40-F Filing

QUIPT HOME MEDICAL CORP. CIK: 1540013 FY 2023

Filing Information

Form Type	40-F
Accession Number	`0001558370-23-019968`
Period End Date	20230930
Filing Date	20231222
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	qipt-20230930x40f_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 48 Cash Flow Statement 77 Stockholders Equity 19

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalents`	$34.61M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$17.21M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$8.52M	USD	Point-in-time
Accounts receivable, net	`CurrentTradeReceivables`	$25.98M	USD	Point-in-time
Accounts receivable, net	`CurrentTradeReceivables`	$16.38M	USD	Point-in-time
Inventory	`Inventories`	$18.41M	USD	Point-in-time
Inventory	`Inventories`	$15.59M	USD	Point-in-time
Prepaid and other current assets	`CurrentPrepaymentsAndOtherCurrentAssets`	$1.05M	USD	Point-in-time
Prepaid and other current assets	`CurrentPrepaymentsAndOtherCurrentAssets`	$3.83M	USD	Point-in-time
Total current assets	`CurrentAssets`	$41.54M	USD	Point-in-time
Total current assets	`CurrentAssets`	$65.43M	USD	Point-in-time
Property, equipment, and right of use assets, net	`PropertyPlantAndEquipmentIncludingRightofuseAssets`	$33.50M	USD	Point-in-time
Property, equipment, and right of use assets, net	`PropertyPlantAndEquipmentIncludingRightofuseAssets`	$53.41M	USD	Point-in-time
Property, equipment, and right of use assets, net	`PropertyPlantAndEquipmentIncludingRightofuseAssets`	$23.51M	USD	Point-in-time
Goodwill	`Goodwill`	$12.46M	USD	Point-in-time
Goodwill	`Goodwill`	$52.83M	USD	Point-in-time
Goodwill	`Goodwill`	$28.21M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsOtherThanGoodwill`	$74.04M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsOtherThanGoodwill`	$28.89M	USD	Point-in-time
Other assets	`OtherNoncurrentFinancialAssets`	$1.71M	USD	Point-in-time
Other assets	`OtherNoncurrentFinancialAssets`	$86.00K	USD	Point-in-time
Total long-term assets	`NoncurrentAssets`	$181.97M	USD	Point-in-time
Total long-term assets	`NoncurrentAssets`	$90.68M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$132.21M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$247.41M	USD	Point-in-time
Accounts payable	`TradeAndOtherCurrentPayablesToTradeSuppliers`	$24.74M	USD	Point-in-time
Accounts payable	`TradeAndOtherCurrentPayablesToTradeSuppliers`	$13.84M	USD	Point-in-time
Accrued liabilities	`AccrualsClassifiedAsCurrent`	$7.28M	USD	Point-in-time
Accrued liabilities	`AccrualsClassifiedAsCurrent`	$3.45M	USD	Point-in-time
Current portion of equipment loans	`CurrentPortionOfLongtermBorrowings`	$5.47M	USD	Point-in-time
Current portion of equipment loans	`CurrentPortionOfLongtermBorrowings`	$14.11M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$3.30M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$5.12M	USD	Point-in-time
Current portion of senior credit facility	`ShorttermBorrowings`	$3.35M	USD	Point-in-time
Current portion of senior credit facility	`ShorttermBorrowings`	$6.86M	USD	Point-in-time
Deferred revenue	`AccrualsAndDeferredIncomeIncludingContractLiabilities`	$2.45M	USD	Point-in-time
Deferred revenue	`AccrualsAndDeferredIncomeIncludingContractLiabilities`	$4.51M	USD	Point-in-time
Deferred revenue	`AccrualsAndDeferredIncomeIncludingContractLiabilities`	$3.04M	USD	Point-in-time
Purchase price payable	`ContingentLiabilitiesRecognisedInBusinessCombinationCurrent`	$5.78M	USD	Point-in-time
Purchase price payable	`ContingentLiabilitiesRecognisedInBusinessCombinationCurrent`	$1.46M	USD	Point-in-time
Purchase price payable	`ContingentLiabilitiesRecognisedInBusinessCombinationCurrent`	$2.38M	USD	Point-in-time
Total current liabilities	`CurrentLiabilities`	$41.74M	USD	Point-in-time
Total current liabilities	`CurrentLiabilities`	$60.57M	USD	Point-in-time
Equipment loans	`EquipmentLoan`	$234.00K	USD	Point-in-time
Equipment loans	`EquipmentLoan`	$233.00K	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$14.03M	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$7.20M	USD	Point-in-time
Senior credit facility	`LoansReceived`	$61.11M	USD	Point-in-time
Senior credit facility	`LoansReceived`	$3.38M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilityAsset`	$344.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilityAsset`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilityAsset`	-	USD	Point-in-time
SBA Loan	`SmallBusinessAdministrationLoanNonCurrent`	$120.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$136.29M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$52.67M	USD	Point-in-time
Capital stock	`IssuedCapital`	$247.53M	USD	Point-in-time
Capital stock	`IssuedCapital`	$214.25M	USD	Point-in-time
Contributed surplus	`CapitalReserve`	$27.39M	USD	Point-in-time
Contributed surplus	`CapitalReserve`	$26.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-163.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-161.02M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`Equity`	$58.62M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`Equity`	$111.11M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`Equity`	$79.55M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`EquityAndLiabilities`	$132.21M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`EquityAndLiabilities`	$247.41M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Rentals of medical equipment	`RentalIncome`	$96.24M	USD	Annual
Rentals of medical equipment	`RentalIncome`	$69.19M	USD	Annual
Sales of medical equipment and supplies	`RevenueFromSaleOfGoods`	$125.50M	USD	Annual
Sales of medical equipment and supplies	`RevenueFromSaleOfGoods`	$70.67M	USD	Annual
Total revenues	`Revenue`	$139.86M	USD	Annual
Total revenues	`Revenue`	$221.74M	USD	Annual
Cost of inventory sold	`RawMaterialsAndConsumablesUsed`	$33.21M	USD	Annual
Cost of inventory sold	`RawMaterialsAndConsumablesUsed`	$57.90M	USD	Annual
Operating expenses	`OperatingExpense`	$103.22M	USD	Annual
Operating expenses	`OperatingExpense`	$65.20M	USD	Annual
Bad debt expense	`BadDebtExpense`	$10.06M	USD	Annual
Bad debt expense	`BadDebtExpense`	$12.22M	USD	Annual
Depreciation	`DepreciationExpense`	$20.45M	USD	Annual
Depreciation	`DepreciationExpense`	$34.97M	USD	Annual
Amortization of intangible assets	`AmortisationExpense`	$2.59M	USD	Annual
Amortization of intangible assets	`AmortisationExpense`	$5.20M	USD	Annual
Stock-based compensation	`ExpenseFromSharebasedPaymentTransactionsWithEmployees`	$5.49M	USD	Annual
Stock-based compensation	`ExpenseFromSharebasedPaymentTransactionsWithEmployees`	$5.28M	USD	Annual
Acquisition-related costs	`AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination`	$1.27M	USD	Annual
Acquisition-related costs	`AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination`	$797.00K	USD	Annual
Loss (gain) on disposals of property and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$75.00K	USD	Annual
Loss (gain) on disposals of property and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$-45.00K	USD	Annual
Other income from government grant	`OtherOperatingIncomeExpense`	$4.88M	USD	Annual
Operating income	`ProfitLossFromOperatingActivities`	$4.73M	USD	Annual
Operating income	`ProfitLossFromOperatingActivities`	$3.92M	USD	Annual
Interest expense, net	`InterestRevenueExpense`	$-6.61M	USD	Annual
Interest expense, net	`InterestRevenueExpense`	$-2.08M	USD	Annual
Loss on extinguishment of debt	`IfrsGainLossOnExtinguishmentOfDebt`	$-30.00K	USD	Annual
Loss on extinguishment of debt	`IfrsGainLossOnExtinguishmentOfDebt`	$-281.00K	USD	Annual
(Gain) loss on foreign currency transactions	`GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss`	$108.00K	USD	Annual
(Gain) loss on foreign currency transactions	`GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss`	$-144.00K	USD	Annual
Share of loss in equity method investment	`EquityInEarningsOfMinorityInterest`	$89.00K	USD	Annual
Change in fair value of debentures	`GainsLossesOnChangeInFairValueOfDebentures`	$1.15M	USD	Annual
Loss on settlement of shares to be issued	`LossOnSettlementOfSharesIssued`	$442.00K	USD	Annual
Income (loss) before taxes	`ProfitLossBeforeTax`	$-2.70M	USD	Annual
Income (loss) before taxes	`ProfitLossBeforeTax`	$2.94M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseContinuingOperations`	$-1.90M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseContinuingOperations`	$85.00K	USD	Annual
Net income (loss)	`ProfitLoss`	$4.84M	USD	Annual
Net income (loss)	`ProfitLoss`	$-2.78M	USD	Annual
Basic earnings per share	`BasicEarningsLossPerShare`	$0.14	USD	Annual
Basic earnings per share	`BasicEarningsLossPerShare`	$-0.07	USD	Annual
Diluted earnings per share	`DilutedEarningsLossPerShare`	$-0.07	USD	Annual
Diluted earnings per share	`DilutedEarningsLossPerShare`	$0.13	USD	Annual
Basic	`WeightedAverageShares`	33.65M	shares	Annual
Basic	`WeightedAverageShares`	38.61M	shares	Annual
Diluted	`AdjustedWeightedAverageShares`	36.30M	shares	Annual
Diluted	`AdjustedWeightedAverageShares`	38.61M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLossFromContinuingOperations`	$4.84M	USD	Annual
Net income (loss)	`ProfitLossFromContinuingOperations`	$-2.78M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$40.16M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$23.04M	USD	Annual
Stock-based compensation	`AdjustmentsForSharebasedPayments`	$5.28M	USD	Annual
Stock-based compensation	`AdjustmentsForSharebasedPayments`	$5.49M	USD	Annual
Loss (gain) on disposal of property and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	$-45.00K	USD	Annual
Loss (gain) on disposal of property and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	$75.00K	USD	Annual
Other income from government grant	`AdjustmentsForGovernmentGrant`	$-4.88M	USD	Annual
Loss on extinguishment of debt	`IfrsGainLossOnExtinguishmentOfDebt`	$-30.00K	USD	Annual
Loss on extinguishment of debt	`IfrsGainLossOnExtinguishmentOfDebt`	$-281.00K	USD	Annual
Amortization of financing costs and accretion of purchase price payable	`AdjustmentsForFinanceCosts`	$591.00K	USD	Annual
Amortization of financing costs and accretion of purchase price payable	`AdjustmentsForFinanceCosts`	$251.00K	USD	Annual
Interest expense, net of amortization and accretion	`AdjustmentsForInterestExpense`	$6.02M	USD	Annual
Interest expense, net of amortization and accretion	`AdjustmentsForInterestExpense`	$1.83M	USD	Annual
Cash paid for interest	`InterestPaidClassifiedAsOperatingActivities`	$2.01M	USD	Annual
Cash paid for interest	`InterestPaidClassifiedAsOperatingActivities`	$6.03M	USD	Annual
Loss (gain) on foreign currency transactions	`AdjustmentsForUnrealisedForeignExchangeLossesGains`	$-108.00K	USD	Annual
Loss (gain) on foreign currency transactions	`AdjustmentsForUnrealisedForeignExchangeLossesGains`	$144.00K	USD	Annual
Share of loss in equity method investment	`EquityInEarningsOfMinorityInterest`	$89.00K	USD	Annual
Loss (gain) loss on fair value of convertible debentures	`AdjustmentsForGainsLossesOnChangeInFairValueOfConvertibleDebentures`	$1.15M	USD	Annual
Loss on settlement of shares to be issued	`LossOnSettlementOfSharesIssued`	$442.00K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseContinuingOperations`	$-1.90M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseContinuingOperations`	$85.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidRefundClassifiedAsOperatingActivities`	$680.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidRefundClassifiedAsOperatingActivities`	$653.00K	USD	Annual
Adjustments to purchase price payable	`DerecognitionOfPurchasePricePayable`	$96.00K	USD	Annual
Adjustments to purchase price payable	`DerecognitionOfPurchasePricePayable`	$178.00K	USD	Annual
Net increase in accounts receivable	`AdjustmentsForDecreaseIncreaseInTradeAccountReceivable`	$-3.06M	USD	Annual
Net increase in accounts receivable	`AdjustmentsForDecreaseIncreaseInTradeAccountReceivable`	$-201.00K	USD	Annual
Net increase in inventory	`AdjustmentsForDecreaseIncreaseInInventories`	$-2.42M	USD	Annual
Net increase in inventory	`AdjustmentsForDecreaseIncreaseInInventories`	$-60.00K	USD	Annual
Net (increase) decrease in prepaid and other current assets	`AdjustmentsForDecreaseIncreaseInPrepaidAndOtherCurrentAssets`	$450.00K	USD	Annual
Net (increase) decrease in prepaid and other current assets	`AdjustmentsForDecreaseIncreaseInPrepaidAndOtherCurrentAssets`	$-2.24M	USD	Annual
Net increase in deferred revenue	`AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities`	$240.00K	USD	Annual
Net increase in deferred revenue	`AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities`	$31.00K	USD	Annual
Net increase in accounts payables and accrued liabilities	`AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables`	$3.17M	USD	Annual
Net increase in accounts payables and accrued liabilities	`AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables`	$2.90M	USD	Annual
Net cash flow provided by operating activities	`CashFlowsFromUsedInOperatingActivities`	$26.34M	USD	Annual
Net cash flow provided by operating activities	`CashFlowsFromUsedInOperatingActivities`	$40.54M	USD	Annual
Purchase of property and equipment	`PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$6.85M	USD	Annual
Purchase of property and equipment	`PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$9.16M	USD	Annual
Cash proceeds from sale of property and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$65.00K	USD	Annual
Cash proceeds from sale of property and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$193.00K	USD	Annual
Cash paid for acquisitions, net of cash acquired	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	$76.04M	USD	Annual
Cash paid for acquisitions, net of cash acquired	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	$33.52M	USD	Annual
Net cash flow used in investing activities	`CashFlowsFromUsedInInvestingActivities`	$-82.83M	USD	Annual
Net cash flow used in investing activities	`CashFlowsFromUsedInInvestingActivities`	$-42.49M	USD	Annual
Repayments of loans	`RepaymentsOfBorrowingsClassifiedAsFinancingActivities`	$20.45M	USD	Annual
Repayments of loans	`RepaymentsOfBorrowingsClassifiedAsFinancingActivities`	$11.90M	USD	Annual
Repayments of leases	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$4.38M	USD	Annual
Repayments of leases	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$3.82M	USD	Annual
Issuance of debt under senior credit facility	`ProceedsFromSeniorCreditFacility`	$64.00M	USD	Annual
Repayments of senior credit facility	`RepaymentsOfSeniorCreditFacility`	$2.65M	USD	Annual
Net (payments) borrowings on the revolving credit facility	`ProceedsFromRepaymentsOfLineOfCredit`	$-7.00M	USD	Annual
Net (payments) borrowings on the revolving credit facility	`ProceedsFromRepaymentsOfLineOfCredit`	$12.00M	USD	Annual
Issuance costs relating to credit facility	`IssuanceCostOfRevolvingCreditFacility`	$581.00K	USD	Annual
Issuance costs relating to credit facility	`IssuanceCostOfRevolvingCreditFacility`	$1.78M	USD	Annual
Issuance of shares, net of issuance costs	`ProceedsFromIssuingShares`	$27.87M	USD	Annual
Settlement of restricted stock units	`PaymentsForSettlementOfRestrictedStockUnits`	$1.34M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromExerciseOfOptions`	$567.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromExerciseOfOptions`	$484.00K	USD	Annual
Cash in lieu of shares to be issued	`PaymentsToAcquireOrRedeemEntitysShares`	$1.10M	USD	Annual
Payments of purchase price payable	`ConsiderationPaidReceived`	$5.08M	USD	Annual
Payments of purchase price payable	`ConsiderationPaidReceived`	$3.82M	USD	Annual
Net cash flow (used in) provided by financing activities	`CashFlowsFromUsedInFinancingActivities`	$-9.85M	USD	Annual
Net cash flow (used in) provided by financing activities	`CashFlowsFromUsedInFinancingActivities`	$50.87M	USD	Annual
Net increase (decrease) in cash	`IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges`	$8.59M	USD	Annual
Net increase (decrease) in cash	`IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges`	$-26.00M	USD	Annual
Effect of exchange rate changes on cash held in foreign currencies	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$108.00K	USD	Annual
Effect of exchange rate changes on cash held in foreign currencies	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$-96.00K	USD	Annual
Cash, beginning of year	`CashAndCashEquivalents`	$34.61M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalents`	$17.21M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalents`	$8.52M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalents`	$34.61M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalents`	$17.21M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalents`	$8.52M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Stock issuance cost	`StockIssuanceCost`	$3.30M	USD	Annual
Balance at beginning of period	`Equity`	$58.62M	USD	Point-in-time
Balance at beginning of period	`Equity`	$111.11M	USD	Point-in-time
Balance at beginning of period	`Equity`	$79.55M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$4.84M	USD	Annual
Net income (loss)	`ProfitLoss`	$-2.78M	USD	Annual
Cash in lieu of shares to be issued	`CashInLieuOfSharesToBeIssuedValue`	$-657.00K	USD	Annual
Acquisition of Great Elm	`IfrsStockIssuedDuringPeriodValueAcquisitions`	$2.06M	USD	Annual
Issuance of shares, net of issuance costs of $3,303	`StockIssuedDuringPeriodValueNewIssuesNetOfIssuanceCosts`	$27.87M	USD	Annual
Settlement of restricted stock units	`IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity`	$-1.34M	USD	Annual
Conversion of debentures	`IncreaseDecreaseThroughConversionOfConvertibleInstruments`	$10.68M	USD	Annual
Stock-based compensation	`IncreaseDecreaseThroughSharebasedPaymentTransactions`	$5.49M	USD	Annual
Stock-based compensation	`IncreaseDecreaseThroughSharebasedPaymentTransactions`	$5.28M	USD	Annual
Stock options exercised	`IncreaseDecreaseThroughExerciseOfOptions`	$191.00K	USD	Annual
Stock options exercised	`IncreaseDecreaseThroughExerciseOfOptions`	$484.00K	USD	Annual
Compensation options exercised	`IncreaseDecreaseThroughExerciseOfCompensationOptionsEquity`	$376.00K	USD	Annual
Balance at end of period	`Equity`	$58.62M	USD	Point-in-time
Balance at end of period	`Equity`	$111.11M	USD	Point-in-time
Balance at end of period	`Equity`	$79.55M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.