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AgJunction Inc. (AJXGF)

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Previous Close0.4223
Open0.4400
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.4223 - 0.4223
52 Week Range0.1100 - 0.5200
Volume45,500
Avg. Volume58,834
Market Cap49.332M
Beta (5Y Monthly)2.08
PE Ratio (TTM)N/A
EPS (TTM)-0.0440
Earnings DateMar 23, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • AgJunction and Mahindra to Demonstrate Autosteering Technologies in Turkey
    GlobeNewswire

    AgJunction and Mahindra to Demonstrate Autosteering Technologies in Turkey

    SCOTTSDALE, Ariz., April 07, 2021 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX) (“AgJunction” or the “Company”) and Mahindra & Mahindra Ltd. (IN:MAHM) (“Mahindra”) are pleased to announce a joint project whereby Mahindra will demonstrate autosteering technology on a Hasret 125 Lüks CRD4 tractor, built by Erkunt Traktör Sanayii A.Ş in Turkey. The demonstration will provide local growers a close look at key precision farming technologies, including auto-steering functions for precision planting and crop maintenance, auto eTurns™ and row headland process for managing field configurations, automated implement lift capability, and precision navigation using cellular enabled real-time kinematic GPS technology. The demonstration will be conducted over a six to eight-month period and cover all aspects of crop planting, tilling, fertilization, irrigation, and harvest leveraging the accuracy and continuity of the AgJunction precision guidance solution on the Mahindra Erkunt tractor. The demonstration will be conducted with local farmers in the Afyonkarahisar Province of Turkey. AgJunction and Mahindra will provide training on precision farming techniques with experienced Turkish growers, using the latest available steering and tractor technologies. Local university students will be engaged to provide technical support and learn about the latest technologies in a hands-on environment. “Precision farming using AgJunction technology can enable farms of all sizes to improve productivity and increase crop yields,” said Dr. M. Brett McMickell, president and CEO of AgJunction. “We look forward to working with Mahindra to improve the accessibility of precision agriculture globally.” Commenting on the joint project, Ramesh Ramachandran, Sr. Vice President, FES Strategy & Head, Farming as a Service, Mahindra, stated: “Precision Farming technologies are needed by farmers globally to enhance crop yield and lower cost of cultivation. Through our work with AgJunction, we look forward to bringing these technologies at an affordable cost.” About AgJunctionAgJunction Inc. is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision Ag manufacturers and solution providers and it holds over 200 patents and patents pending. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman®, Whirl™ and Handsfreefarm®. AgJunction is headquartered in Scottsdale, Arizona, and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “AJX.” For more information, please go to AgJunction.com. About Mahindra Mahindra & Mahindra Ltd. is part of The Mahindra Group, a USD 19.4 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company by volume. It also enjoys a strong presence in renewable energy, agribusiness, logistics and real estate development. Headquartered in India, Mahindra employs over 256,000 people across 100 countries. Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise Forward-Looking StatementsThis press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive and political uncertainties and contingencies. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release. In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; availability of key supplies, components, services, networks and developments; the impact of increasing competition; conditions in general economic, agricultural and financial markets; demand for the Company's products; and the continuity of existing business relationships. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates; competition; inability to introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; negative conditions in general economic, agricultural and financial markets; and reduced demand for the Company's products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Contact: Media press@agjunction.com Investor RelationsGateway Investor RelationsCody Slach or Cody Cree 1-949-574-3860AJX@gatewayir.com

  • AgJunction Appoints Cheryne Lowe as Interim CFO
    GlobeNewswire

    AgJunction Appoints Cheryne Lowe as Interim CFO

    SCOTTSDALE, Ariz., March 29, 2021 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX) ("AgJunction" or the "Company") today announced that it has appointed Cheryne Lowe as interim chief financial officer of the Company, replacing the former interim chief financial officer, Peter Newton, whose contract has concluded. Ms. Lowe has nearly twenty years of experience in finance, including roles at a big four accounting firm and CFO of a publicly-traded company on the Toronto Stock Exchange. AgJunction continues its previously announced search for a permanent CFO in the greater Scottsdale area. The Company thanks Mr. Newton for his contributions and wishes him the best in the future. About AgJunction AgJunction Inc. is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision agriculture manufacturers and solution providers and it holds over 200 patents and patents pending. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman®, Whirl™ and Handsfreefarm®. AgJunction is headquartered in Scottsdale, Arizona, and is listed on the Toronto Stock Exchange (TSX) under the symbol “AJX.” For more information, please go to AgJunction.com. Forward-Looking Statements This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to its current and future operations. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive and political uncertainties and contingencies as well as unanticipated force majeure events. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company. In particular, forward-looking statements in this press release include, but are not limited to statements with respect to: the Company’s strategy, plans, objective sales, financial position and focus. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release. In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; product and market expansion; availability of key supplies, components, services, networks and developments; the impact of competition; conditions in general economic, agricultural autosteering and financial markets; uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies and economic activity; demand for the Company's products; and the continuity of existing business relationships. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates; competition; inability to successfully introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; negative conditions in general economic, agricultural and financial markets; and reduced demand for the Company's products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Contact: Media press@agjunction.com Investor RelationsGateway Investor RelationsCody Slach or Cody Cree 1-949-574-3860AJX@gatewayir.com

  • AgJunction Reports Fourth Quarter and Full Year 2020 Earnings Results
    GlobeNewswire

    AgJunction Reports Fourth Quarter and Full Year 2020 Earnings Results

    SCOTTSDALE, Ariz., March 22, 2021 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX) ("AgJunction" or the "Company") is reporting financial results for the fourth quarter and full year ended December 31, 2020. All currency amounts are expressed in U.S. dollars. Fourth Quarter 2020 Financial Highlights compared to Fourth Quarter 2019 Revenue was $2.7 million compared to $3.3 millionGross margin increased 230 basis points to 48.2% compared to 45.9%Operating expenses improved to $3.4 million compared to $4.7 millionNet loss improved by 29% to $(2.2) million or $(0.02) per share, compared to a net loss of $(3.1) million or $(0.03) per shareEBITDA improved by 39% to $(1.4) million compared to $(2.3) million Full Year 2020 Financial Highlights compared to Full Year 2019 Revenue was $16.3 million compared to $39.2 million (2019 included $24.0 million of revenue related to the Bulk Purchase Order (BPO))Gross margin increased significantly to 49.0% compared to 37.4%Operating expenses improved to $13.2 million compared to $21.1 millionNet loss improved by 15% to $(5.3) million, or $(0.04) per share, compared to a net loss of $(6.2) million, or $(0.05) per shareEBITDA improved by 28% to $(2.6) million compared to $(3.6) million Management Commentary “At the beginning of last year, I don’t think anyone could have predicted just how disruptive 2020 would be due mostly to the COVID-19 pandemic,” said Dr. M. Brett McMickell, president and CEO of AgJunction. “Despite this difficult macroeconomic environment, I’m incredibly proud of the progress we made throughout the year on implementing our modularization strategy. We continued developing in strategically important areas in off-road automation, such as sensor fusion, terrain mapping, vision tracking, and mobile applications. Our continued investment in research and development will help us accelerate our growth coming out of the COVID-19 pandemic. Although our 2020 sales results aren’t exactly where we thought they’d be when we started the year, we made great strides in prudently managing costs and optimizing our product mix, which led to a significant increase in our gross margin and improved bottom line profitability. “During the fourth quarter, optimism returned to our indirect channel as we saw more OEMs restart development planning for their next generation equipment. In fact, we entered into agreements to provide various autosteering applications to two leading OEMs, Komatsu and Ploeger. Currently, we are continuing to focus heavily on maintaining strong partnerships with our existing OEM and VAR partners, while also working towards new partnerships that we expect to have news on in the coming months. While the business environment remains challenging, we are seeing our customers regain confidence and we are excited about the products that we are currently testing. “Our direct channel saw strong momentum with 75% year-over-year revenue growth in our ecommerce store. This parallels the introduction of new AgJunction products, including the Wheelman® Pro HP and Wheelman® Flex HP, which are derived from the innovations we had made for our indirect channel. Additionally, we launched our first subscription offering through our ecommerce store. “In order to further support our customers, AgJunction has recently become a member of the American Connection Project Broadband Coalition, which is a collection of over 140 prominent companies, trade associations and academic institutions who are committed to bringing high-speed internet infrastructure to communities, particularly in rural farm areas, across the country that lack internet access. Given our direct connection to farming communities, we are proud to join this coalition and look forward to helping improve connectivity and bridge the digital divide in America. “As we move ahead, we will continue to execute on our strategy and provide more accessible automation to our customers across the globe. While we still believe revenue will be impacted in the near-term, we continue to onboard new OEM customers and look for ways to further drive growth in our direct channel. I’m very proud of our entire team’s ability to remain resilient in progressing our mission and delivering some of the most innovative products on the market. We are looking forward to what we can accomplish in 2021.” Fourth Quarter 2020 Financial Results Total revenue in the fourth quarter of 2020 was $2.7 million compared to $3.3 million in the fourth quarter of 2019. The decrease is primarily due to reduced revenue volume from a North American VAR customer. This was partially offset by the large increase in the EMEA region attributable to revenue earned for product software access requirements, as well as an increase in the APAC region due to expansion into China and higher demand in Japan. Gross profit in the fourth quarter of 2020 was $1.3 million compared to $1.5 million in the fourth quarter of 2019. Gross margin increased to 48.2% compared to 45.9% in the fourth quarter of 2019. The margin improvement was attributable to better cost management and the shifting of the Company’s product mix to more higher margin software offerings. Total operating expenses in the fourth quarter of 2020 improved to $3.4 million compared to $4.7 million in the fourth quarter of 2019. The improvement was primarily driven by reduced expenses related to the closures of the Company’s Brisbane and Fremont facilities, along with lower compensation costs and travel expenses. Net loss in the fourth quarter of 2020 improved to $(2.2) million or $(0.02) per share, compared to a net loss of $(3.1) million or $(0.03) per share in the fourth quarter of 2019. The improvement was primarily a result of the aforementioned reduction in facilities costs and overall decrease in total operating expenses. EBITDA in the fourth quarter of 2020 improved to $(1.4) million compared to $(2.3) million in the fourth quarter of 2019. Full Year 2020 Financial Results Total revenue in 2020 was $16.3 million compared to $39.2 million in 2019. Excluding $24.0 million of revenue generated from the BPO in the prior year, revenue increased 6.6% as a result of continued execution of the Company’s strategy. Gross profit for the full year was $8.0 million compared to $14.7 million in 2019. Gross margin increased significantly to 49.0% compared to 37.4% for the full year. The substantial margin improvement was attributable to a higher margin product mix and improved manufacturing efficiencies. Total operating expenses for the year improved to $13.2 million compared to $21.1 million in the previous year. The improvement was predominantly driven by cost savings from departmental consolidation, site closures, travel cost reductions and IT expenditure reductions. Net loss for the full year improved to $(5.3) million or $(0.04) per share, compared to a net loss of $(6.2) million or $(0.05) per share in the prior year. The improvement was primarily a result of the aforementioned decrease in total operating expenses. EBITDA for the full year improved to $(2.6) million compared to $(3.6) million for the full year 2019. Cash and cash equivalents at December 31, 2020, totaled $6.8 million compared to $17.2 million at the end of 2019. Working capital was $13.7 million at December 31, 2020 as compared to $19.2 million at the end of 2019. The Company continues to operate debt free and has access to an unutilized $3.5 million line of credit. Conference Call AgJunction will hold a conference call tomorrow at 11:00 a.m. Eastern time to discuss its fourth quarter and full year 2020 results, followed by a question and answer period. Date: Tuesday, March 23, 2021Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)Toll-free dial-in number: 1-877-573-5992International dial-in number: 1-270-215-9903Conference ID: 7990215 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860. The conference call will be broadcast live and available for replay here and via the investor center section of the company’s website at Agjunction.com. A replay of the conference call will be available after 2:00 p.m. Eastern time on the same day through April 6, 2021. Toll-free replay number: 1-855-859-2056International replay number: 1-404-537-3406Replay ID: 7990215 About AgJunction AgJunction Inc. is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision Ag manufacturers and solution providers and it holds over 200 patents and patents pending. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman®, Whirl™ and Handsfreefarm® and is committed to advancing its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction is headquartered in Scottsdale, Arizona, and is listed on the Toronto Stock Exchange (TSX) under the symbol “AJX.” For more information, please go to AgJunction.com. Non-IFRS Measures This press release uses EBITDA, which is a financial measure that does not have any standardized meaning prescribed under International Financial Reporting Standards ("IFRS"). EBITDA is defined as net income before interest, income tax, depreciation and amortization. The Company believes that this non-IFRS measure provides useful information to both management and investors in measuring financial performance. As this measure, does not have a standard meaning prescribed by IFRS, it may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with IFRS. This non-IFRS measure is provided as additional information to complement IFRS measures by providing further understanding of operations from management’s perspective. Accordingly, non-IFRS measures should never be considered in isolation nor as a substitute to using net income as a measure of profitability or as an alternative to the IFRS consolidated statements of income or other IFRS statements. See "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Reconciliation" herein for additional information. Forward-Looking Statements This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive and political uncertainties and contingencies. In particular, forward-looking statements in this press release include, but are not limited to statements with respect to: the Company’s plans and focus; potential for supply-chain disruptions; timing for OEM partners new product development initiatives; impacts of the foregoing on the company. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release.In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; impact (and duration thereof) that the COVID-19 pandemic will have on the Company’s business, including on demand for the Company’s products; effects of regulation by governmental agencies; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; availability of key supplies, components, services, networks and developments; the impact of increasing competition; conditions in general economic, agricultural and financial markets; demand for the Company's products; and the continuity of existing business relationships. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates, the COVID-19 pandemic and its impacts on the Company including our products; our supply chain and our ability to receive products on a timely basis from our global suppliers; a prolonged economic downturn from the negative effects of COVID-19 pandemic may result in reduction of revenue, cashflows and negatively affect our profitability; competition; inability to introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; negative conditions in general economic, agricultural and financial markets; and reduced demand for the Company's products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Contact: Media press@agjunction.com Investor RelationsGateway Investor RelationsCody Slach or Cody Cree1-949-574-3860AJX@gatewayir.com AgJunction Inc. Consolidated Statements of Financial Position (Expressed in U.S. thousand dollars) December 31,December 31, 2020 2019 Assets Current assets: Cash and cash equivalents (note 5)$6,773 $17,248 Accounts receivable, net (note 6) 2,051 2,793 Current portion of notes receivable, net (note 8) 320 320 Inventories (note 7) 8,694 3,743 Contract assets, net 7 - Prepaid expenses and deposits 781 819 18,626 24,923 Notes receivable, less current portion, net (note 8) 1,002 760 Property, plant and equipment, net (note 9) 950 1,314 Right-of-use assets (note 10) 661 1,020 Intangible assets, net (note 11) 9,957 10,333 Goodwill 143 143 $31,339 $38,493 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and accrued liabilities$2,901 $3,540 Provisions (note 12) 352 826 Current portion of lease liability (note 10) 368 429 Current portion of deferred revenue (note 3(u)) 1,288 935 4,909 5,730 Deferred revenue, less current portion (note 3(u)) 2,425 3,298 Lease liability, net of current portion (note 6) 334 702 Total liabilities 7,668 9,730 Shareholders’ equity: Share capital (note 13) 23,495 148,495 Equity reserve 5,103 4,890 Accumulated deficit (4,927) (124,622) 23,671 28,763 $31,339 $38,493 AgJunction Inc. Consolidated Statements of Profit or Loss Three and Twelve months ended December 31, 2020 and 2019 (Unaudited -expressed in U.S. thousand dollars) Three months endedTwelve months ended December 31,December 31, 2020 2019 2020 2019 Revenue$2,684 $3,291 $16,307 $39,246 Cost of sales 1,391 1,780 8,316 24,561 Gross Profit 1,293 1,511 7,991 14,685 48.2% 45.9% 49.0% 37.4%Expenses: Research and development 1,383 440 4,797 6,077 Sales and marketing 508 707 2,153 4,535 General and administrative 1,526 3,589 6,245 10,529 3,417 4,736 13,195 21,141 Operating (loss) income (2,124) (3,225) (5,204) (6,456) Interest and other income (5) (85) (94) (289)Foreign exchange (gain) loss, net 37 (48) 56 (19)Loss on sale of property, plant and equipment 72 14 139 50 104 (119) 101 (258) Net (loss) income before income taxes (2,228) (3,106) (5,305) (6,198) Income tax benefit - - - - Net (loss) income$(2,228)$(3,106)$(5,305)$(6,198) Earnings per share: Basic and diluted (loss) per share$(0.02)$(0.03)$(0.04)$(0.05) AgJunction Inc. Condensed Consolidated Statements of Cash Flows Twelve months ended December 31, 2020 and 2019 (Unaudited - expressed in U.S. thousand dollars) 2020 2019 Cash flows used in operating activities: Net (loss) income$(5,305)$(6,198)Items not involving cash: Depreciation (note 9) 705 1,216 Amortization (note 11) 2,096 1,677 Share-based payment transactions (note 13) 213 (2)Allowance loss on trade receivables (note 6) - 3 Recovery (write down) of reserve for slow moving and obsolete inventories (note 7) - (363)(Gain) loss on disposal of property, plant and equipment (note 9) 140 50 Change in operating working capital: Accounts receivable (note 6) 742 5,712 Reclassification of Note Receivable (500) - Inventories (note 7) (4,951) 2,363 Contract assets (7) 243 Prepaid expenses and deposits 38 467 Accounts payable and accrued liabilities (639) (4,960)Provisions (note 12) (474) (173)Contract liabilities - (180)Deferred revenue (519) (934)Cash flows (used in) provided by operating activities: (8,461) (1,079) Cash flows used in financing activities: Issue of share capital (note 13) - 20 Interest payments on notes receivable - 6 Interest payments on lease liabilities (note 10) (43) (66)Paycheck Protection Program Loan proceeds 1,540 - Paycheck Protection Program Loan repayment (1,540) - Principal payments on lease liabilities (note 10) (386) (654)Cash flows (used in) provided by financing activities: (429) (694) Cash flows used in investing activities: Principal payments received on notes receivable (note 8) 258 259 Purchase of property, plant and equipment (note 9) (123) (612)Intangible asset addition, net (note 11) (1,720) (2,024)Cash flows (used in) provided by investing activities: (1,585) (2,377) Decrease in cash and cash equivalents (10,475) (4,150) Cash and cash equivalents, beginning of period 17,248 21,398 Cash and cash equivalents, end of period$6,773 $17,248 AgJunction Inc. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) ReconciliationThree and Twelve months ended December 31, 2020 and 2019 (unaudited - expressed in U.S. thousand dollars) Three months endedTwelve months ended December 31,December 31, 2020 2019 2020 2019 Net income (loss)$(2,228)$(3,106)$(5,305)$(6,198) Interest (income) (5) (80) (94) (284)Depreciation 164 473 705 1,322 Amortization 646 441 2,096 1,572 EBITDA$(1,423)$(2,273)$(2,598)$(3,588)