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Revenues from Partners for the three months ended December 31, 2013 totaled $15.4 million compared to $9.2 million in the three months ended December 31, 2012. The increase of 68.1% compared to the prior period is a result of new Partners added in 2013 as well as year over year performance metric adjustments from each of the Partners as described below. See “Private Company Partner Update” for more information on the individual Partners’ performance. 

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Interest expense of $433,478 in the period was 29.3% higher compared to $335,172 in the prior year period. In the fourth quarter of 2013, the Corporation started with nil debt then drew $14.5 million for follow on contributions to Agility and Killick and $30 million for the contribution to SMi. 

Salaries and benefits were $350,348 in the quarter, up 29.1% compared to the prior year period due to modest increases in base salaries effective August 1 st  and two new management positions added in October. 

In the three months ending December 31, 2013, the Corporation recorded non-cash stock based compensation expenses totaling $983,153 (2012 – $753,620) which included: $442,205 to amortize the fair value of the Corporation’s restricted share unit plan (the “RSU Plan”) (2012 –$298,919); and $540,947 to recognize the fair value of outstanding stock options (2012 – $454,701). The increases are due to additional options and RSUs issued in July 2013 in accordance with the compensation plan. Also in the quarter, the Corporation made cash payments based on current dividend rates of $83,958 to employees and directors in lieu of dividends under the RSU Plan (2011 - $62,786). 

Corporate and office expenses were $302,243 compared to $202,506 in the prior year and include office rent, travel and corporate administrative expenses. The 49.3% increase was due to an increases in TSX fees as well as higher travel costs relating to increased deal flow. 

Legal and accounting expenses were $90,065 for the three months ended December 31, 2013 compared to $282,244 for the prior year period. The significant decrease relates to an increase in legal fees in late 2012 around some one-time projects relating to the Corporation’s international structure. 

Depreciation and amortization was comparable to the prior year period. 

The Corporation recorded a loss of ($2.86) million, EBITDA of $(1.07) million and Normalized EBITDA of $13.66 million for the three months ended December 31, 2013 compared to earnings of $4.93 million, EBITDA of $7.86 million and Normalized EBITDA of $7.54 million for the three months ended December 31, 2012. The decrease in earnings and EBITDA can be attributed to the loss on SHS of $15.5 million which was partially offset by the addition of new Partners in 2013: SCR (May 2013), Sequel (July 2013) and SMi (Nov 

