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● CALGARY , AB , November 15 , 2021 - NXT Energy Solutions Inc. ( " NXT " or the " Company " ) ( TSX : SFD ; OTC QB : NSFDF ) today announced the Company's financial and operating results for the quarter ended September 30 , 2021. All dollar amounts herein are in Canadian Dollars unless otherwise identified . Q3 Financial and Operating Highlights Key financial and operational highlights for Q3-21 are summarized below : ● ● ● ● ● ● NXT Energy Solutions NXT ENERGY SOLUTIONS ANNOUNCES THIRD QUARTER 2021 RESULTS On July 1 , 2021 energy exploration veteran , Gerry Sheehan , joined the Board ; The Company began receiving advisory services and funding of up to $ 50,000 from the National Research Council of Canada Industrial Research Assistance Program to support the research and development of the SFD® technology for geothermal applications ; Cash and short - term investments at September 30 , 2021 were $ 2.80 million ; Working capital was $ 4.03 million at September 30 , 2021 ; The Company received US $ 0.75 million of payments on outstanding accounts receivable during October 2021 ; The Company recorded no survey revenue in Q3-21 and $ 3.14 million YTD 2021 ; A net loss of $ 1.43 million was recorded for Q3-21 , including stock based compensation and amortization expense of $ 0.58 million ; A net loss of $ 1.55 million was recorded for YTD 2021 , including stock based compensation and amortization expense of $ 1.51 million ; Net loss per common share for Q3-21 was $ 0.02 basic and $ 0.02 diluted ; Net loss per common share for YTD 2021 was $ 0.02 basic and $ 0.02 diluted ; Cash flow used by operating activities was $ 1.07 million during Q3-21 and $ 1.23 YTD 2021 ; General and administrative expenses increased by $ 0.02 million ( 3 % ) compared to Q3-20 , due primarily to the receipt of a higher Canada Emergency Wage Subsidy , the Canada Emergency Rent Subsidy , and an increase in salaries and stock based compensation costs ; and General and administrative expenses for YTD - 2021 compared to YTD - 2020 decreased by $ 0.20 million ( 8 % ) , mostly due to receiving the Canada Emergency Rent Subsidy in 2021 , decreased professional fees , and minimal business development travel due to the COVID - 19 pandemic . Message to Shareholders George Liszicasz , President and CEO of NXT , commented , " Although no survey revenues were recorded in the third quarter , hydrocarbon SFDⓇ survey opportunities continue to progress within our core areas of focus in Africa , Mexico , Asia , and in South America . Additionally , we continue to have productive dialogue with multiple geothermal companies about providing SFD - GT services . As global economic activity accelerates towards and beyond pre - pandemic levels of consumption , the demand for both conventional and renewable energy sources is expected to increase . Due to this rising demand , and our unique , environmentally - friendly SFDⓇ survey exploration tool , we are optimistic about the prospects for new surveys , and will remain focussed on contract execution in order to deliver value to our shareholders . On