Vision Marine Technologies Inc 6-K/A, filed Apr 25, 2024

Vision Marine Technologies Inc. (VMAR)

6-K/A 2024-04-25 For: 2024-02-29

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Added on August 22, 2026

About this 6-K/A

Vision Marine Technologies Inc filed this 6-K/A on April 25, 2024.

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Exhibit Index No.
99.1			Unaudited condensed interim consolidated financial statements for the six-month periods ended February 29, 2024 and February 28, 2023
99.2			Management’s Discussion and Analysis for the six months ended February 29, 2024
99.3			Form 52-109F2 Certification of Interim Filings –CEO
99.4			Form 52-109F2 Certification of Interim Filings –CFO
99.5			Vision Marine Technologies Reached New Milestone Achieved in Meeting Future Evolving HV Electric Boating Industry Standards - Test Cell Results
101.INS			XBRL Instance
101.SCH			XBRL Taxonomy Extension Schema
101.CAL			XBRL Taxonomy Extension Calculation
101.DEF			XBRL Taxonomy Extension Definition
101.LAB			XBRL Taxonomy Extension Labels
101.PRE			XBRL Taxonomy Extension Presentation

5
	VISION MARINE TECHNOLOGIES INC.

Date: April 25, 2024	By:	/s/ Raffi Sossoyan
	Name:	Raffi Sossoyan
	Title:	Chief Financial Officer


	As at February	As at August
	29, 2024	31, 2023
	$	$
Assets
Current
Cash	1,185,083	3,359,257
Trade and other receivables [note 3]	376,703	550,836
Income tax receivable	42,238	98,540
Inventories [note 4]	4,781,765	2,445,554
Prepaid expenses	3,849,800	1,973,591
Share subscription receivable [note 16]	39,200	39,200
Advances to related parties [note 16]	19,071	20,135
Total current assets	10,293,860	8,487,113
Right-of-use assets [note 6]	2,125,430	2,414,593
Property and equipment [note 7]	2,296,299	2,313,926
Intangibles [note 8]	885,400	966,724
Goodwill [note 9]	5,431,975	9,680,941
Deferred income taxes	185,950	68,460
Other financial assets	114,578	114,755
Total assets	21,333,492	24,046,512

Liabilities and shareholders’ equity
Current
Credit facility [note 10]	136,911	155,000
Trade and other payables [notes 11 & 16]	2,071,544	1,754,900
Provision on onerous contracts	91,667	91,667
Contract liabilities [note 12]	1,762,632	1,815,731
Current portion of lease liabilities [note 13]	714,842	647,638
Current portion of long-term debt [note 14]	165,948	271,546
Other financial liabilities	78,709	113,695
Total current liabilities	5,022,253	4,850,177
Lease liabilities [note 13]	1,697,820	1,994,156
Long-term debt [note 14]	222,962	33,783
Derivative liabilities [note 15]	7,992,930	5,558,822
Deferred income taxes	—	45,137
Total liabilities	14,935,965	12,482,075

Shareholders’ equity
Capital stock [note 17]	52,268,158	50,395,717
Contributed surplus [note 18]	12,006,417	11,684,829
Accumulated other comprehensive income	1,053,709	1,032,628
Deficit	(58,930,757)	(51,548,737)
Total shareholders’ equity	6,397,527	11,564,437
	21,333,492	24,046,512


					Accumulated
					other
			Contributed		comprehensive
	Capital stock		surplus	Deficit	income	Total
	Units	$	$	$	$	$
Shareholders’ equity as at August 31, 2022	8,417,923	43,441,591	10,560,886	(30,671,552)	697,671	24,028,596
Total comprehensive income (loss)	—	—	—	(13,487,720)	356,835	(13,130,885)
Stock options exercised	5,057	30,949	(12,238)	—	—	18,711
Share issuance	1,061,922	1,934,150	—	—	—	1,934,150
Share-based compensation [note 18]	—	—	423,167	—	—	423,167
Shareholders’ equity as at February 28, 2023	9,484,902	45,406,690	10,971,815	(44,159,272)	1,054,506	13,273,739

Shareholders’ equity as at August 31, 2023	11,172,800	50,395,717	11,684,829	(51,548,737)	1,032,628	11,564,437
Total comprehensive income (loss)	—	—	—	(7,382,020)	21,081	(7,360,939)
Series A Convertible Preferred Shares converted [notes 15 and 17]	132,380	94,622				94,622
Share issuance [note 17]	793,041	1,777,819	—	—	—	1,777,819
Share-based compensation [note 18]	—		321,588	—	—	321,588
Shareholders’ equity as at February 29, 2024	12,098,221	52,268,158	12,006,417	(58,930,757)	1,053,709	6,397,527




	Three-	Three-	Six-	Six-
	month	month	month	month
	period	period	period	period
	ended	ended	ended	ended
	February	February	February	February
	29, 2024	28, 2023	29, 2024	28, 2023
	$	$	$	$
Revenues [note 19]	728,611	831,195	1,715,003	2,230,955
Cost of sales [note 4]	508,528	781,871	1,059,392	2,077,355
Gross profit	220,083	49,324	655,611	153,600

Expenses
Research and development	334,731	633,557	1,319,237	4,320,754
Office salaries and benefits	1,044,772	985,453	1,905,226	1,825,185
Selling and marketing expenses	611,492	498,503	1,400,824	1,140,581
Professional fees	513,555	719,634	1,606,407	1,580,219
Office and general	707,379	686,836	1,460,374	1,397,251
Share-based compensation [note 18]	72,019	110,288	146,352	423,167
Depreciation and amortization	210,942	124,099	414,151	215,843
Net finance expense (income) [note 20]	861,776	3,084,250	(4,362,403)	2,938,590
Goodwill impairment loss [note 9]	4,274,000	—	4,274,000	—
Other expense (income)	36,735	(74,881)	(29,509)	(193,133)
	8,667,401	6,767,739	8,134,659	13,648,457

Loss before taxes	(8,447,318)	(6,718,415)	(7,479,048)	(13,494,857)
Income taxes
Current tax expense	47,642	20,000	65,438	30,000
Deferred tax recovery	(87,811)	(37,137)	(162,466)	(37,137)
	(40,169)	(17,137)	(97,028)	(7,137)
Net loss for the period	(8,407,149)	(6,701,278)	(7,382,020)	(13,487,720)

Items of comprehensive income that will be subsequently reclassified to earnings:
Foreign currency translation differences for foreign operations, net of tax	(7,439)	773	21,081	356,835
Other comprehensive income (loss), net of tax	(7,439)	773	21,081	356,835
Total comprehensive loss for the period, net of tax	(8,414,588)	(6,700,505)	(7,360,939)	(13,130,885)

Weighted average Voting Common Shares outstanding	11,701,400	8,726,591	11,619,671	8,577,507
Basic and diluted loss per share	(0.72)	(0.77)	(0.63)	(1.57)


	February 29,	February 28,
	2024	2023
	$	$
Operating activities
Net loss	(7,382,020)	(13,487,720)
Depreciation and amortization	540,277	519,186
Accretion on long-term debt and lease liability	90,844	74,524
Share-based compensation – options and warrants	321,588	423,167
Shares issued for services	762,358	216,300
Loss on investment in Limestone [note 5]	—	2,435,000
Goodwill impairment loss	4,274,000	—
Transaction costs – Preferred Shares [note 15]	1,535,627	—
Income tax recovery	(97,028)	(7,137)
Income tax recovered	(8,802)	—
Loss (gain) on disposal of property and equipment	2,558	(59,611)
Loss (gain) on derivative liabilities	(6,317,928)	376,455
Gain on lease termination	—	(45,141)
Effect of exchange rate fluctuation	(1,458)	84,769
	(6,279,984)	(9,470,208)
Net change in non-cash working capital items
Trade and other receivables	174,133	404,005
Inventories	(2,204,047)	(424,795)
Other financial assets	—	3,790
Prepaid expenses	(1,876,209)	1,820,036
Trade and other payables	316,644	786,155
Contract liabilities	(53,099)	(303,118)
Other financial liabilities	(34,985)	(28,520)
Cash used in operating activities	(9,957,547)	(7,212,655)

Investing activities
Additions to property and equipment	(247,130)	(612,742)
Proceeds from the disposal of property and equipment	—	401,782
Cash used in investing activities	(247,130)	(210,960)

Financing activities
Change in credit facility	(18,089)	975,000
Issuance of long-term debt	247,000	—
Repayment of long-term debt	(184,020)	(44,230)
Voting Common Shares issued for options exercised	—	18,711
Issuance of Series A & B Convertible Preferred Shares and Warrants [note 15]	6,545,298	—
Issuance of Voting Common Shares and Warrants [note 17]	1,781,194	5,117,632
Repayment of lease liabilities	(340,880)	(352,562)
Cash provided by financing activities	8,030,503	5,714,551

Net decrease in cash during the period	(2,174,174)	(1,709,064)
Cash, beginning of period	3,359,257	5,824,716
Cash, end of period	1,185,083	4,115,652


		Country of	Proportion of
		incorporation	ownership held
Name of subsidiary	Principal activity	and operation	by the Company
7858078 Canada Inc.	Owns an electric boat rental center	Canada	100	%
EB Rental Ltd.	Operates an electric boat rental center	United States	100	%
EB Rental Ventura Corp.	Operates an electric boat rental center	United States	100	%
EB Rental FL Corp.	Operates an electric boat rental center	United States	100	%
EBR Palm Beach Inc.	Operates an electric boat rental center	United States	100	%
Vision Marine Technologies Corp.	Operates an electric boat service center	United States	100	%


			Average exchange rate for the
	Exchange rate as at:		six-month period ended
	February 29,	August 31,	February 29,	February 28,
	2024	2023	2024	2023
US dollar	1.3570	1.3535	1.3553	1.3484


	As at	As at
	February 29,	August 31,
	2024	2023
	$	$
Trade receivables	40,732	59,364
Sales taxes receivable	184,308	159,114
R&D tax credit receivable	143,500	143,500
Other receivables	8,163	188,858
	376,703	550,836


		Computer		Boat rental
	Premises	equipment	Rolling stock	fleet	Total
	$	$	$	$	$
Cost
Balance at August 31, 2022	2,880,039	3,646	88,020	211,459	3,183,164
Additions	921,498	—	—	—	921,498
Disposals	—	—	(46,200)	(170,298)	(216,498)
Transferred to property and equipment	—	(3,646)	—	(41,161)	(44,807)
Currency translation	38,254	—	2,100	—	40,354
Balance at August 31, 2023	3,839,791	—	43,920	—	3,883,711
Additions	—	—	38,283	—	38,283
Currency translation	1,821	—	958	—	2,779
Balance at February 29, 2024	3,841,612	—	83,161	—	3,924,773

Accumulated depreciation
Balance at August 31, 2022	822,407	2,878	20,315	76,464	922,064
Depreciation	615,937	768	23,934	21,442	662,081
Disposal	—	(3,646)	(13,475)	(97,906)	(115,027)
Balance at August 31, 2023	1,438,344	—	30,774	—	1,469,118
Depreciation	313,130	—	17,095	—	330,225
Balance at February 29, 2024	1,751,474	—	47,869	—	1,799,343

Net carrying amount
As at August 31, 2023	2,401,447	—	13,146	—	2,414,593
As at February 29, 2024	2,090,138	—	35,292	—	2,125,430


	Machinery
	and	Rolling	Computer		Leasehold	Boat
	equipment	stock	equipment	Moulds	improvements	rental fleet	Total
	$	$	$	$	$	$	$
Cost
Balance at August 31, 2022	333,084	118,664	21,032	911,924	264,356	971,477	2,620,537
Additions	62,409	69,029	565	30,501	97,699	678,599	938,802
Disposals	—	(136,072)	—	—	—	(499,770)	(635,842)
Transferred from Right-of-use assets	—	—	3,646	—	—	41,161	44,807
Currency translation	—	(2,347)	—	—	—	(70,115)	(72,462)
Balance at August 31, 2023	395,493	49,274	25,243	942,425	362,055	1,121,352	2,895,842
Additions	29,196	3,087	—	—	10,000	204,847	247,130
Disposals	—	(6,213)	—	—	—	—	(6,213)
Transferred to Inventories¹	—	—	—	—	—	(153,341)	(153,341)
Currency translation	—	—	—	—	—	(9)	(9)
Balance at February 29, 2024	424,689	46,148	25,243	942,425	372,055	1,172,849	2,983,409

Accumulated depreciation
Balance at August 31, 2022	197,804	29,999	12,803	73,028	44,505	43,416	401,555
Depreciation	31,495	25,875	4,485	37,696	69,332	72,163	241,046
Disposal	—	(21,864)	—	—	—	(38,821)	(60,685)
Balance at August 31, 2023	229,299	34,010	17,288	110,724	113,837	76,758	581,916
Depreciation	17,628	2,193	2,038	18,846	43,398	45,923	130,026
Disposals	—	(3,655)	—	—	—	—	(3,655)
Transferred to Inventories¹	—	—	—	—	—	(21,177)	(21,177)
Balance at February 29, 2024	246,927	32,548	19,326	129,570	157,235	101,504	687,110

Net carrying amount
As at August 31, 2023	166,194	15,264	7,955	831,701	248,218	1,044,594	2,313,926
As at February 29, 2024	177,762	13,600	5,917	812,855	214,820	1,071,345	2,296,299


	Intellectual		Trade
	property	Software	name	Backlog	Website	Total
	$	$	$	$	$	$
Cost
Balance at August 31, 2022	1,035,070	101,775	98,294	79,550	18,858	1,333,547
Currency translation	—	—	6,057	4,556	1,211	11,824
Balance at August 31, 2023	1,035,070	101,775	104,351	84,106	20,069	1,345,371
Currency translation	—	—	(657)	(510)	(131)	(1,298)
Balance at February 29, 2024	1,035,070	101,775	103,694	83,596	19,938	1,344,073

Accumulated depreciation
Balance at August 31, 2022	159,089	24,700	14,439	19,830	2,819	220,877
Depreciation	103,508	12,920	20,426	16,911	4,005	157,770
Balance at August 31, 2023	262,597	37,620	34,865	36,741	6,824	378,647
Depreciation	51,753	7,270	10,478	8,510	2,015	80,026
Balance at February 29, 2024	314,350	44,890	45,343	45,251	8,839	458,673

Net carrying amount
As at August 31, 2023	772,473	64,155	69,486	47,365	13,245	966,724
As at February 29, 2024	720,720	56,885	58,351	38,345	11,099	885,400


		$
Less than one year		828,798
One to five years		1,781,836
		2,610,634


	Original			Risk-free
	Exercise	Market	Expected	interest	Expected
	price	price	volatility	rate	life
Issuance date	$	$	%	%	[years]
January 19, 2023	5.63	5.63	100	3.4	3
February 17, 2023	5.67	6.05	100	4.0	3
April 19, 2023	5.64	5.55	75	3.9	3
June 16, 2023	5.35	5.50	75	4.1	3
August 2, 2023	5.37	5.10	75	4.8	3
September 20, 2023	5.44	4.40	75	4.8	3


		Number of	Weighted average
	Revised	warrants	remaining
	Exercise price	outstanding	contractual life
Issuance date	$	#	[years]
January 19, 2023	1.43	554,253	1.89
February 17, 2023	1.43	475,059	1.97
April 19, 2023	1.43	381,293	2.14
June 16, 2023	1.43	493,828	2.30
August 2, 2023	1.43	493,832	2.42
September 20, 2023	1.43	372,870	2.56


	As at	As at
	February 29,	August 31,
	2024	2023
	$	$
Opening balance	1,815,731	1,029,318
Payments received in advance	404,563	3,330,235
Boat sale deposits	—	151,572
Payments reimbursed	—	(8,131)
Transferred to revenues	(460,314)	(2,718,943)
Currency translation	2,652	31,680
Closing balance	1,762,632	1,815,731


	As at	As at
	February 29,	August 31,
	2024	2023
	$	$
The government assistance loan is non-interest bearing until December 31, 2023 at which time the loan bears interest at 5% per annum. The loan must be repaid by December 31, 2025.	—	40,000

Commercial term loan bearing interest at 10.70% per annum payable in monthly installments of $667 until December 2028.	39,333	—

Term loans, bearing interest at rates varying 9.44% and 13.87% per annum payable in monthly installments of $13,026 ending December 2026.	349,577	265,329
	388,910	305,329
Current portion of long-term debt	165,948	271,546
	222,962	33,783


	As at	As at
	February 29,	August 31,
	2024	2023
	$	$
Opening balance	5,558,822	—
Additions	765,733	7,614,510
Effect on fair value of repricing of warrants	1,871,499	—
Change in estimate of fair value	(7,090,926)	(2,055,688)
Closing balance	1,105,128	5,558,822


	As at	As at
	February 29,	August 31,
	2024	2023
	$	$
Amounts due to related parties included in trade and other payable
Alexandre Mongeon	15,077	19,384
Patrick Bobby	10,770	13,847
Kulwant Sandher	6,731	8,654
Xavier Montagne	8,131	10,454
California Electric Boat Company Inc.	48,014	—
Mac Engineering, SASU	2,021	9,935
	90,744	62,274


		Weighted
		average
	Number of	exercise
	options	price
	#	$
Balance at August 31, 2022	1,706,418	9.45
Granted	88,500	5.80
Forfeited	(268,158)	9.65
Stock options modifications	(370,000)	5.78
Exercised	(57,219)	2.86
Balance at August 31, 2023	1,099,541	5.22
Granted	100,000	2.78
Forfeited	(14,409)	5.22
Balance at February 29, 2024	1,185,132	5.02


		Number of warrants	Weighted average remaining
	Exercise price	outstanding	contractual life
Grant date	$	#	[years]
November 23, 2020	16.53	151,800	1.73
August 5, 2022	10.30	50,000	1.43
December 21, 2023	1.41	138,095	4.81


	Three-month period ended February 29, 2024
	Sale of		Rental of		Inter-
	electric		electric		segment
	boats		boats		eliminations	Total
	$		$		$	$
Revenue from external customers	176,028		552,583		—	728,611
Revenue from other segments	206,859		5,059		(211,918)	—
Segment revenues	382,887		557,642		(211,918)	728,611
Segment gross profit (loss)	(40,126)		267,422		(7,213)	220,083

Segment profit (loss) before tax	(3,868,221)	¹	(4,573,228)	²	(5,869)	(8,447,318)
Research and development	334,731		—		—	334,731
Office salaries and benefits	917,109		127,663		—	1,044,772


	Three-month period ended February 28, 2023
	Sale of	Rental of	Inter-
	electric	electric	segment
	boats	boats	eliminations	Total
	$	$	$	$
Revenue from external customers	277,975	553,220	—	831,195
Revenue from other segments	258,000	150,109	(408,109)	—
Segment revenues	535,975	703,329	(408,109)	831,195
Segment gross profit (loss)	(134,780)	328,574	(144,470)	49,324

Segment profit (loss) before tax	(6,377,246)	(291,237)	(49,932)	(6,718,415)
Research and development	736,899	—	(103,342)	633,557
Office salaries and benefits	719,958	265,495	—	985,453


	Six-month period ended February 29, 2024
	Sale of		Rental of		Inter-
	electric		electric		segment
	boats		boats		eliminations	Total
	$		$		$	$
Revenue from external customers	294,618		1,420,385		—	1,715,003
Revenue from other segments	225,753		11,967		(237,720)	—
Segment revenues	520,371		1,432,352		(237,720)	1,715,003
Segment gross profit (loss)	(68,869)		738,600		(14,120)	655,611

Segment profit (loss) before tax	(2,741,581)	³	(4,738,734)	⁴	1,267	(7,479,048)
Research and development	1,319,237		—		—	1,319,237
Office salaries and benefits	1,598,103		307,123		—	1,905,226


	Six-month period ended February 28, 2023
	Sale of	Rental of	Inter-
	electric	electric	segment
	boats	boats	eliminations	Total
	$	$	$	$
Revenue from external customers	526,097	1,704,858	—	2,230,955
Revenue from other segments	479,915	277,220	(757,135)	—
Segment revenues	1,006,012	1,982,078	(757,135)	2,230,955
Segment gross profit (loss)	(578,459)	980,100	(248,041)	153,600

Segment profit (loss) before tax	(13,270,298)	(126,053)	(98,506)	(13,494,857)
Research and development	4,506,002	—	(185,248)	4,320,754
Office salaries and benefits	1,350,575	474,610	—	1,825,185


	As at August 31, 2023
	Sale of	Rental of	Inter-
	electric	electric	segment
	boats	boats	eliminations	Total
	$	$	$	$
Segment assets	20,344,002	13,941,898	(10,239,388)	24,046,512
Cash	3,025,565	333,692	—	3,359,257
Additions to property and equipment	194,820	974,533	(185,744)	983,609
Segment liabilities	10,154,031	3,341,868	(1,013,824)	12,482,075


	Six-month	Six-month
	period ended	period ended
	February 29, 2024	February 28, 2023
	$	$
Additions to right-of-use assets	38,283	307,525
Lease termination	—	112,707