Nextech3D.ai Reports +157% Year to Date Revenue Growth By: ACCESSWIRE August 22, 2023 at 16:30 PM EDT Q2 & Six Months 2023 Financial Highlights Six months revenue up +157% compared to same period last year Q2 revenue up +155% compared to same period last year Q2 Gross profit remained consistent at 39% TORONTO, ON / ACCESSWIRE / August 22, 2023 / Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to report its financial and operating results for its second quarter ended June 30, 2023. Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer after the close today August 22, 2023 at 5:00 P.M. ET where Nextech3D.ai will host a conference call to discuss these financial results. Evan Gappelberg - CEO Commentary: "Our results for Q2 were in line with our prelim numbers as we achieved record sales of $1.4 million +155% over Q2 2022. However, based on the current order flow from Amazon and others, we are projecting a breakout Q3 quarter with revenue of $1.7 million." He continued, "In Q3 we are not only seeing our revenue accelerate but our focused team has been successful in reducing our burn down to a minimum level that I have not seen in years. I'm excited to report to our loyal shareholders that with contributions from increased revenue and shares for services on an unconsolidated basis, we've reduced Nextech3D.ai's cash burn down to $300,000 which when combined with our recent capital raise, gives me the confidence in saying that we won't need to raise additional capital for the next 12 months. Nextech3D.ai's groundbreaking generative-AI technology positions the Company as a leading AI solution globally for scaling 3D model production in the thriving e-commerce, gaming, and manufacturing industries. Furthermore, thanks to our latest funding round, our cash position is now robust enough to accommodate the increased demand we anticipate in the second half of 2023 and beyond." Unaudited Q2 2023 Financial Highlights: Three month quarterly revenue up +155% compared to same period last year; Sequential quarterly revenue grew 8% Delivery of over 50,000 3D models to date 6 Months Ending Ending June 30, 2023: Year to date revenue up +157% compared to same period last year; Gross profit remained consistent at 39% Condensed Consolidated Interim Statements of Financial Position As at June 30, 2023 December 31, 2022 Assets Current assets Cash & cash equivalents (Note 3) $ 3,810,323 $ 3,777,117 Receivables (Note 4) 104,657 744,331 Deferred asset (Note 5) 211,641 256,818 Contract asset (Note 12) 199,546 332,197 Prepaid expenses 376,558 310,906 Inventory - 45,289 Non current assets held for sale - 501,188 4,702,725 5,967,846 Non-current assets Equipment (Note 6) 193,336 278,463 Deferred consideration (Note 14) 199,320 - Deferred tax asset 191,306 - Right of use asset (Note 7) - 829,278 Finance lease receivable on sublease (Note 7) 914,665 - Intangible assets (Note 8) 2,128,558 3,313,741 Goodwill (Note 8) 6,434,004 6,746,378 Total assets $ 14,763,914 $ 17,135,706 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities (Note 9) $ 3,899,601 $ 2,641,918 Deferred revenue (Note 12) 281,044 437,746 Lease liability (Note 7) 176,328 222,250 Liabilities associated with assets held for sale 92,532 4,356,973 3,394,446 Non-current liabilities Lease liability (Note 7) 514,297 582,586 Deferred income tax liability - 29,974 Total liabilities 4,871,270 4,007,006 Shareholders' Equity Share capital (Note 10) 87,677,731 83,271,707 Reserves 16,238,629 12,754,706 Accumulated Other Comprehensive Income 1,184,974 827,101 Shareholder's equity attributable to Nextech shareholders (97,867,520) (85,898,862) Total common shareholders' equity 7,233,814 10,954,652 Non controlling interest 2,658,830 2,174,048 Total equity 9,892,644 13,128,700 Total liabilities and shareholders' equity $ 14,763,914 $ 17,135,706 Condensed Consolidated Interim Statements of Comprehensive Loss Three months ended Three months ended Six months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revised (Note 2) Revised (Note 2) Revenue (Note 12) $ 1,405,003 $ 551,945 $ 2,706,197 $ 1,062,156 Cost of sales (Note 13) (875,033) (347,303) (1,642,341) (601,786) Gross profit 529,970 204,642 1,063,856 460,370 Operating expenses: Sales and marketing (Note 13) 1,358,985 1,249,004 3,009,293 2,901,712 General and administrative (Note 13) 2,673,998 3,941,315 5,265,627 6,963,302 Research and development (Note 13) 877,262 880,272 1,757,166 1,907,466 Stock based compensation (Note 10) 1,084,471 878,286 2,255,142 1,457,091 Amortization (Note 8) 500,094 750,429 1,030,753 1,478,807 Depreciation (Note 6) 15,546 31,580 44,877 63,239 Right of use amortization (Note 7) (118) 19,227 55,728 38,453 6,510,238 7,750,113 13,418,586 14,810,070 Other expense (income) Loss (gain) on disposition (Note 14) (34,830) - 160,149 - Impairment of goodwill (Note 14) - - 184,097 - Impairment of intangible assets - 2,702,313 - 2,702,313 Foreign exchange gain (loss) 743,127 (843,903) 649,165 (402,023) 708,297 1,858,410 993,411 2,300,290 Loss before income taxes (6,688,565) (9,403,881) (13,348,141) (16,649,990) Current income tax expense (9,019) (7,128) (18,039) (14,256) Deferred income tax recovery 98,639 121,852 203,306 260,785 Net loss from operations $ (6,598,945) $ (9,289,157) $ (13,162,874) $ (16,403,461) Income (loss) from discontinued operations $ - 295,605 $ - $ (293,636) Other comprehensive loss Exchange differences on translating foreign operations, continuing operations 454,321 11,126 357,873 11,126 Exchange differences on translating foreign operations, discontinued operations - (1,571) - (26,258) Total comprehensive loss $ (6,144,624) $ (8,983,997) $ (12,805,001) $ (16,712,229) Non controlling interests (494,717) - (1,194,216) - Total comprehensive loss attributable to Nextech shareholders $ (5,649,907) $ (8,983,997) $ (11,610,785) $ (16,712,229) Income (loss) per common share Basic and diluted loss per common share, continuing operations (0.06) (0.09 (0.11 (0.17) Basic and diluted loss per common share, discontinued operations - - - - Weighted average number of common shares outstandingBasic and diluted 109,766,574 99,725,256 108,353,964 98,334,837 Condensed Consolidated Interim Statements of Cash Flows Three months ended Three months ended Six months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revised (Note 2) Revised (Note 2) Cashflows from operating activities Net loss, continuing operations $ (6,598,945) $ (9,289,157) $ (13,162,874) $ (16,403,461) Net loss, discontinuing operations 295,605 - (293,636) Items not affecting cash Amortization of intangible assets 500,094 750,429 1,030,753 1,478,807 Deferred income tax recovery (98,639) (121,852) (203,306) (260,785) Impairment of intangible assets & goodwill - 2,702,313 184,097 2,702,313 Amortization of right to use asset (118) 19,227 55,728 38,453 Finance income on sublease 41,576 - 41,567 - Depreciation of property and equipment 15,546 31,580 44,877 63,239 Employee pay program (84,506) 148,500 225,087 865,566 Treasury shares for employee pay program - - (201,717) - Stock based compensation 1,084,471 878,286 2,255,142 1,457,091 Write off equipment - - 85,679 - Deferred consideration receivable on sale of PET 5,910 - (199,320) - Gain on write off of right of use assets (120,626) - (120,626) - Changes in non-cash working capital balances Receivables 836,414 600,222 706,634 662,372 Deferred asset 56,281 (153,185) 45,177 (153,185) Contract asset 53,928 (68,653) 132,651 192,567 Prepaid expenses 16,836 362,636 (35,827) 217,305 Inventory - 160,434 434,765 1,022,339 Accounts payable and accrued liabilities (1,148,207) 739,778 (1,131,989) (109,080) Deferred revenue (258,268) (200,758) (156,702) (186,861) Deferred tax liability - - - - Cashflows from operating activities, continuing operations $ (5,698,253) $ (2,605,203) $ (9,970,204) $ (8,496,077) Cashflows from operating activities, discontinued operations - (792,705) - (210,879) Cashflows from investing activities Purchase of equipment (7,603) (37,485) (36,603) (84,038) Purchase of short term investments - - - Interest on lease liability (7,122) (6,890) (13,945) (13,602) Net cash provided by (used in) investing activities, continuing operations $ (14,725) $ (38,685) $ (50,548) $ (86,756) Net cash provided by (used in) investing activities, discontinued operations - (5,690) - (10,884) Cashflows from financing activities Proceeds from Employee Pay Program 701,794 - 2,281,014 - Proceeds from private placement, net of issuance costs (6,350) 1,910 2,645,380 8,938,406 Payment of lease obligations 19,801 (74,369) (111,698) (147,767) Receivables financing (net) 2,297,143 - 2,297,143 - Issuances to non controlling interest, net of issuance costs 2,277,289 - 2,364,037 - Net cash provided by (used in) financing activities, continuing operations $ 5,289,677 $ (43,090) $ 9,475,876 $ 8,893,406 Net cash provided by (used in) financing activities, discontinued operations - (29,369) - (102,767) Change in cash during the period (423,301) (3,514,742) (544,876) (13,957) Cash, beginning of period 3,502,217 10,781,775 3,786,493 7,237,296 Effects of foreign exchange on cash 731,407 (203,765) 568,706 (160,072) Cash, end of period, continuing operations 3,810,323 6,048,083 3,810,323 6,048,083 Cash, end of period, discontinued operations - 1,015,185 - 1,015,185 Cash, end of period $ 3,810,323 $ 7,063,268 $ 3,810,323 $ 7,063,268 Supplemental cash flow information Taxes paid 21,607 (224) 22,407 21,571 Interest paid 11,221 9,022 16,688 17,857 Interest received 17,766 11,956 51,555 39,329 Earnings Call Details Title: Nextech3D.ai 2023 Second Quarter Earnings & Conference CallCall Date: Tuesday, August 22, 2023Time: 5:00PM (GMT-04:00) Eastern Time (US and Canada) Participant Details Participant Toll-Free Dial-In Number: 1 (888) 330-2024Participant Toll Dial-In Number: 1 (646) 960-0187Conference ID: 7778367Webcast Link: https://events.q4inc.com/attendee/996074403 For those unable to join the live event, a recording of the presentation will be posted on the Company's IR website. Update on Previously Announced Warrant Issuances The Company previously announced on July 13, 2023 that in order to manage its cash flow and reduce or possibly eliminate its dependency of raising capital for payroll or contractor expenses it has renewed its previous share purchase warrant program pursuant to which, over the ensuing 12 month period, it will issue an aggregate of 6,661,388 share purchase warrants (the "Warrants") to its service providers in connection with their employment and/or consulting arrangements with the Company. Each Warrant will be exercisable to acquire one common share of the Company (an "Underlying Share") at an exercise price of Cdn$0.55 for a period of one year. The Company has now issued these warrants as of August 21, 2023. Recent News Nextech3D.ai Announces New Production Record Having Delivered More Than 50,000 3D Models Nextech3D.ai Provides Earnings Call Details for Q2 2023 Financial Results August 22nd Nextech3D.ai Reports Record Preliminary Q2 Revenue Up +155% To $1.4Mill & Guides Towards Breakout Q3 Revenue +200% of $1.7Mill - $1.9Mill Amid Surging 3D Model Demand The Public Company CEO Experience Podcast Nextech3D.ai has recently "The Public Company CEO Experience Podcast," featuring Evan Gappelberg, a highly accomplished three-time public company CEO and serial entrepreneur. The podcast offers listeners an exclusive behind-the-scenes look into the dynamic life of a public company CEO with valuable insights, while also discussing trending topics and providing business updates on Nexech3D.ai, Toggle3D.ai, and ARway.ai. To learn more please visit https://www.nextechar.com/investors/the-ceo-experience Listen Nowhttps://publiccompanyceoexperience.buzzsprout.com/ Subscribehttps://www.nextechar.com/the-ceo-experience/subscribe About Nextech3D.ai Nextech3D.ai, formerly known as "Nextech AR Solutions Corp" or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models. The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai. Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech AR shareholders. Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTC:TGGLF)(CSE:TGGL) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp. To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com. For further information, please contact: Investor Relations ContactLindsay Bettsinvestor.relations@Nextechar.com866-ARITIZE (274-8493) Ext 7201 Nextech3D.ai Evan GappelbergCEO and Director866-ARITIZE (274-8493) Forward-looking Statements The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. SOURCE: Nextech3D.ai View source version on accesswire.com: https://www.accesswire.com/776017/Nextech3Dai-Reports-157-Year-to-Date-Revenue-Growth
Q2 & Six Months 2023 Financial Highlights Six months revenue up +157% compared to same period last year Q2 revenue up +155% compared to same period last year Q2 Gross profit remained consistent at 39% TORONTO, ON / ACCESSWIRE / August 22, 2023 / Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to report its financial and operating results for its second quarter ended June 30, 2023. Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer after the close today August 22, 2023 at 5:00 P.M. ET where Nextech3D.ai will host a conference call to discuss these financial results. Evan Gappelberg - CEO Commentary: "Our results for Q2 were in line with our prelim numbers as we achieved record sales of $1.4 million +155% over Q2 2022. However, based on the current order flow from Amazon and others, we are projecting a breakout Q3 quarter with revenue of $1.7 million." He continued, "In Q3 we are not only seeing our revenue accelerate but our focused team has been successful in reducing our burn down to a minimum level that I have not seen in years. I'm excited to report to our loyal shareholders that with contributions from increased revenue and shares for services on an unconsolidated basis, we've reduced Nextech3D.ai's cash burn down to $300,000 which when combined with our recent capital raise, gives me the confidence in saying that we won't need to raise additional capital for the next 12 months. Nextech3D.ai's groundbreaking generative-AI technology positions the Company as a leading AI solution globally for scaling 3D model production in the thriving e-commerce, gaming, and manufacturing industries. Furthermore, thanks to our latest funding round, our cash position is now robust enough to accommodate the increased demand we anticipate in the second half of 2023 and beyond." Unaudited Q2 2023 Financial Highlights: Three month quarterly revenue up +155% compared to same period last year; Sequential quarterly revenue grew 8% Delivery of over 50,000 3D models to date 6 Months Ending Ending June 30, 2023: Year to date revenue up +157% compared to same period last year; Gross profit remained consistent at 39% Condensed Consolidated Interim Statements of Financial Position As at June 30, 2023 December 31, 2022 Assets Current assets Cash & cash equivalents (Note 3) $ 3,810,323 $ 3,777,117 Receivables (Note 4) 104,657 744,331 Deferred asset (Note 5) 211,641 256,818 Contract asset (Note 12) 199,546 332,197 Prepaid expenses 376,558 310,906 Inventory - 45,289 Non current assets held for sale - 501,188 4,702,725 5,967,846 Non-current assets Equipment (Note 6) 193,336 278,463 Deferred consideration (Note 14) 199,320 - Deferred tax asset 191,306 - Right of use asset (Note 7) - 829,278 Finance lease receivable on sublease (Note 7) 914,665 - Intangible assets (Note 8) 2,128,558 3,313,741 Goodwill (Note 8) 6,434,004 6,746,378 Total assets $ 14,763,914 $ 17,135,706 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities (Note 9) $ 3,899,601 $ 2,641,918 Deferred revenue (Note 12) 281,044 437,746 Lease liability (Note 7) 176,328 222,250 Liabilities associated with assets held for sale 92,532 4,356,973 3,394,446 Non-current liabilities Lease liability (Note 7) 514,297 582,586 Deferred income tax liability - 29,974 Total liabilities 4,871,270 4,007,006 Shareholders' Equity Share capital (Note 10) 87,677,731 83,271,707 Reserves 16,238,629 12,754,706 Accumulated Other Comprehensive Income 1,184,974 827,101 Shareholder's equity attributable to Nextech shareholders (97,867,520) (85,898,862) Total common shareholders' equity 7,233,814 10,954,652 Non controlling interest 2,658,830 2,174,048 Total equity 9,892,644 13,128,700 Total liabilities and shareholders' equity $ 14,763,914 $ 17,135,706 Condensed Consolidated Interim Statements of Comprehensive Loss Three months ended Three months ended Six months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revised (Note 2) Revised (Note 2) Revenue (Note 12) $ 1,405,003 $ 551,945 $ 2,706,197 $ 1,062,156 Cost of sales (Note 13) (875,033) (347,303) (1,642,341) (601,786) Gross profit 529,970 204,642 1,063,856 460,370 Operating expenses: Sales and marketing (Note 13) 1,358,985 1,249,004 3,009,293 2,901,712 General and administrative (Note 13) 2,673,998 3,941,315 5,265,627 6,963,302 Research and development (Note 13) 877,262 880,272 1,757,166 1,907,466 Stock based compensation (Note 10) 1,084,471 878,286 2,255,142 1,457,091 Amortization (Note 8) 500,094 750,429 1,030,753 1,478,807 Depreciation (Note 6) 15,546 31,580 44,877 63,239 Right of use amortization (Note 7) (118) 19,227 55,728 38,453 6,510,238 7,750,113 13,418,586 14,810,070 Other expense (income) Loss (gain) on disposition (Note 14) (34,830) - 160,149 - Impairment of goodwill (Note 14) - - 184,097 - Impairment of intangible assets - 2,702,313 - 2,702,313 Foreign exchange gain (loss) 743,127 (843,903) 649,165 (402,023) 708,297 1,858,410 993,411 2,300,290 Loss before income taxes (6,688,565) (9,403,881) (13,348,141) (16,649,990) Current income tax expense (9,019) (7,128) (18,039) (14,256) Deferred income tax recovery 98,639 121,852 203,306 260,785 Net loss from operations $ (6,598,945) $ (9,289,157) $ (13,162,874) $ (16,403,461) Income (loss) from discontinued operations $ - 295,605 $ - $ (293,636) Other comprehensive loss Exchange differences on translating foreign operations, continuing operations 454,321 11,126 357,873 11,126 Exchange differences on translating foreign operations, discontinued operations - (1,571) - (26,258) Total comprehensive loss $ (6,144,624) $ (8,983,997) $ (12,805,001) $ (16,712,229) Non controlling interests (494,717) - (1,194,216) - Total comprehensive loss attributable to Nextech shareholders $ (5,649,907) $ (8,983,997) $ (11,610,785) $ (16,712,229) Income (loss) per common share Basic and diluted loss per common share, continuing operations (0.06) (0.09 (0.11 (0.17) Basic and diluted loss per common share, discontinued operations - - - - Weighted average number of common shares outstandingBasic and diluted 109,766,574 99,725,256 108,353,964 98,334,837 Condensed Consolidated Interim Statements of Cash Flows Three months ended Three months ended Six months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revised (Note 2) Revised (Note 2) Cashflows from operating activities Net loss, continuing operations $ (6,598,945) $ (9,289,157) $ (13,162,874) $ (16,403,461) Net loss, discontinuing operations 295,605 - (293,636) Items not affecting cash Amortization of intangible assets 500,094 750,429 1,030,753 1,478,807 Deferred income tax recovery (98,639) (121,852) (203,306) (260,785) Impairment of intangible assets & goodwill - 2,702,313 184,097 2,702,313 Amortization of right to use asset (118) 19,227 55,728 38,453 Finance income on sublease 41,576 - 41,567 - Depreciation of property and equipment 15,546 31,580 44,877 63,239 Employee pay program (84,506) 148,500 225,087 865,566 Treasury shares for employee pay program - - (201,717) - Stock based compensation 1,084,471 878,286 2,255,142 1,457,091 Write off equipment - - 85,679 - Deferred consideration receivable on sale of PET 5,910 - (199,320) - Gain on write off of right of use assets (120,626) - (120,626) - Changes in non-cash working capital balances Receivables 836,414 600,222 706,634 662,372 Deferred asset 56,281 (153,185) 45,177 (153,185) Contract asset 53,928 (68,653) 132,651 192,567 Prepaid expenses 16,836 362,636 (35,827) 217,305 Inventory - 160,434 434,765 1,022,339 Accounts payable and accrued liabilities (1,148,207) 739,778 (1,131,989) (109,080) Deferred revenue (258,268) (200,758) (156,702) (186,861) Deferred tax liability - - - - Cashflows from operating activities, continuing operations $ (5,698,253) $ (2,605,203) $ (9,970,204) $ (8,496,077) Cashflows from operating activities, discontinued operations - (792,705) - (210,879) Cashflows from investing activities Purchase of equipment (7,603) (37,485) (36,603) (84,038) Purchase of short term investments - - - Interest on lease liability (7,122) (6,890) (13,945) (13,602) Net cash provided by (used in) investing activities, continuing operations $ (14,725) $ (38,685) $ (50,548) $ (86,756) Net cash provided by (used in) investing activities, discontinued operations - (5,690) - (10,884) Cashflows from financing activities Proceeds from Employee Pay Program 701,794 - 2,281,014 - Proceeds from private placement, net of issuance costs (6,350) 1,910 2,645,380 8,938,406 Payment of lease obligations 19,801 (74,369) (111,698) (147,767) Receivables financing (net) 2,297,143 - 2,297,143 - Issuances to non controlling interest, net of issuance costs 2,277,289 - 2,364,037 - Net cash provided by (used in) financing activities, continuing operations $ 5,289,677 $ (43,090) $ 9,475,876 $ 8,893,406 Net cash provided by (used in) financing activities, discontinued operations - (29,369) - (102,767) Change in cash during the period (423,301) (3,514,742) (544,876) (13,957) Cash, beginning of period 3,502,217 10,781,775 3,786,493 7,237,296 Effects of foreign exchange on cash 731,407 (203,765) 568,706 (160,072) Cash, end of period, continuing operations 3,810,323 6,048,083 3,810,323 6,048,083 Cash, end of period, discontinued operations - 1,015,185 - 1,015,185 Cash, end of period $ 3,810,323 $ 7,063,268 $ 3,810,323 $ 7,063,268 Supplemental cash flow information Taxes paid 21,607 (224) 22,407 21,571 Interest paid 11,221 9,022 16,688 17,857 Interest received 17,766 11,956 51,555 39,329 Earnings Call Details Title: Nextech3D.ai 2023 Second Quarter Earnings & Conference CallCall Date: Tuesday, August 22, 2023Time: 5:00PM (GMT-04:00) Eastern Time (US and Canada) Participant Details Participant Toll-Free Dial-In Number: 1 (888) 330-2024Participant Toll Dial-In Number: 1 (646) 960-0187Conference ID: 7778367Webcast Link: https://events.q4inc.com/attendee/996074403 For those unable to join the live event, a recording of the presentation will be posted on the Company's IR website. Update on Previously Announced Warrant Issuances The Company previously announced on July 13, 2023 that in order to manage its cash flow and reduce or possibly eliminate its dependency of raising capital for payroll or contractor expenses it has renewed its previous share purchase warrant program pursuant to which, over the ensuing 12 month period, it will issue an aggregate of 6,661,388 share purchase warrants (the "Warrants") to its service providers in connection with their employment and/or consulting arrangements with the Company. Each Warrant will be exercisable to acquire one common share of the Company (an "Underlying Share") at an exercise price of Cdn$0.55 for a period of one year. The Company has now issued these warrants as of August 21, 2023. Recent News Nextech3D.ai Announces New Production Record Having Delivered More Than 50,000 3D Models Nextech3D.ai Provides Earnings Call Details for Q2 2023 Financial Results August 22nd Nextech3D.ai Reports Record Preliminary Q2 Revenue Up +155% To $1.4Mill & Guides Towards Breakout Q3 Revenue +200% of $1.7Mill - $1.9Mill Amid Surging 3D Model Demand The Public Company CEO Experience Podcast Nextech3D.ai has recently "The Public Company CEO Experience Podcast," featuring Evan Gappelberg, a highly accomplished three-time public company CEO and serial entrepreneur. The podcast offers listeners an exclusive behind-the-scenes look into the dynamic life of a public company CEO with valuable insights, while also discussing trending topics and providing business updates on Nexech3D.ai, Toggle3D.ai, and ARway.ai. To learn more please visit https://www.nextechar.com/investors/the-ceo-experience Listen Nowhttps://publiccompanyceoexperience.buzzsprout.com/ Subscribehttps://www.nextechar.com/the-ceo-experience/subscribe About Nextech3D.ai Nextech3D.ai, formerly known as "Nextech AR Solutions Corp" or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models. The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai. Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech AR shareholders. Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTC:TGGLF)(CSE:TGGL) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp. To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com. For further information, please contact: Investor Relations ContactLindsay Bettsinvestor.relations@Nextechar.com866-ARITIZE (274-8493) Ext 7201 Nextech3D.ai Evan GappelbergCEO and Director866-ARITIZE (274-8493) Forward-looking Statements The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. SOURCE: Nextech3D.ai View source version on accesswire.com: https://www.accesswire.com/776017/Nextech3Dai-Reports-157-Year-to-Date-Revenue-Growth