UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2017
Commission File Number: 000-24027
NXT Energy Solutions Inc.
(Translation of registrant's name into English)
Suite 302
3320 - 17th Avenue SW
Calgary, Alberta, Canada, T3E 0B4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: __
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): __
The Issuer is filing material documents not previously filed.
On November 14, 2017, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated November 14, 2017
SIGNATURES
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, thereunto duly authorized.
NXT Energy Solutions Inc. | ||
(Registrant) | ||
Date: November 14, 2017 | /s/ Bev Stewart | |
Bev Stewart | ||
V-P Finance & CFO | ||
EXHIBIT 99.1
NXT Energy Solutions Advises of Filing of Q3-2017 Results and Investor Call
CALGARY, Alberta, Nov. 14, 2017 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT Energy” or the “Company”) (TSX:SFD) (OTCQB:NSFDF) advises that its interim financial and operating results for the three month quarter ended September 30th, 2017 (“Q3-2017”) have been filed in Canada on SEDAR at www.sedar.com, and will be available in the USA on EDGAR at www.sec.gov/edgar, and on NXT’s website at http://www.nxtenergy.com/.
A condensed summary from the Q3-2017 interim consolidated financial statements, with comparative figures for the three month period ended September 30th, 2016 (“Q3-2016”) is given below.
George Liszicasz, NXT Energy’s President and CEO, noted “We have made significant progress in developing new business opportunities and we look forward to discussing these, and the status of our ongoing projects, with our investors during the upcoming conference call.”
NXT Energy advises that it will host a brief investor and media conference call, hosted by George Liszicasz, on Thursday, November 16th, 2017 at 2:30 pm MT (4:30 pm ET), to discuss the Q3-2017 results, and recent business development initiatives.
Interested parties are invited to participate in this call, using one of the applicable numbers as follows:
Operator assisted, toll-free, dial-in number: 1-800-806-5484 | |
Canada & USA | 416-340-2217 |
International * | https://www.confsolutions.ca/ILT?oss=7P1R8008065484 |
Passcode: | 2483484# |
* If dialing in from outside Canada or the USA, Please log in to this website to locate the toll-free number for your area. | |
Highlights of unaudited Q3 Interim Financial Results
All selected and referenced financial information should be read in conjunction with the Company’s unaudited interim consolidated financial statements and the related management’s discussion and analysis (“MD&A”) for the Q3-2017 period.
(unaudited - all in Canadian $) | Q3-2017 | Q3-2016 | |||||
Survey Revenues | $ | - | $ | - | |||
Survey costs, net | 261,658 | 200,443 | |||||
General & Administrative Expenses | 1,013,148 | 1,128,847 | |||||
1,274,806 | 1,329,290 | ||||||
Non-cash expenses: | |||||||
Amortization Expenses | 454,163 | 521,945 | |||||
Stock Based Compensation Expense | 162,724 | 218,000 | |||||
616,887 | 739,945 | ||||||
Foreign Exchange and other expenses, net | 43,663 | 6,892 | |||||
Total Expenses | 1,935,356 | 2,076,127 | |||||
Loss before income taxes | (1,935,356 | ) | (2,076,127 | ) | |||
Income tax recovery/(expense) | 0 | (66,707 | ) | ||||
Net loss for the period | (1,935,356 | ) | (2,142,834 | ) | |||
Net loss per common share - Basic and diluted | (0.04 | ) | (0.04 | ) | |||
(unaudited - all in Canadian $) | Q3-2017 | Q3-2016 | |||||
# of common shares outstanding at the end of the period | 53,856,509 | 53,699,009 | |||||
Weighted average # of common shares outstanding during the | |||||||
period, basic and diluted | 53,856,509 | 53,660,944 | |||||
Cash provided by (used in): | |||||||
Operating activities: | |||||||
Net loss for the period | (1,935,356 | ) | (2,142,834 | ) | |||
add back non-cash items, net | 578,833 | 741,446 | |||||
(1,356,523 | ) | (1,401,388 | ) | ||||
Net change in working capital balances | (292,569 | ) | (600,194 | ) | |||
Net cash used in operating activities | (1,649,092 | ) | (2,001,582 | ) | |||
Financing activities | (9,252 | ) | 257,169 | ||||
Investment activities | 1,440,000 | 335,831 | |||||
Net cash inflow | (218,344 | ) | (1,408,582 | ) | |||
Cash and cash equivalents, start of period | 288,046 | 1,873,304 | |||||
Cash and cash equivalents, end of period | 69,702 | 464,722 | |||||
Total cash and short-term investments position: | |||||||
Cash and cash equivalents | 69,702 | 464,722 | |||||
Short-term investments | 60,000 | 2,845,053 | |||||
Total cash and short-term investments | 129,702 | 3,309,775 | |||||
Net working capital balance | (296,846 | ) | 3,149,664 | ||||
NXT Energy is a Calgary based company whose proprietary Stress Field Detection ("SFD®") survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Forward-Looking Statements
This news release may include forward-looking statements. When used in this document, words such as “intends”, “plans”, “anticipates”, “expects” and “scheduled”, are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of factors can cause actual results to differ materially from those in the forward-looking statements. Risk factors facing NXT Energy are described in its most recent MD&A for the year ended December 31, 2016 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
For further information, please contact:
George Liszicasz
President & CEO
NXT Energy Solutions Inc.
403-206-0807
nxt_info@nxtenergy.com
www.nxtenergy.com
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTC QB Markets accept responsibility for the adequacy or accuracy of this release.