Venus Concept Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
Stock-based compensation
Provision for bad debt
Provision for inventory obsolescence
Finance expenses and accretion
Deferred tax recovery
Interest on convertible promissory notes
Change in fair value of earn-out liability
Loss on sale of subsidiary
Loss on disposal of property and equipment
Unrealized foreign exchange loss
Loss on debt extinguishment
Government Assistance Loans
Total loss on debt extinguishment
Finance expenses

Changes in operating assets and liabilities:
Accounts receivable short- and long-term
Inventories
Prepaid expenses
Advances to suppliers
Other current assets
Operating right-of-use assets, net
Other long-term assets
Trade payables
Accrued expenses and other current liabilities
Current operating lease liabilities
Severance pay funds
Unearned interest income
Long-term operating lease liabilities
Other long-term liabilities
Net cash used in operating activities
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment
Cash received from sale of subsidiaries, net of cash relinquished
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayment of) Drawdown of line-of-credit
Exercises of 2020 December Public Offering Warrants
Proceeds from government assistance loans
Proceeds from issuance of MSLP loan, net of cash financing fees of $1,229
(Repayment) issuance of long-term debt
Repayment of line-of-credit
(Repayment of) proceeds from government assistance loans
2024 Convertible Notes issued to EW, net of costs $393
Proceeds from issuance of common stock
December 2020 Public Offering
Total proceeds from issuance of common stock

Proceeds from December 2020 Public Offering, net of costs of $2,025
Repayment of government assistance loans
Proceeds from Short-term Bridge Financing by Madryn, net of costs $342
Dividends from subsidiaries paid to non-controlling interest
Payment of earn-out liability
Installment payments
Annual installment payments
Proceeds from exercise of options
Net cash provided by financing activities
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of year

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes
Cash paid for interest
Common stock issuance costs
Private Placement costs
The 2021 Private Placement
The 2022 Private Placement
Beneficial conversion factor of preferred stock accreted as deemed dividend
Conversion of Series A convertible preferred stock
Series A Preferred Stock Converted into Common Stock
Total conversion of Series A convertible preferred stock
Issuance of convertible promissory notes
Conversion of debt
Conversion of Madryn Loan into Convertible Notes
Total conversion of debt
Assets received from sale of subsidiaries

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