Quinsam Reports Q4/2024 Results

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Toronto, Ontario--(Newsfile Corp. - April 29, 2025) - Quinsam Capital Corporation (CSE: QCA) ("Quinsam" or the "Company") is announcing its Q4/2024 results, with a net loss of $4.3 million ($0.04 per share basic, $0.04 fully diluted) versus a net loss of $1.6 million ($0.02 per share basic, $0.02 fully diluted) in Q4/2023. Investors can access the Company's full financial statements on sedarplus.ca.

"The Q4 net income was largely attributable to a decline in the California Nanotechnologies share price and due to two provisions made in our private securities portfolio. While we made these accounting provisions, the underlying situation in Q4 was similar to that in Q3. The largest provision relates to our mortgage in Guelph (Med. Compassion), where we elected to take the carrying value to $nil. The actual amount owing to us here, including accrued interest and fees, is approximately $2.5 million. We continue to work with the borrower in this situation as he restructures his portfolio. Most recently, we were paid a cash fee of $25,000 in Q1/2025 and we believe we will make further realizations on this asset. However, due to the uncertainty about the timing and amounts we may receive, we elected at this time to take the carrying value to $nil. In the case of A-Synaptic, the company raised new funds in late 2024. While the nominal price was the same as our carrying value, the new financing included a warrant sweetener and we needed to back this warrant value out of our carrying value at a substantial Black-Scholes value. We understand that A-Synaptic is in the final stages of gaining approval for the trial its potential game-changing childhood epilepsy drug, which is the trigger for A-Synaptic to begin its effort to go public in the United States at a large premium to our carrying value."

Elsewhere in Quinsam's private securities portfolio, progress is being made. Peninsula (the US single family rental business) has raised funds at a higher value and is making efforts to list in 2025. Exiteam (operating as VVT Medical) is in the final stages of completing its RTO and expects to trade this quarter. Theracann, which we fully wrote off some years ago, is now nearing a listing as Beyond Farming through a merger with Sprout AI on the CSE. Electro Metals has announced its intent to list through a merger with BWR Exploration.

"At December 31, 2024, we had net assets of approximately $0.10 per share outstanding" said Roger Dent, CEO. "Our shares continue to trade at a very steep discount from NAV. We also note that the total of our more liquid investments (including cash, public equities, and derivatives on public equities) is approximately $0.05 per share."