Company Quick10K Filing
GTY Technology
Price6.16 EPS-1
Shares52 P/E-5
MCap322 P/FCF-4
Net Debt-17 EBIT-60
TEV305 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-13
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
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10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-24
10-Q 2016-09-30 Filed 2016-12-12
8-K 2020-06-23 Shareholder Vote
8-K 2020-05-08
8-K 2020-04-02
8-K 2020-03-24
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8-K 2020-02-14
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8-K 2019-07-02
8-K 2019-06-24
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8-K 2019-05-20
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8-K 2019-05-07
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8-K 2019-02-07
8-K 2019-02-04
8-K 2019-02-01
8-K 2019-01-22
8-K 2019-01-14
8-K 2019-01-14
8-K 2018-12-28
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8-K 2018-11-13
8-K 2018-10-30
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8-K 2018-10-10
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8-K 2018-08-28
8-K 2018-06-27
8-K 2018-01-03

GTYH 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Organization and Business Operations
Note 2. Going Concern and Liquidity
Note 3. Summary of Significant Accounting Policies
Note 4. Business Combination (Successor)
Note 5. Intangible Assets
Note 6. Related Party Transactions
Note 7. Share - Based Compensation Stock Options
Note 8. Leases
Note 9. Term Loan
Note 10. Commitments and Contingencies
Note 11. Shareholders’ Equity
Note 12. Segment Reporting
Note 13. Subsequent Events
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds From Registered Securities
Item 6.Exhibits.
EX-31.1 gtyh-20200331ex311421cec.htm
EX-31.2 gtyh-20200331ex312f18d12.htm
EX-32.1 gtyh-20200331ex321fab961.htm
EX-32.2 gtyh-20200331ex3220428ca.htm

GTY Technology Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
56545233922611302015201620182020
Assets, Equity
10.0-1.0-12.0-23.0-34.0-45.02018201820192020
Rev, G Profit, Net Income
40236-11-28-452015201620182020
Ops, Inv, Fin

10-Q 1 gtyh-20200331x10q.htm 10-Q gtyh_Current_Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to

GTY TECHNOLOGY HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Massachusetts

001‑37931

83‑2860149

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

1180 North Town Center Drive, Suite 100, Las Vegas, Nevada 89144

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (702) 945‑2898

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

 

 

 

 

 

Common Stock, par value $0.0001 per share

 

GTYH

 

Nasdaq Stock Market LLC

 

Securities registered pursuant to Section 12(g) of the Act:

None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No  ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No  ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).  Yes  ◻ No ☒

As of May 8, 2020,  54,209,197 and 53,592,831 shares of common stock, par value $0.0001 per share were issued and outstanding, respectively.

 

 

 

GTY TECHNOLOGY HOLDINGS INC.

 

Form 10-Q

 

For the Quarter Ended March 31, 2020

 

Table of Contents

 

 

 

    

Page No.

PART I. FINANCIAL INFORMATION 

 

 

 

 

 

 

Item 1. 

Financial Statements

 

3

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets

 

3

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

 

4

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity

 

5

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows

 

7

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

 

40

 

 

 

 

Item 4. 

Controls and Procedures

 

40

 

 

 

 

PART II. OTHER INFORMATION 

 

41

 

 

 

 

Item 1. 

Legal Proceedings

 

41

 

 

 

 

Item 1A. 

Risk Factors

 

41

 

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

Item 6. 

Exhibits

 

42

 

 

 

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

 

GTY TECHNOLOGY HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2020

  

2019

Assets

 

 

  

 

 

  

Current assets:

 

 

  

 

 

  

Cash and cash equivalents

 

$

8,116

 

$

8,374

Accounts receivable, net

 

 

8,299

 

 

9,184

Prepaid expenses and other current assets

 

 

4,037

 

 

3,047

Total current assets

 

 

20,452

 

 

20,605

 

 

 

 

 

 

  

Property and equipment, net

 

 

4,617

 

 

3,185

Right of use assets

 

 

5,154

 

 

5,876

Intangible assets, net

 

 

112,115

 

 

115,788

Goodwill

 

 

286,635

 

 

286,635

Other assets

 

 

2,393

 

 

2,304

Total assets

 

$

431,366

 

$

434,393

 

 

 

 

 

 

  

Liabilities and Shareholders’ Equity

 

 

 

 

 

  

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

8,213

 

$

8,443

Contract liabilities - current portion

 

 

15,836

 

 

17,346

Financing lease obligations - current portion

 

 

565

 

 

555

Operating lease liability - current portion

 

 

1,780

 

 

1,851

Contingent consideration - current portion

 

 

12,685

 

 

12,680

Term loan, net

 

 

11,542

 

 

 —

Total current liabilities

 

 

50,621

 

 

40,875

 

 

 

 

 

 

 

Contract and other long-term liabilities

 

 

1,708

 

 

1,264

Deferred tax liability

 

 

16,274

 

 

20,276

Financing lease obligations - less current portion

 

 

615

 

 

811

Operating lease liability - less current portion

 

 

3,683

 

 

4,311

Contingent consideration - less current portion

 

 

41,230

 

 

41,233

Total liabilities

 

 

114,131

 

 

108,770

 

 

 

 

 

 

  

Commitments and contingencies

 

 

 

 

 

  

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

  

Common stock

 

 

 5

 

 

 5

Exchangeable shares

 

 

43,220

 

 

45,681

Additional paid in capital

 

 

377,572

 

 

369,756

Accumulated other comprehensive income

 

 

2,419

 

 

370

Treasury stock

 

 

(5,174)

 

 

(5,174)

Accumulated deficit

 

 

(100,807)

 

 

(85,015)

Total shareholders' equity

 

 

317,235

 

 

325,623

Total liabilities and shareholders’ equity

 

$

431,366

 

$

434,393

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

GTY TECHNOLOGY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

Predecessor

 

 

 

 

 

February 19, 2019

 

 

January 1, 2019

 

 

Three Months Ended

 

through

 

 

through

 

 

March 31, 2020

 

March 31, 2019

 

 

February 18, 2019

Revenues

 

$

11,276

 

$

3,034

 

 

$

4,928

Cost of revenues

 

 

4,527

 

 

1,576

 

 

 

1,614

Gross Profit

 

 

6,749

 

 

1,458

 

 

 

3,314

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

4,854

 

 

1,378

 

 

 

1,394

General and administrative

 

 

7,449

 

 

2,319

 

 

 

1,749

Research and development

 

 

3,798

 

 

1,472

 

 

 

1,580

Amortization of intangible assets

 

 

3,673

 

 

1,693

 

 

 

32

Acquisition costs

 

 

 —

 

 

35,029

 

 

 

151

Restructuring charges

 

 

3,466

 

 

 —

 

 

 

 —

Change in fair value of contingent consideration

 

 

29

 

 

35

 

 

 

(37)

Total operating expenses

 

 

23,269

 

 

41,926

 

 

 

4,869

Loss from operations

 

 

(16,520)

 

 

(40,468)

 

 

 

(1,555)

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(236)

 

 

421

 

 

 

(170)

Loss from issuance of shares

 

 

(2,056)

 

 

 —

 

 

 

 —

Other income (loss), net

 

 

499

 

 

(5)

 

 

 

12

Total other income (expense), net

 

 

(1,793)

 

 

416

 

 

 

(158)

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(18,313)

 

 

(40,052)

 

 

 

(1,713)

Benefit from income taxes

 

 

2,521

 

 

 —

 

 

 

 —

Net loss

 

$

(15,792)

 

$

(40,052)

 

 

$

(1,713)

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.30)

 

$

(0.83)

 

 

 

 

Weighted average shares of common stock outstanding, basic and diluted

 

 

52,575

 

 

48,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(15,792)

 

$

(40,052)

 

 

$

(1,713)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain

 

 

2,049

 

 

 —

 

 

 

 —

Total other comprehensive income

 

 

2,049

 

 

 —

 

 

 

 —

Comprehensive loss

 

$

(13,743)

 

$

(40,052)

 

 

$

(1,713)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

4

GTY TECHNOLOGY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(Amounts in thousands, except share amounts)

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Stock

 

Exchangeable Shares

 

Paid in

 

Treasury

 

Accumulated

 

Comprehensive

 

Shareholders’

Successor

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Stock

    

Deficit

    

Income

    

Equity

Balance - December 31, 2019

 

52,303,862

 

$

 5

 

5,568,096

 

$

45,681

 

$

369,756

 

$

(5,174)

 

$

(85,015)

 

$

370

 

$

325,623

Net loss

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(15,792)

 

 

 —

 

 

(15,792)

Foreign currency translation gain

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

2,049

 

 

2,049

Share-based compensation

 

 —

 

 

 —

 

 —

 

 

 —

 

 

3,295

 

 

 —

 

 

 —

 

 

 —

 

 

3,295

Share Redemption (Incremental Shares Issued)

 

334,254

 

 

 —

 

 —

 

 

 —

 

 

2,056

 

 

 —

 

 

 —

 

 

 —

 

 

2,056

Vested and settled restricted shares

 

31,250

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Stock option exercises

 

3,699

 

 

 —

 

 —

 

 

 —

 

 

 4

 

 

 —

 

 

 —

 

 

 —

 

 

 4

Exchangeable shares converted to Common Stock

 

246,097

 

 

 —

 

(246,097)

 

 

(2,461)

 

 

2,461

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Balance - March 31, 2020

 

52,919,162

 

$

 5

 

5,321,999

 

$

43,220

 

$

377,572

 

$

(5,174)

 

$

(100,807)

 

$

2,419

 

$

317,235

 

 

 

Successor from February 19, 2019 to March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Shareholders’

 

 

Common Stock

 

Class A

 

 

Class B

 

 

Exchangeable Shares

 

Paid in

 

Accumulated

 

Equity

Successor

    

Shares

    

Amount

    

Shares

    

Amount

    

 

Shares

    

Amount

    

 

Shares

    

Amount

    

Capital

 

Deficit

 

(Deficit)

Balance - February 19, 2019

 

 —

 

$

 —

 

898,984

 

$

 —

 

 

13,568,821

 

$

 1

 

 

 —

 

$

 —

 

$

 —

 

$

4,999

 

$

5,000

Net loss

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(40,052)

 

 

(40,052)

Ordinary shares no longer subject to possible redemption

 

 —

 

 

 —

 

9,216,438

 

 

 1

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

88,912

 

 

 —

 

 

88,913

Private placement of Class A shares, net of costs

 

 —

 

 

 —

 

12,863,098

 

 

 2

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

125,256

 

 

 —

 

 

125,258

Exchange of shares in GTY Merger

 

36,547,341

 

 

 4

 

(22,978,520)

 

 

(3)

 

 

(13,568,821)

 

 

(1)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Class A shares issued for acquisitions

 

11,973,154

 

 

 1

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

119,730

 

 

 —

 

 

119,731

Shares convertible into Class A shares issued for acquisitions

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

5,761,741

 

 

47,617

 

 

 —

 

 

 —

 

 

47,617

Share-based compensation

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

551

 

 

 —

 

 

551

Common stock redeemed

 

(100,000)

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,000)

 

 

 —

 

 

(1,000)

Balance - March 31, 2019

 

48,420,495

 

$

 5

 

 —

 

$

 —

 

 

 —

 

$

 —

 

 

5,761,741

 

$

47,617

 

$

333,449

 

$

(35,053)

 

$

346,018

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

GTY TECHNOLOGY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

Predecessor from December 31, 2018 to February 18, 2019

 

 

 

 

 

 

 

 

    

 

 

Predecessor

Balance as of December 31, 2018

 

 

 

$

(37,142)

Net loss

 

 

 

 

(1,713)

Stock compensation

 

 

 

 

61

Exercise of stock options

 

 

 

 

13

Shareholders'/Members' equity activity

 

 

 

 

5,629

Balance as of February 18, 2019

 

 

 

$

(33,152)

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

6

GTY TECHNOLOGY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

Predecessor

 

 

 

 

February 19, 2019

 

 

January 01, 2019

 

 

Three Months Ended

 

through

 

 

through

 

    

March 31, 2020

    

March 31, 2019

  

  

February 18, 2019

Cash flows from operating activities:

 

 

  

 

 

  

 

 

 

  

Net loss

 

$

(15,792)

 

$

(40,052)

 

 

$

(1,713)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation of property and equipment

 

 

54

 

 

79

 

 

 

177

Amortization of intangible assets

 

 

3,673

 

 

1,693

 

 

 

32

Amortization of right of use assets

 

 

431

 

 

262

 

 

 

165

Share-based compensation

 

 

3,295

 

 

551

 

 

 

61

Deferred income tax benefit

 

 

(2,521)

 

 

 —

 

 

 

 —

Loss on issuance of shares

 

 

2,056

 

 

 —

 

 

 

 —

Amortization of deferred debt issuance costs

 

 

66

 

 

 —

 

 

 

 —

Bad debt expense

 

 

69

 

 

 9

 

 

 

 6

Foreign exchange loss on payment of vested options

 

 

 —

 

 

17

 

 

 

 —

Change in fair value of contingent consideration

 

 

29

 

 

35

 

 

 

(37)

Change in fair value of warrant liability

 

 

 —

 

 

 —

 

 

 

(18)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

522

 

 

(1,164)

 

 

 

2,190

Prepaid expenses and other assets

 

 

(1,122)

 

 

(617)

 

 

 

202

Accounts payable and accrued liabilities

 

 

(546)

 

 

13,916

 

 

 

(781)

Contract and other long-term liabilities

 

 

(42)

 

 

 —

 

 

 

 —

Operating lease liabilities

 

 

(441)

 

 

 —

 

 

 

 —

Net cash (used in) provided by operating activities

 

 

(10,269)

 

 

(25,271)

 

 

 

284

 

 

 

  

 

 

  

 

 

 

  

Cash flows from investing activities:

 

 

  

 

 

  

 

 

 

  

Proceeds from cash held in trust

 

 

 —

 

 

217,642

 

 

 

 —

Proceeds from the sales of marketable securities

 

 

 —

 

 

 —

 

 

 

1,531

Acquisitions, net of cash acquired

 

 

 —

 

 

(179,008)

 

 

 

 —

Capital expenditures

 

 

(1,111)

 

 

(6)

 

 

 

(15)

Net cash (used in) provided by investing activities

 

 

(1,111)

 

 

38,628

 

 

 

1,516

 

 

 

  

 

 

  

 

 

 

  

Cash flows from financing activities:

 

 

  

 

 

  

 

 

 

  

Proceeds from borrowings, net of issuance costs

 

 

11,476

 

 

 —

 

 

 

35

Repayments of borrowings

 

 

 —

 

 

(640)

 

 

 

(69)

Contingent consideration payments

 

 

(27)

 

 

 —

 

 

 

 —

Stock options exercises

 

 

 4

 

 

 —

 

 

 

13

Member distribution

 

 

 —

 

 

 —

 

 

 

(500)

Redemption of Class A Ordinary Shares

 

 

 —

 

 

(113,982)

 

 

 

 —

Common stock redeemed

 

 

 —

 

 

(1,000)

 

 

 

 —

Proceeds received from private placement of Class A shares, net of costs

 

 

 —

 

 

125,258

 

 

 

 —

Proceeds from disposal of fixed assets

 

 

 —

 

 

 —

 

 

 

 1

Repayments of finance lease obligations

 

 

(136)

 

 

(20)

 

 

 

(19)