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Novra Technologies Inc. Due Diligence Report Symbol: NVI.V Price: $0.08 Common Shares: 22,387,993 Insider/Institutional Holdings: 12,042,430(53.4% as per SEDI & Sedar) Website: http://www.novra.com Most recent financial results( Ending Sepetember 30th 2015) ASSETS Cash: $420,346 Accounts Receivable: $869,025 Notes Receivable: $133,909 Inventory: $678,283 Prepaid Expenses: $136,980 Options: $5,584 Equipment: $26,036 GIC : $200,000 Total Assets: $2,470,163 LIABILITIES Line of Credit: $665,000 Accounts Payable: $645,185 Deferred Income: $7,996 Due to related party: $250,000 Current portion of long term debt: $98,470 Long Term Debt: $372,959 Total Liabilities: $2,039,610 **NOTE** NVI is cash flow positive, except will show a loss in the last quarter due to options expiring. These were given to NVI for a deal that was done in 2014(see MD&A below for more information). Q3 Sales Revenue: $662,877 Gross Profit: $262,644 Net Income: $125,338 Loss on Options: $203,316 9 Month Sales Revenue: $2,033,326 Gross Profit: $870,992 Net Income: $423,908 or $0.02c EPS Loss on options: $39,734 MD&A Highlights Novra Technologies Inc. (“Novra” or the “Company”) offers premium broadband receivers/routers and applications for satellite and terrestrial broadcast markets. Novra's products are value priced, standardscompliant and enable delivery of Internet, multi-media files, weather data, video (IP-TV) and audio streams using the Internet Protocol (IP) over DVB/MPEG digital TV broadcasts. Novra has three product families: DVB-IP encapsulators, satellite and terrestrial broadband receivers and a multimedia distribution and management system for digital signage and captive audience networks. Novra's products are sold worldwide through sales agents, resellers, solution integrators and service provider partners. In February 2014 Novra announced that it had agreed (subject to Novra’s due-diligence) to acquire two US based technology companies. Wegener Communications, a publically traded US based communications technology company located in Atlanta GA and Westport Research and Associates, a private company based in Kansas City, MO. Since the announcement, Novra has worked closely with Wegener to help it restructure most of its debt and assist with inventory purchases and marketing. Westport also had changes made to it operational and ownership structure and it is in a much better position to be acquired by Novra. We expect these acquisitions to complete within the next 6 months. Novra also agreed to become a low margin supplier to Wegener Communications, and as part of this agreement, Novra was given an option to purchase up to 15,000,000 Wegener shares at $0.03 each. This stock option expires on December 31, 2015. For this reporting period this option has generated unrealized loss of $60,995 which is reflected in our reported results. Despite challenging world economic conditions in the past couple of years, we continue to see positive results from our considerable engineering and marketing efforts in the last few quarters. Novra’s products have been selected and proposed for a number of major projects which we are anticipating will generate higher 2015 receiver sales compared to our 2014 receiver sales. We are in discussions with government and military organizations to customize and expand our products to meet requirements as they replace existing infrastructure and move to new technologies. This is a very long MD&A and I recommend that you go to www.sedar.com and continue reading from there. | ||||||||||||||
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