# EDGAR Filing Document

**Accession Number:** 0001463833
**File Stem:** 0001213900-23-003779
**Filing Date:** 2023-1
**Character Count:** 22999
**Document Hash:** b188d1b8757dcd34a082acaa45176f66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-003779.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001213900-23-003779

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IDW MEDIA HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001463833
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **IRS NUMBER:** 264831346
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34355
- **FILM NUMBER:** 23537645

**BUSINESS ADDRESS:**
- **STREET 1:** 520 BROAD STREET
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** 973-438-3385

**MAIL ADDRESS:**
- **STREET 1:** 520 BROAD STREET
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CTM MEDIA HOLDINGS, INC.
- **DATE OF NAME CHANGE:** 20090511

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 12, 2023**

**IDW Media Holdings, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34355** | **26-4831346** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **520 Broad Street**<br> **Newark, New Jersey** | **07102** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: 323-433-6670**

**Not Applicable**

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on**<br> **which registered** |
| Class B common stock, par value $0.01 per share | IDW | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On January 19, 2023, IDW Media Holdings, Inc. (the "Registrant") issued a press release announcing its results of operations for the fiscal quarter and fiscal year ended October 31, 2022. A copy of the earnings release concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the "SEC"). This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated in such filing. In addition, this Report and the earnings release contain statements intended as "forward-looking statements" that are subject to the cautionary statements about forward-looking statements set forth in the earnings release.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

(b) On January 12, 2023, Sanford R. Climan resigned as an *ex-officio* member of the Registrant's Board of Directors, effective immediately.

**Item 9.01** **Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 99.1 | [Earnings Release, dated January 19, 2023, reporting the results of operations for the fiscal quarter and fiscal year ended October 31, 2022.](ea171909ex99-1_idwmedia.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **IDW MEDIA HOLDINGS, INC.** | **IDW MEDIA HOLDINGS, INC.** |
| By: | /s/ Allan I. Grafman |
| Name: | Allan I. Grafman |
| Title: | Chief Executive Officer |

---

Dated: January 19, 2023

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 99.1 | [Earnings Release, dated January 19, 2023, reporting the results of operations for the fiscal quarter and fiscal year ended October 31, 2022.](ea171909ex99-1_idwmedia.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>IDW Announces Results for Fourth Quarter and Full Fiscal Year 2022</u>**

**LOS ANGELES, CA and NEWARK, NJ –January 19, 2023:** IDW Media Holdings, Inc., ("IDW") (NYSE American: IDW), an integrated media company, today reported results for the three and twelve-months ended October 31, 2022.

**<u>Fourth Quarter Fiscal 2022 (4Q22) Developments</u>**

● Consolidated revenue increased 48% to $10.5 million from $7.1 million in 4Q21 primarily reflecting increased revenue at IDW Entertainment ("IDWE"). Revenue increased 36% sequentially from $7.7 million in 3Q22.

● IDW Publishing ("IDWP") revenue decreased to $5.7 million from $6.9 million in 4Q21 primarily due to fewer titles being released during the quarter. Digital sales were flat as compared to 4Q21.

● IDWE revenue increased to $4.8 million compared to $0.2 million in 4Q21, driven by the recognition of revenue from *Locke & Key* season three.

● Consolidated income from operations was $0.3 million compared to a consolidated operating loss of $1.9 million in 4Q21.

● Net income was $0.4 million, or $0.03 per share, compared to a net loss of $0.7 million, or $0.06 per share, in 4Q21.

**<u>Full Fiscal Year 2022 Developments</u>**

● Consolidated revenue increased 11% to $36.1 million in FY 2022 from $32.4 million in FY 2021.

● IDWP revenue increased slightly to $25.8 million compared to $25.3 million in FY 2021. The increase was driven primarily by increased non-direct market revenue driven by strong sales of TMNT The Last Ronin and They Called Us Enemy, an increase in games revenue from the direct-to-consumer games campaign for *Batman Adventures* and an increase in retailer exclusive revenue related to *Sonic the Hedgehog* and *Transformers,* offset by a decrease in direct market revenue due to fewer titles being published and a decrease in digital sales as compared to the previous year.

● IDWE revenue increased to $10.3 million from $7.1 million in FY 2021. FY 2022 results include revenue from the delivery of seasons two and three of *Locke & Key* and season one of *Surfside Girls.* 

● IDW's net loss improved to $0.7 million, or $0.06 per share, from a net loss of $5.4 million, or $0.51 per share, in FY 2021.

Howard Jonas, Chairman of IDW Media Holdings, commented, "As we move through fiscal 2023, IDW remains focused on leveraging the combined strengths of its Publishing and Entertainment groups to produce inventive content for a variety of media platforms. The Board is pleased with the direction that Allan has brought to the Company since being appointed CEO in the fall, and we remain focused on driving long-term, sustained shareholder value."

Allan Grafman, Chief Executive Officer of IDW Media Holdings, commented, "We're pleased to have closed out fiscal 2022 with strong fourth quarter performance, as reflected in increased revenue, enhanced operating results and improved profitability year over year. As expected, our delivery of season three of *Locke & Key* drove significant revenue growth in the quarter. IDW continued to make solid progress throughout fiscal 2022 and we entered fiscal 2023 with a heightened focus on leveraging our creative partnerships to maximize our library of original titles for the continued development of print as well as entertainment projects.

"As we've previously discussed, our entertainment development pipeline is very strong and we're excited about the strength of our slate of opportunities to bring new content to market. We currently have seven development agreements in place and many more that are in the works, and to provide some context, last year at this time we had no meaningful development deals in place, reflecting our team's tremendous progress. That said, the development of premier entertainment content from idea to green light to delivery takes time. While we cannot predict the timing, we're optimistic about our potential entertainment projects and the partners we're working with, and we're confident that IDW has some of the most compelling characters and stories available. We look forward to bringing innovative new series, feature films and podcasts to market."

**<u>Consolidated P&L Highlights\*</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(\*In millions, except loss per share. Quarterly results are unaudited. Numbers may not foot due to rounding)* | **4Q22** | **3Q22** | **4Q21** | **FY22** | **FY21** |
| Revenue | $10.5 | $7.7 | $7.1 | $36.1 | $32.4 |
| Direct cost of revenue | $4.4 | $3.7 | $4.0 | $16.5 | $21.8 |
| SG&A including non-cash compensation | $5.7 | $4.7 | $4.9 | $19.9 | $19.1 |
| Non-cash compensation included in SG&A | $0.2 | $0.2 | $0.1 | $0.7 | $0.3 |
| Depreciation & amortization | $0.1 | $0.1 | $0.1 | $0.3 | $0.2 |
| Income (loss) from operations | $0.3 | $(0.8) | $(1.9) | $(0.7) | $(8.7) |
| Net income (loss) | $0.4 | $(0.8) | $(0.7) | $(0.7) | $(5.4) |
| Income (loss) per share – continuing operations | $0.03 | $(0.06) | $(0.06) | $(0.06) | $(0.59) |
| Net income (loss) per share | $0.03 | $(0.06) | $(0.06) | $(0.06) | $(0.51) |

---

**<u>Segment P&L Highlights\*</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **4Q22** | **3Q22** | **4Q21** | **FY22** | **FY21** |
| **Revenue** | | | | | |
| IDW Publishing | $5.7 | $6.6 | $6.9 | $25.8 | $25.3 |
| IDW Entertainment | $4.8 | $1.2 | $0.2 | $10.3 | $7.1 |
| **(Loss) income from operations** |  |  |  |  |  |
| IDW Publishing | $(1.6) | $(0.6) | $- | $(1.9) | $(0.8) |
| IDW Entertainment | $2.8 | $- | $(1.5) | $3.1 | $(6.7) |
| Corporate | $(0.9) | $(0.2) | $(0.4) | $(1.9) | $(1.2) |

---

**<u>Financial Take-Aways</u>**

*(4Q22 compared to 4Q21; Full year fiscal 2022 results are compared to full year fiscal 2021)*

● **Revenue:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o IDWP: In 4Q22, revenue decreased primarily due to a decrease in the number of titles released and related to the strong comic release
of *TMNT The Last Ronin #4* in the prior year period. In FY 2022, revenue increased slightly primarily due to increased non-direct
market revenue, games revenue, and retailer exclusive revenue, offset by a decrease in direct market revenue due to fewer titles being
published and a decrease in digital sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o IDWE: In 4Q22, IDWE reported revenue of $4.8 million mainly related to the recognition of revenue for the delivery of season 3 of *Locke & Key*. In FY 2022, IDWE reported revenue of $10.3 million driven by the delivery of seasons two and three of *Locke & Key* and season one of *Surfside Girls*.

● **(Loss) Income from Operations:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o IDWP: In 4Q22, loss from operations was $1.6 million, compared
to income from operations of $0.04 million 4Q21. SG&A as a percentage of revenue was 65.2% compared to 45.3% in 4Q21. In FY 2022,
loss from operations was $1.9 million compared to a loss from operations of $0.8 million in FY 2021. SG&A as a percentage of revenue
was 52.1% in FY 2022 compared to 48.1% in FY 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o IDWE: In 4Q22, income from operations was $2.8 million, compared
to a loss from operations of $1.5 million in 4Q21. SG&A decreased to $1.0 million compared to $1.4 million in 4Q21. In FY 2022, income
from operations was $3.1 million compared to a loss of $6.7 million in FY 2021. SG&A as a percentage of revenue was 44.5% in FY 2022
compared to 79.7% in FY 2021.

● **Balance Sheet Highlights:** At October 31, 2022, IDW's cash balance was $10.0 million. Working capital (current assets less current liabilities) totaled $18.5 million.

**<u>Earnings Conference Call</u>**

IDW's management will host an earnings conference call beginning at 5:00 PM Eastern time today to present results, outlook, and strategy followed by Q&A with investors. To listen to the call and participate in the Q&A, dial (877) 704-4453 (domestic) or (201) 389-0920 (international) and request the 'IDW Media call' or use this link for instant telephone access to the call via your web browser.

A replay of the conference call can be accessed approximately three hours after the call concludes through Wednesday, January 26, 2023, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and providing the replay pin: 13735183. A recording of the conference call will also be available via streaming audio through the IDW investor relations website.

**About IDW Media Holdings:**

IDW (NYSE American: IDW) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.

***Forward-Looking Statements:***

 ****

*In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended October 30, 2021 (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), and subsequent quarterly reports on Form 10-Q. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.*

**Contact:**

John Nesbett/Jennifer Belodeau

IMS Investor Relations

idw@imsinvestorrelations.com

**IDW MEDIA HOLDINGS, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| (in thousands, except per share data) | **October 31,<br> 2022** | **October 31,<br> 2021** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10014 | $17532 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable, net | 6448 | 5431 |
| &nbsp;&nbsp;&nbsp;Inventory | 4285 | 3090 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2714 | 2270 |
| Total current assets | 23461 | 28323 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 725 | 347 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 1157 | 302 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 859 | 679 |
| &nbsp;&nbsp;&nbsp;Goodwill | 199 | 199 |
| &nbsp;&nbsp;&nbsp;Television costs, net | 1486 | 1487 |
| &nbsp;&nbsp;&nbsp;Other assets | 54 | 61 |
| **Total assets** | $**27941** | $**31398** |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts payable | $1321 | $1141 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3353 | 3786 |
| &nbsp;&nbsp;&nbsp;Production costs payable | 33 | 2010 |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | 2045 |
| &nbsp;&nbsp;&nbsp;Operating lease obligations – current portion | 278 | 348 |
| Total current liabilities | 4985 | 9330 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease obligations – long term portion | 911 | 20 |
| **Total liabilities** | $**5896** | $**9350** |
| **Stockholders' equity (see Note 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $.01 par value; authorized shares – 500; no shares issued at October 31, 2022 and October 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;Class B common stock, $0.01 par value; authorized shares – 20,000; 14,053 and 12,938 shares issued and 13,534 and 12,419 shares outstanding at October 31, 2022 and October 31, 2021, respectively | 134 | 123 |
| &nbsp;&nbsp;&nbsp;Class C common stock, $0.01 par value; authorized shares – 2,500; 545 shares issued and outstanding at October 31, 2022 and October 31, 2021 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 104553 | 103819 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (81451) | (80703) |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost, consisting of 519 shares of Class B common stock at October 31, 2022 and October 31, 2021 | (1196) | (1196) |
| &nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **22045** | **22048** |
| **Total liabilities and stockholders' equity** | $**27941** | $**31398** |

---

**IDW MEDIA HOLDINGS, INC.<br> CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| | **Fiscal Years Ended** | **Fiscal Years Ended** |
| <br>(in thousands, except per share data) | **October 31,** <br> **2022** | **October 31,** <br> **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | $36094 | $32425 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Direct cost of revenues | 16504 | 21783 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 19933 | 19082 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 342 | 245 |
| Total costs and expenses | 36779 | 41110 |
| Loss from operations | (685) | (8685) |
| Interest (expense) income, net | (10) | 118 |
| Other (expense) income, net | (53) | 2333 |
| Net loss from continuing operations | (748) | (6234) |
| Loss from discontinued operations, net |  | (1281) |
| Gain on sale of discontinued operations | - | 2123 |
| Net gain on discontinued operations | - | 842 |
| **Net loss** | $**(748)** | $**(5392)** |
| Basic and diluted net (loss) income per share (see Note 2): |  |  |
| Continuing operations | $(0.06) | $(0.59) |
| Discontinued operations, net | - | 0.08 |
| Net loss | $(0.06) | $(0.51) |
| Weighted-average number of shares used in the calculation of basic and diluted (loss) income per share: | 12906 | 10655 |

---

**IDW MEDIA HOLDINGS, INC.<br> CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | |
|:---|:---|:---|
| | **Fiscal Years Ended** | **Fiscal Years Ended** |
| <br>(in thousands) | **October 31,<br> 2022** | **October 31,<br> 2021** |
| **Operating activities:** |  |  |
| Net loss | $(748) | $(5392) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of television costs | 1348 | 5414 |
| &nbsp;&nbsp;&nbsp;Impairment of television costs | 277 | 2216 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 342 | 433 |
| &nbsp;&nbsp;&nbsp;Amortization of finance leases |  | 108 |
| &nbsp;&nbsp;&nbsp;Bad debt recovery |  | (79) |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 745 | 329 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | 396 | 475 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of PPP Loans |  | (2460) |
| &nbsp;&nbsp;&nbsp;Gain on sale of discontinued operations |  | (2123) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable | (1017) | 17460 |
| &nbsp;&nbsp;&nbsp;Inventory | (1195) | 664 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (437) | (414) |
| &nbsp;&nbsp;&nbsp;Television costs | (1624) | (6191) |
| &nbsp;&nbsp;&nbsp;Operating lease liability | (430) | (287) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable, accrued expenses, production costs payable and other current liabilities | (2230) | 921 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | (2045) | (340) |
| &nbsp;&nbsp;&nbsp;Gain on disposal of ROU assets | - | (97) |
| Net cash (used in) provided by operating activities | (6618) | 10637 |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Disposal of discontinued operations |  | (902) |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (900) | (832) |
| Net cash used in investing activities | (900) | (1734) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  | 9436 |
| &nbsp;&nbsp;&nbsp;Proceeds of government loans |  | 1196 |
| &nbsp;&nbsp;&nbsp;Repayments of bank loans | - | (14204) |
| Net cash used in financing activities | - | (3572) |
| Effect of exchange rate changes on cash and cash equivalents | - | 39 |
| Net (decrease) increase in cash and cash equivalents | (7518) | 5370 |
| Cash and cash equivalents at beginning of period | 17532 | 12162 |
| Cash and cash equivalents at end of period | $**10014** | $**17532** |
| &nbsp;&nbsp;&nbsp;**Supplemental schedule of investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $- | $1277 |
| &nbsp;&nbsp;&nbsp;**Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Extinguishment of related party loan in exchange for sale of CTM | $- | $3750 |

---