and should not be considered a
substitute for loss from operations which we believe to be the most
directly comparable IFRS measure.
|
|
|
About Newtopia
Newtopia is a tech-enabled habit change provider focused on
disease prevention and reducing the cost of care for health
insurers. As a provider of whole person care,
we prevent, reverse and slow the
progression of chronic disease while enriching mental health,
resilience and overall human performance. Newtopia's programs
leverage genetic, social and behavioral insights to create
individualized prevention programs with a focus on type 2 diabetes,
heart disease, stroke and weight. With a person-centered approach
that combines virtual care, digital tools, connected devices and
actionable data science, Newtopia delivers sustainable clinical and
financial outcomes. To learn more,
visit newtopia.com , LinkedIn or Twitter.
Pre-Released Financial Metrics
This news release contains certain pre-released fourth quarter
and full year financial metrics. The fourth quarter and full year
financial metrics contained in this news release are preliminary
and represent the most current information available to the
Company's management, as financial closing procedures for the three
months and year ended December 31,
2022 are not yet complete. The Company's actual audited
financial statements for such period will be filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com, on or before the filing deadline of April 30, 2023, and may result in material
changes to the financial metrics summarized in this news release
(including by any one financial metric, or all of the financial
metrics, being below or above the figures indicated) as a result of
the completion of normal quarter and year end accounting procedures
and adjustments, and also what one might expect to be in the final
financial statements based on the financial metrics summarized in
this news release. Although the Company believes the expectations
reflected in this news release are based upon reasonable
assumptions, the Company can give no assurance that actual results
will not differ materially from these expectations.
Forward Looking Statements
This news release contains forward-looking information and
forward-looking statements, within the meaning of applicable
Canadian securities legislation, and forward looking statements,
within the meaning of applicable United
States securities legislation (collectively,
"forward-looking statements"), which reflects management's
expectations regarding Newtopia's future growth, results from
operations (including, without limitation, future production and
capital expenditures), performance (both operational and financial)
and business prospects and opportunities. Wherever possible, words
such as "predicts", "projects", "targets", "plans", "expects",
"does not expect", "budget", "scheduled", "estimates", "forecasts",
"anticipate" or "does not anticipate", "believe", "intend" and
similar expressions or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative or grammatical variation thereof or
other variations thereof, or comparable terminology have been used
to identify forward-looking statements. All statements other than
statements of historical fact may be forward- looking information.
Such statements reflect Newtopia's current views and intentions
with respect to future events, based on information available to
Newtopia, and are subject to certain risks, uncertainties, and
assumptions. Material factors or assumptions were applied in
providing forward-looking information. While forward-looking
statements are based on data, assumptions and analyses that
Newtopia believes are reasonable under the circumstances, whether
actual results, performance or developments will meet Newtopia's
expectations and predictions depends on a number of risks and
uncertainties that could cause the actual results, performance and
financial condition of Newtopia to differ materially from its
expectations. Forward-looking statements are not a guarantee and
are based on a number of estimates and assumptions management
believes to be relevant and reasonable, whether actual results,
performance or developments will meet Newtopia's expectations and
predictions depends on a number of risks and uncertainties that
could cause the actual results, performance and financial condition
of Newtopia to differ materially from its expectations. Certain of
the "risk factors" that could cause actual results to differ
materially from Newtopia's forward-looking statements in this press
release include, without limitation: the termination of contracts
by clients, risks related to COVID-19 including various
recommendations, orders and measures of governmental authorities to
try to limit the pandemic, including travel restrictions,
border closures, non-essential business closures, quarantines,
self-isolations, shelters- in-place and social distancing,
disruptions to markets, economic activity, financing, supply chains
and sales channels, and a deterioration of general economic
conditions including a possible national or global recession; and
other general economic, market and business conditions and factors,
including the risk factors discussed or referred to in Newtopia's
disclosure documents, filed with the securities regulatory
authorities in certain provinces of Canada and available at www.sedar.com
including Newtopia's final long form prospectus dated March 30, 2020.
Should any factor affect Newtopia's in an unexpected manner, or
should assumptions underlying the forward-looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, Newtopia does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and Newtopia undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
Non-GAAP Financial Measures
The Company's financial statements are prepared in accordance
with International Financial Reporting Standards ("IFRS").
Management uses certain non-GAAP measures, which are defined in the
appropriate sections of this press release, to better assess the
Company's underlying performance. These measures are reviewed
regularly by management and the Company's Board of Directors in
assessing the Company's performance and in making decisions about
ongoing operations. In addition, we use certain non-GAAP measures
to determine the components of management compensation. We believe
that these measures are also used by investors as an indicator of
the Company's operating performance. Readers are cautioned that
these terms are not recognized GAAP measures and do not have a
standardized GAAP meaning under IFRS and should not be construed as
alternatives to IFRS terms, such as net income.
Neither the 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.
Key Financial Measures and Schedule of Non-GAAP
Reconciliations
Unaudited Gross Profit
Information [1]
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Revenue
|
|
3,114,317
|
|
2,402,793
|
|
11,166,428
|
|
10,455,848
|
Cost of
revenue
|
|
(1,079,576)
|
|
(1,164,683)
|
|
(5,140,369)
|
|
(5,384,184)
|
Gross profit
|
|
2,034,741
|
|
1,238,110
|
|
6,026,059
|
|
5,071,664
|
Gross
margin
|
|
65 %
|
|
52 %
|
|
54 %
|
|
49 %
|
Reconciliation of Total Unaudited Operating Expenses to
Adjusted Operating Expenses [2]
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Total
expenses
|
|
3,624,640
|
|
3,033,487
|
|
13,726,522
|
|
12,721,418
|
Add
(Subtract)
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
(88,608)
|
|
(139,210)
|
|
(492,720)
|
|
(1,071,275)
|
Depreciation of
property and equipment
|
|
(6,713)
|
|
(15,652)
|
|
(46,387)
|
|
(66,590)
|
Loss on disposal of
property and equipment
|
|
(15,534)
|
|
-
|
|
(15,534)
|
|
-
|
Depreciation of
right-of-use asset
|
|
(30,791)
|
|
(46,188)
|
|
(169,370)
|
|
(184,767)
|
Lease
modification
|
|
(150,907)
|
|
-
|
|
(150,907)
|
|
-
|
Interest on lease
obligations
|
|
(10,050)
|
|
(25,525)
|
|
(70,797)
|
|
(113,714)
|
Interest and accretion
expense
|
|
(111,564)
|
|
(97,338)
|
|
(388,448)
|
|
(112,990)
|
Finance
charges
|
|
(125,920)
|
|
(22,592)
|
|
(273,736)
|
|
(67,342)
|
Capitalized borrowing
costs
|
|
-
|
|
39,200
|
|
67,000
|
|
39,200
|
Foreign exchange loss
(gain)
|
|
(9,945)
|
|
(2,236)
|
|
19,053
|
|
(34,650)
|
Impairment of
right-of-use asset
|
|
(200,168)
|
|
-
|
|
(200,168)
|
|
-
|
Amortization of
deferred finance charges
|
|
(56,903)
|
|
(61,471)
|
|
(248,813)
|
|
(174,397)
|
Change in value of
derivative liability
|
|
-
|
|
-
|
|
-
|
|
47,508
|
Adjusted operating
expenses
|
|
2,817,537
|
|
2,643,511
|
|
11,755,695
|
|
10,963,437
|
Adjusted Unaudited Operating Loss [3]
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Gross profit
|
|
2,034,741
|
|
1,238,110
|
|
6,026,059
|
|
5,071,664
|
Add amortization of
intangibles
|
|
68,838
|
|
-
|
|
68,838
|
|
-
|
Adjusted gross
profit
|
|
2,103,579
|
|
1,238,110
|
|
6,094,897
|
|
5,071,664
|
Adjusted operating
expenses
|
|
(2,817,537)
|
|
(2,643,511)
|
|
(11,755,695)
|
|
(10,963,437)
|
Adjusted operating
loss
|
|
(713,958)
|
|
(1,405,401)
|
|
(5,660,798)
|
|
(5,891,773)
|
NEWTOPIA INC.
Unaudited Statements of Financial
Position
As at December 31, 2022 and 2021
(Expressed in Canadian Dollars)
|
|
2022
|
2021
|
|
|
$
|
$
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash
|
|
345,950
|
811,584
|
Trade and other
receivables
|
|
1,557,640
|
1,381,977
|
Contract
asset
|
|
190,000
|
–
|
Prepaid expenses and
deposits
|
|
205,843
|
330,992
|
Inventories
|
|
325,571
|
131,000
|
Deferred
costs
|
|
76,269
|
162,872
|
|
|
2,701,273
|
2,818,425
|
Property and
equipment
|
|
8,052
|
66,147
|
Right–of–use
asset
|
|
–
|
369,538
|
Intangible
asset
|
|
3,235,363
|
2,251,852
|
|
|
5,944,688
|
5,505,962
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
|
2,584,039
|
1,965,420
|
Credit
facility
|
|
4,823,545
|
2,331,314
|
Lease
obligations
|
|
544,700
|
300,555
|
Contract
liability
|
|
–
|
144,034
|
Deferred
revenue
|
|
48,185
|
59,549
|
Debentures
|
|
2,409,103
|
–
|
|
|
10,409,572
|
4,800,872
|
Non–current lease
obligations
|
|
–
|
367,001
|
Debentures
|
|
1,068,772
|
2,182,403
|
|
|
11,478,344
|
7,350,276
|
Equity/Deficit
|
|
|
|
Common
shares
|
|
47,978,992
|
45,177,120
|
Contributed
surplus
|
|
12,861,449
|
11,652,200
|
Deficit
|
|
(66,374,097)
|
(58,673,634)
|
|
|
(5,533,656)
|
(1,844,314)
|
|
|
5,944,688
|
5,505,962
|
NEWTOPIA INC.
Unaudited Statements of Loss and
Comprehensive Loss
Years Ended December 31, 2022 and
2021
(Expressed in Canadian Dollars)
|
|
2022
|
2021
|
|
|
$
|
$
|
Revenue
|
|
11,166,428
|
10,455,848
|
Cost of
revenue
|
|
5,140,369
|
5,384,184
|
Gross profit
|
|
6,026,059
|
5,071,664
|
Operating
expenses
|
|
|
|
Technology and
development
|
|
3,923,663
|
3,126,963
|
Sales and
marketing
|
|
2,720,728
|
3,156,822
|
General and
administrative
|
|
5,111,304
|
4,679,652
|
Share–based
compensation
|
|
492,720
|
1,071,275
|
Depreciation of
property and equipment
|
|
46,387
|
66,590
|
Loss on disposal of
property and equipment
|
|
15,534
|
–
|
Depreciation of
right–of–use asset
|
|
169,370
|
184,767
|
Lease
modification
|
|
150,907
|
–
|
|
|
12,630,613
|
12,286,069
|
Other expenses
(income)
|
|
|
|
Interest on lease
obligations
|
|
70,797
|
113,714
|
Interest and accretion
expense
|
|
388,448
|
112,990
|
Finance charges
|
|
273,736
|
67,342
|
Capitalized borrowing
costs
|
|
(67,000)
|
(39,200)
|
Foreign exchange
(gain)/loss
|
|
(19,053)
|
34,650
|
Impairment of
right–of–use asset
|
|
200,168
|
–
|
Loss on settlement of
debt
|
|
–
|
18,964
|
Amortization of
deferred finance charges
|
|
248,813
|
174,397
|
Change in value of
derivative liability
|
|
–
|
(47,508)
|
|
|
1,095,909
|
435,349
|
Net loss and
comprehensive loss
|
|
(7,700,463)
|
(7,649,754)
|
NEWTOPIA INC.
Unaudited Statements of Changes in
Equity (Deficit)
Years Ended December 31, 2022 and
2021
(Expressed in Canadian Dollars)
|
Common
Shares
|
Shares
To
Be
Issued
|
Contributed
Surplus
|
Deficit
|
Total
|
|
$
|
$
|
$
|
$
|
$
|
Balance, January 1,
2021
|
44,648,952
|
528,168
|
10,046,621
|
(51,023,880)
|
4,199,861
|
Net loss and
comprehensive loss
|
–
|
–
|
–
|
(7,649,754)
|
(7,649,754)
|
Share–based
compensation
|
–
|
–
|
1,071,275
|
–
|
1,071,275
|
Warrants issued on
issuance of 8% Debenture Units
|
–
|
–
|
216,588
|
–
|
216,588
|
Issuance of
shares
|
528,168
|
(528,168)
|
–
|
–
|
–
|
Settlement of related
party payable
|
–
|
–
|
317,716
|
–
|
317,716
|
Balance, December
31, 2021
|
45,177,120
|
–
|
11,652,200
|
(58,673,634)
|
(1,844,314)
|
Net loss and
comprehensive loss
|
–
|
–
|
–
|
(7,700,463)
|
(7,700,463)
|
Share–based
compensation
|
–
|
–
|
492,720
|
–
|
492,720
|
Private Placement
Offering of Units, net of issuance costs
|
2,624,495
|
–
|
511,839
|
–
|
3,136,334
|
Compensation options
issued to brokers
|
(83,230)
|
–
|
83,230
|
–
|
–
|
Adjustment of issuance
costs of 8% Debenture Units
|
–
|
–
|
4,733
|
–
|
4,733
|
Shares issued on
issuance of 13% Debenture Units
|
260,607
|
–
|
–
|
–
|
260,607
|
Settlement of related
party payable
|
–
|
–
|
116,727
|
–
|
116,727
|
Balance, December
31, 2022
|
47,978,992
|
–
|
12,861,449
|
(66,374,097)
|
(5,533,656)
|
NEWTOPIA INC.
Unaudited Statements of Cash Flows
Years Ended December 31, 2022 and
2021
(Expressed in Canadian Dollars)
|
|
|
|
|
|
2022
|
2021
|
|
|
$
|
$
|
Cash flows used in
operating activities
|
|
|
|
Net loss and
comprehensive loss
|
|
(7,700,463)
|
(7,649,754)
|
Items not involving
cash:
|
|
|
|
Depreciation of
property and equipment
|
|
46,387
|
66,590
|
Depreciation of
right–of–use asset
|
|
169,370
|
184,767
|
Impairment of
right–of–use asset
|
|
200,168
|
–
|
Lease
modification
|
|
150,907
|
–
|
Amortization of
intangible asset
|
|
68,838
|
–
|
Amortization of
deferred finance charges
|
|
248,813
|
174,397
|
Capitalized borrowing
costs
|
|
(67,000)
|
(39,200)
|
Accretion
expense
|
|
184,848
|
62,090
|
Interest on lease
obligations
|
|
70,797
|
113,714
|
Loss on disposal of
property and equipment
|
|
15,534
|
–
|
Change in value of
derivative
liability
|
|
–
|
(47,508)
|
Share–based
compensation
|
|
492,720
|
1,071,275
|
Loss on settlement of
debt
|
|
–
|
18,964
|
|
|
(6,119,081)
|
(6,044,665)
|
Change in non–cash
working capital
|
|
|
|
Trade and other
receivables
|
|
(175,663)
|
(314,854)
|
Prepaid expenses and
deposits
|
|
125,149
|
134,293
|
Inventories
|
|
(194,571)
|
147,696
|
Trade and other
payables
|
|
794,346
|
(94,221)
|
Contract
asset/liability
|
|
(334,034)
|
162,844
|
Deferred
revenue
|
|
(11,364)
|
59,549
|
|
|
(5,915,218)
|
(5,949,358)
|
Cash flows used in
investing activities
|
|
|
|
Purchase of property
and equipment
|
|
(3,826)
|
(2,824)
|
Intangible asset
development costs
|
|
(985,349)
|
(2,143,704)
|
|
|
(989,175)
|
(2,146,528)
|
Cash flows from
financing activities:
|
|
|
|
Credit facility
withdrawals
|
|
9,396,285
|
6,352,152
|
Credit facility
repayments
|
|
(6,904,054)
|
(4,020,838)
|
Credit facility
financing
costs
|
|
(162,210)
|
(105,180)
|
Proceeds from
promissory notes
|
|
550,000
|
–
|
Repayment of
promissory notes
|
|
(550,000)
|
–
|
Proceeds from
debenture units, net of closing costs
|
|
1,316,964
|
2,336,901
|
Repayment of lease
obligation
|
|
(344,560)
|
(329,248)
|
Proceeds from private
placement offering, net of share
issuance costs
|
|
3,136,334
|
–
|
|
|
6,438,759
|
4,233,787
|
Net change in cash
during the
year
|
|
(465,634)
|
(3,862,099)
|
Cash, beginning of
year
|
|
811,584
|
4,673,683
|
Cash, end of
year
|
|
345,950
|
811,584
|
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SOURCE Newtopia Inc.