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Classified in: Science and technology, Business
Subject: ERN

Metamaterial Releases Third Quarter 2020 Results


HALIFAX, NS, Nov. 30, 2020 /CNW/ - Metamaterial Inc. (the "Company" or "META") (CSE: MMAT) a developer of high-performance functional materials and nanocomposites, today released third quarter 2020 results. Please visit the Investors section of our website to view the Q3 2020 Shareholder Letter.

The interim financial statements and the associated management discussion and analysis for the quarter and nine months ended September 30, 2020 are available on the Investors section of our website as well as under the Company's profile on SEDAR at www.sedar.com.

About Metamaterial Inc.

META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and electromagnetic waves. Metamaterials help support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy. META is currently developing new materials with diverse applications in the automotive, aerospace, solar, consumer electronics and medical industries. META has a growing patent portfolio with three core technologies: holography, lithography, and wireless sensing. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California.

The CSE has neither approved nor disapproved the contents of this news release.

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)





Interim condensed consolidated statements of financial position (unaudited)

[expressed in Canadian dollars]




As at




September 30, 2020

December 31, 2019


$

$




Assets



Current



Cash and cash equivalents

3,208,911

528,691

Grants receivable

487,771

242,705

Other receivables

76,071

79,072

Inventory

615,225

438,726

Prepaid expenses

461,071

365,602

HST receivable

97,932

262,512

Right-of-use assets

6,708

66,951

Total current assets

4,953,689

1,984,259

Intangible assets, net

5,796,302

6,404,812

Property and equipment, net

3,065,960

3,558,675

Total non-current assets

8,862,262

9,963,487

Total assets

13,815,951

11,947,746

Liabilities and shareholders' equity (deficiency)



Current



Trade payables

1,706,788

3,176,642

Due to related parties

333,182

345,033

Current portion of long-term debt

249,168

104,376

Current portion of deferred revenue

1,900,357

1,819,797

Derivative liability

-

1,175,056

Promissory notes

-

4,595,975

Current portion of lease liabilities

7,616

71,947

Total current liabilities

4,197,111

11,288,826

Deferred revenue

2,527,044

3,089,921

Deferred government assistance

232,207

369,221

Deferred tax liability

512,461

658,481

Unsecured convertible debenture

1,494,958

760,145

Unsecured convertible promissory notes

657,448

-

Secured convertible debentures

4,891,844

-

Funding obligation

904,215

808,298

Long-term debt

3,107,099

3,139,301

Total non-current liabilities

14,327,276

8,825,367

Total liabilities

18,524,387

20,114,193




Shareholders' deficiency



Common shares

34,296,403

7,598,670

Preferred shares

-

12,748,100

Contributed surplus

5,290,939

3,753,211

Warrants

571,555

175,095

Accumulated other comprehensive loss

(349,972)

(159,512)

Deficit

(44,517,361)

(32,282,011)

Total shareholders' deficiency

(4,708,436)

(8,166,447)

Total liabilities and shareholders' deficiency

13,815,951

11,947,746

 

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)








Interim condensed consolidated statement of loss and comprehensive loss (unaudited)

[expressed in Canadian dollars]









Three months ended September 30

Nine months ended September 30


2020

2019

2020

2019


$

$

$

$

Product sales

-

627

2,615

11,315

Development revenue

263,014

215,873

1,147,702

664,078

Revenue, net

263,014

216,500

1,150,317

675,393

Cost of goods sold

1,240

245

4,201

4,268

Gross Profit

261,774

216,255

1,146,116

671,125






Expenses (income)





Salaries and benefits

487,491

719,602

2,601,077

2,203,035

Depreciation and amortization

786,736

838,360

2,508,636

2,312,811

Travel and entertainment

1,444

81,722

89,629

305,764

Other expenses

213,825

107,947

523,402

395,716

Listing expenses

-

-

3,370,249

-

Stock exchange fees

3,750

-

7,500

-

Rent and utilities

116,050

141,594

331,110

346,252

Interest and bank charges

350,815

141,339

785,228

336,207

Consulting

306,770

97,091

665,947

323,614

Investor related expense

42,752

-

111,579

-

Research and development

159,143

215,128

384,270

524,837

Professional fees

305,876

357,856

1,148,823

544,511

Non-cash interest accretion

151,466

121,416

435,594

152,306

Share-based compensation expense

538,806

676,460

1,492,637

1,319,362

Unrealized (gain) loss on FVTPL liabilities

603,054

145,977

(505,194)

381,998

Technology license fees

-

12,130

25,885

37,962

Realized foreign currency exchange loss (gain)

8,705

(4,605)

73,212

758

Interest income

(1,827)

(236)

(8,448)

(726)

Unrealized foreign currency exchange (gain) loss

235,865

(95,741)

(214,181)

267,155

Government assistance

(147,069)

(45,671)

(297,539)

(767,280)


4,163,652

3,510,369

13,529,416

8,684,282

Net loss before tax

(3,901,878)

(3,294,114)

(12,383,300)

(8,013,157)

Income tax recovery

44,161

44,901

147,950

244,411

Net loss for the period

(3,857,717)

(3,249,213)

(12,235,350)

(7,768,746)






Other comprehensive loss, net of income taxes





Items that may be subsequently reclassified to income:





Unrealized foreign currency translation adjustment

243,637

(165,863)

(190,460)

(104,149)

Comprehensive loss for the period

(3,614,080)

(3,415,076)

(12,425,810)

(7,872,895)






Basic and diluted loss per share

(0.05)

(0.33)

(0.15)

(0.80)

Weighted average number of shares outstanding





- basic and diluted

83,597,092

9,724,476

83,597,092

9,724,476











Metamaterial Inc. (formerly Continental Precious Minerals Inc.)





Interim condensed consolidated statement of cash flows (unaudited)

[expressed in Canadian dollars]







Nine months ended September 30

2020

2019


$

$




Operating activities



Net loss for the period

(12,235,350)

(7,768,746)

Add (deduct) items not affecting cash:



Government assistance

(154,582)

(767,280)

Deferred income tax recovery

(147,950)

(244,410)

Depreciation and amortization

2,508,636

2,359,308

Non-cash interest accretion

435,594

152,306

Unrealized foreign currency exchange (gain) loss

(340,771)

267,155

Interest expense

392,936

186,813

Share-based payment expense

-

25,000

Listing expenses

3,370,249

-

Unrealized loss on FVTPL liabilities

(505,194)

381,998

Change in deferred revenue

(482,317)

(669,533)

Share-based compensation expense

1,578,114

1,319,362

Net change in non-cash working capital items

(1,832,955)

408,028

Cash used in operating activities

(7,413,590)

(4,349,999)




Investing activities



Additions to intangible assets

(124,519)

(128,622)

Additions to property and equipment

(1,106,870)

(767,149)

Reverse takeover, net cash

4,174,979

-

Cash used in investing activities

2,943,590

(895,771)




Financing activities



Proceeds from long-term debt

50,784

1,129,860

Repayment of long-term debt

(262,258)

(53,568)

Proceeds from unsecured convertible promissory notes

666,950

3,185,760

Proceeds from funding obligation

-

325,000

Proceeds from units, net

814,270

470,083

Proceeds from unsecured convertible debentures

950,000

-

Proceeds from secured convertible debentures

5,000,000

-

Payment of lease liabilities

(69,526)

(54,526)

Cash provided by financing activities

7,150,220

5,002,609




Net (decrease) increase in cash and cash equivalents

2,680,220

(243,161)

Cash and cash equivalents, beginning of the period

528,691

850,623

Cash and cash equivalents, end of the period

3,208,911

607,462




Supplemental cash flow information



Interest on debt paid

252,987

15,609




 

SOURCE Metamaterial Inc.


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