ThreeD Capital Inc. Releases Results For the Three and Six Months Ended December 31, 2022


TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce its unaudited results as at and for the three and six months ended December 31, 2022.

As at December 31, 2022, the Company had cash, investments and digital assets of $39.8 million.

As at December 31, 2022, net asset value per share was $0.81 as compared to $1.06 as at June 30, 2022. (See “Use of Non-GAAP Financial Measures” elsewhere)

Financial Highlights for the three and six months ending December 31, 2022 with comparatives:

Operating Results Three months ended
December 31,
Six months ended
December 31,
  2022  2021  2022  2021 
Net investment and digital assets gains (losses)$(200,913)$(9,339,468)$(10,631,728)$4,055,936 
Operating, general and administrative expenses (646,771) (472,429) (1,277,555) (2,225,825)
Net income (loss) for the period (672,999) (9,607,687) (11,704,133) 2,095,295 
Total comprehensive income (loss) for the period (672780) (9,607,603) (11,705,015) 2,094,915 
Basic income (loss) per common share (0.01) (0.20) (0.24) 0.04 
Diluted income (loss) per common share (0.01) (0.20) (0.24) 0.04 


Consolidated statement of financial position highlights December 31, 2022
 June 30, 2022 
Cash$7,890 $394,408 
Investments, at fair value 37,327,701  49,377,206 
Digital assets, at fair value less cost to sell 2,487,608  1,096,387 
Total assets 40,188,687  51,483,559 
Due to brokers 414,097  257 
Advances from officer 60,000  - 
Total liabilities 839,840  571,696 
Share capital, contributed surplus, warrants 149,631,853  149,489,854 
Foreign currency translation reserve 875,293  876,175 
Deficit (111,158,299) (99,454,166)

Sheldon Inwentash, Chairman and CEO of ThreeD, stated “During the most recently completed quarter, the Company was able to realize gains on the disposal of investments, despite economic uncertainty and market volatility that continued throughout the six months ended December 31, 2022. ThreeD has continued to take strategic positions in opportunistic investments that have proven to be beneficial to the Company during this period of uncertainty. We believe these strategic investments will enable future economic success of the Company as it continues to navigate through the challenging market conditions.”

Use of Non-GAAP Financial Measures:

This press release contains references to “net asset value per share” (“NAV”) which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.

About ThreeD Capital Inc.

ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors.  ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

For further information:
Lynn Chapman, CPA, CA
Chief Financial Officer and Corporate Secretary
chapman@threedcap.com
Phone: 416-941-8900 ext 106

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.