Mr. Daniel Russell reports
SYNEX INTERNATIONAL INC. FIRST QUARTER OF FISCAL 2020
For the three months ended Sept. 30, 2019, Synex International Inc.'s revenue increased to $425,769 from $411,608 in the corresponding period in fiscal 2019. Electricity generation for first quarter 2020 was above average whereas in first quarter 2019, generation was below average. Electricity sales for first quarter 2020 were $88,584 higher than in first quarter 2019.
The net loss attributable to shareholders of Synex International in first quarter 2020 was $525,774 as compared with net loss of $576,988 in first quarter 2019. The decrease in net loss was primarily due to increased generation at the hydroelectric plants in first quarter 2020. Net loss per share for first quarter 2020 was one cent as compared with a net loss per share of two cents for first quarter 2019.
The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for first quarter 2020 were nil as compared with $60,170 for first quarter 2019.
At Sept. 30, 2019, the company had a cash balance of $297,973 as compared with $438,763 at Sept. 30, 2018. The total loan principal outstanding to Canadian Western Bank was $13,979,679 at Sept. 30, 2019, as compared with $14,311,410 at Sept. 30, 2018. Loans payable at Sept. 30, 2019, included a current portion of $7,032,825 and a non-current portion of $6,946,854.
During the year ended June 30, 2019, the company received notification of a claim by a former officer of the company in relation to severance pay. On Oct. 23, 2019, the company finalized a settlement agreement with such former officer.
The company is a run-of-river hydro developer, operator and engineering firm. The company wholly owns or has a proportionate interest in a net total 12 megawatts of operating facilities in British Columbia, and a Vancouver Island grid connection and utility carrying on business as Kyuquot Utility. The company also has 9.4 megawatts of construction-ready run-of-river projects, and applications and land tenures on another 24 potential hydroelectric sites, totalling over 150 megawatts of installed capacity in British Columbia.
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