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 August 2019
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 August 7, 2019, 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 August 7, 2019
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: August 7, 2019 | /s/ Eugene Woychyshyn | |
Eugene Woychyshyn | ||
Interim Chief Financial Officer | ||
EXHIBIT 99.1
NXT Energy Solutions Announces Second Quarter 2019 Results
CALGARY, Alberta, Aug. 07, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. (“NXT” or the "Company") (TSX:SFD; OTC QB:NSFDF) today announced the Company’s financial and operating results for the quarter ended June 30, 2019. All dollar amounts herein are in Canadian Dollars.
Q2 Financial and Operating Highlights
Key financial and operational highlights for the second quarter and year to date include:
Message to Shareholders
George Liszicasz, President, and CEO of NXT, commented, “During the second quarter we completed the acquisition of 5,000 line-kilometers of SFD® data, interpreted most of it, and presented milestone results to the clients in late July 2019. In addition, we were paid almost two thirds of the total $US 8.9 million contract fee based upon milestones completed. The Company also discussed the potential utilization of SFD® technology in the NNPC’s future exploration programs based upon the successful correlations of SFD® with NNPC’s proprietary seismic data. During the last week of July a detailed comparison of SFD® data with Department of Petroleum Resources’ (“DPR”) proprietary seismic data was carried out over the near-shore SFD® Pilot Project area designed by DPR. The results are very encouraging which may lead to new SFD® survey opportunities in Nigeria. Again, I want to thank NXT’s hard working employees and PE Energy Limited for executing on a successful SFD® project.
Our team has just completed a three week trip which started with data integration and presenting results in Nigeria and ended in Beijing where we built upon our strengths in the West African region through conversations in Beijing with BGP and affiliates. BGP is the largest seismic company in the world with a significant presence in Africa.”
Summary highlights of NXT's 2019 second quarter and year to date financial statements (with comparative figures to 2018) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's three month and six month periods ended June 30, 2019 unaudited condensed consolidated interim financial statements and the related management's discussion and analysis ("MD&A").
(All in Canadian $) | ||||||||||||
Q2-19 | Q2-18 | 2019 YTD | 2018 YTD | |||||||||
Operating results: | ||||||||||||
Survey revenues | $ | 10,954,617 | $ | - | $ | 10,954,617 | $ | - | ||||
Survey expenses | 1,412,380 | 267,672 | 1,790,113 | 517,434 | ||||||||
General & administrative expenses | 767,401 | 1,110,634 | 1,689,150 | 2,092,038 | ||||||||
Stock based compensation expense | 3,775 | 153,791 | 7,550 | 449,075 | ||||||||
Amortization and other expenses, net | 443,154 | 447,192 | 886,851 | 894,383 | ||||||||
Operating expenses | 2,626,710 | 1,979,289 | 4,373,664 | 3,952,930 | ||||||||
Comprehensive income (loss) for the period | 8,085,888 | (1,961,114 | ) | 6,322,568 | (3,915,764 | ) | ||||||
Earnings (loss) per common share – basic | $ | 0.12 | $ | (0.03 | ) | $ | 0.09 | (0.06 | ) | |||
Earnings (loss) per common share – diluted | $ | 0.11 | $ | (0.03 | ) | $ | 0.09 | (0.06 | ) | |||
Number of common shares outstanding as at end of the period | 68,573,558 | 67,378,297 | 68,573,558 | 67,378,297 | ||||||||
Weighted average number of common shares outstanding for the period: | ||||||||||||
Basic | 68,573,558 | 64,319,452 | 68,573,558 | 62,366,678 | ||||||||
Diluted | 73,267,206 | 64,319,452 | 73,274,112 | 62,366,678 | ||||||||
Cash provided by (used in): | ||||||||||||
Operating activities | (384,271 | ) | (1,942,964 | ) | (1,262,250 | ) | (3,281,872 | ) | ||||
Financing activities | (10,554 | ) | 4,093,205 | (20,931 | ) | 8,377,941 | ||||||
Investing activities | 900,000 | (4,960,007 | ) | 2,100,000 | (4,310,006 | ) | ||||||
Net cash inflow (outflow) | 505,175 | (2,809,766 | ) | 816,819 | 786,063 | |||||||
Cash and cash equivalents, beginning of the period | 651,176 | 3,762,447 | 339,532 | 166,618 | ||||||||
Cash and cash equivalents, end of the period | 1,156,351 | 952,681 | 1,156,351 | 952,681 | ||||||||
Cash and cash equivalents | 1,156,351 | 952,681 | 1,156,351 | 952,681 | ||||||||
Short-term investments | 1,800,000 | 3,900,000 | 2,654,337 | 3,900,000 | ||||||||
Total cash and short-term investments | 2,956,351 | 4,852,681 | 3,810,688 | 4,852,681 | ||||||||
Net working capital balance | 10,450,774 | 5,118,990 | 10,450,774 | 5,118,990 |
NXT's 2019 second quarter financial and operating results have been filed in Canada on SEDAR at www.sedar.com, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT's website at www.nxtenergy.com.
Details of the conference call to discuss the 2019 second quarter financial and operating results are as follows:
Date: | Thursday, August 8, 2019 |
Time: | 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) |
North American Participants Call: | 1-866-323-9095 |
International Dial In Numbers: | https://www.confsolutions.ca/ILT?oss=7P1R8009525114 |
Participant Pass Code | 143071# |
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary 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 traps and reservoirs with exploration potential. 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 Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn | Mr. George Liszicasz |
Vice President of Finance & Chief Financial Officer | President & CEO |
+1 403 206 0805 | +1-403-206-0800 |
nxt_info@nxtenergy.com | nxt_info@nxtenergy.com |
www.nxtenergy.com | www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, but are not limited to, completion of the milestones and receipt of payments under the SFD® contract with PE Energy Limited, the timing and extent of potential future growth opportunities in new international markets including the potential securing of SFD® contracts, new business ventures, the ability to complete the SFD® recommendations within the contract parameters, and ensuring payments of all contract amounts in accordance with the terms of the contract, and the satisfaction by third-parties of certain necessary conditions related thereto including obtaining financing and government and regulatory approvals. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Risk factors facing the Company are described in its most recent MD&A for the three and six month periods ended June 30, 2019, which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
This news release contains references to non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. Net working capital is the net result of the difference between current assets and current liabilities. This measure is included to enhance the overall understanding of NXT’s ability to assess liquidity at a point in time. Readers are urged to review the section entitled "Non-GAAP Measures” in NXTs MD&A for the three and six months ended June 30, 2019 which is available under NXT's profile on SEDAR at www.sedar.com, for a further discussion of such non-GAAP measures. The financial information accompanying this news release was prepared in accordance with US GAAP unless otherwise noted. The MD&A and the unaudited condensed consolidated interim financial statements and notes for the three and six months ended June 30, 2019, are available through the internet in the Investor Relations section of www.nxtenergy.com or under NXT's SEDAR profile at www.sedar.com.