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Exam Number : CVA
Exam Name : Certified Valuation Analyst (CVA)
Vendor Name : Financial
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CVA Exam Format | CVA Course Contents | CVA Course Outline | CVA Exam Syllabus | CVA Exam Objectives

Certified Valuation Analyst® (CVA®) Determine, Defend, and Maximize Company Value™

Business valuation is the "Gold Rush" of the century. 10 million small businesses will change hands over the next 10 years. Could you confidently advise your clients if they came to you faced with these issues=>

An opportunity arises to sell or merge the business.

They are faced with transitioning the business to family members or other partners.

They are looking to expand the business and need to secure capital.

They are taking on new partners and need to determine buy-in price.

They are reaching retirement and considering an exit strategy.

Business partners or shareholders are exiting, requiring the business to be divided or dissolved.

They are embroiled in financial litigation.

They want to focus energies to grow company value.

Establish your authority in matters of value! Bolster your reputation with your clients. Enhance your credibility within the business community. Demonstrate competency to the courts that you can articulate business value.


A. Purpose for business valuation 0.5%

1. Financial accounting

2. Tax valuations

3. Litigation

4. Merger and acquisition

B. Standards of value 1.5%

1. Definitions of standards of value, including

a) Fair market value (U.S. based definition as starting point)

b) Statutory fair value

c) Financial reporting fair value

(1) IFRS

(2) U.S. GAAP

d) Investment (strategic) value

e) Intrinsic (fundamental) value

2. Relationship between purpose of the valuation and standard of value

C. Premise of value 0.5%

1. Going concern

2. Assemblage of assets

3. Liquidation (orderly or forced)

D. Principles of value 1.0%

1. Value is determined as of specific point in time

2. Value reflects prospective cash flow

3. Value reflects the level of risk into the rate of return

4. Value is influenced by liquidity

E. Levels of value 0.5%

1. Lack of control (minority vs. control)

2. Marketable vs. non-marketable

3. Strategic and investment value


A. NACVA Standards 1.5%

B. Ethical considerations 1.0%

C. Communicating and reporting analysis and results 1.0%

D. Roles of the valuation analyst in litigation services 1.0%


A. Defining the engagement 1.0%

1. Valuation date and its importance

2. Structure of the entity

3. Interest being valued

4. Purpose and objective of valuation

5. Standard of value and premise of value

6. Conflict checks

B. Engagement Letters 1.0%

1. Purpose

2. Content

C. Acceptance 1.0%

1. Experience

2. Staffing

3. Expectations


A. International Sources of Data 1.5%

B. Economic Environment 1.5%

1. Macro-environment

2. Micro-environment

3. Relationship of economic activity to the valuation

C. Industry background 3.0%

1. Economic data

2. Structure, trends, and life cycle

3. Market and competitive analysis

D. Company background 3.0%

1. Company structure and ownership

2. Site visit and interviews with key personnel

3. History and nature

4. Economic data (cost structure, pricing power, marginal analysis)

5. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)


A. Financial statements 4.5%

1. Source (audited/reviewed/compiled/tax returns/internal)

2. Number of years to obtain

3. Common size

4. Trend analysis

5. Ratios

6. Comparative analysis

a) Specific company

b) Industry averages

B. Adjustments to financial statements 4.5%

1. Normalizing

a) Control vs. non-control

b) Discretionary

c) Reasonable compensation analysis

d) Extraordinary/non-recurring

2. Operating vs. non-operating items

3. Off-balance sheet and unrecorded items

C. Statistical Analysis 3.0%

1. Measures of central tendency (arithmetic, harmonic, geometric means)

2. Measures of dispersion (including variance and standard deviation)

3. Statistical strengths of numerical relationships (including covariance, correlation, coefficient of determination, and coefficient of variation)

4. Linear regression

D. Types of benefit streams and selection 3.5%

1. Selection of appropriate time periods (including mid-year convention)

2. Selection of appropriate type of income/cash flow

3. Growth assumptions

a) Trend line projected

b) Constant

c) Erratic

d) Level

e) Declining growth approaches

E. Historical vs. projection based on considerations

F. Relating effects due to economic/industry events and trends

G. Pass-through entities – tax effecting of the benefit stream


A. Income approach 10%

1. General theory

2. Defining applicable income/cash flow

3. Sources of data

4. Capitalization vs. discount rates

5. Commonly used methods

a) Discounted economic income/cash flow method (DCF) (multi-stage model)

(1) The method is applied using cash flow available to invested capital

(2) The method is applied using cash flow available to equity

b) Capitalized economic income/cash flow method (CCF), including Gordon Growth

Model (constant growth model)

(1) The method is applied using cash flow available to invested capital

(2) The method is applied using cash flow available to equity

c) Excess earnings (cash flow) method

d) Dividend paying capacity

B. Market approach 8.0%

1. General theory

2. Commonly used methods

a) Transactions in subject companys stock

b) Transactions/sales of companies similar to subject

(1) Guideline public companies

(a) General theory

(b) Selecting guideline companies

i) Sources of data

ii) Size adjustments

(c) Equity vs. invested capital (including multiples)

(d) Selection of appropriate time periods

(e) Selection of appropriate multiples

i) Adjusting for growth, size, and company specific risk

(2) Guideline merged and acquired companies

(a) General theory

(b) Sources of data/relevant transactional databases

(c) Consideration of the selection of data points

C. Asset Approach 6.0%

1. General theory

2. Sources of data

3. Commonly used methods

a) Book value

b) Net tangible value

c) Adjusted net asset method (intangible and tangible assets)

d) Excess earnings method

e) Liquidation method (forced or orderly)

4. Identifying and valuing intangible assets

a) Approaches and methods

b) Estimated life

c) Impairment

5. Off-balance sheet and unrecorded items (including tax issues)

D. Sanity Checks 2.0%

1. General theory

2. Sources of data

3. Commonly used methods

a) Industry formulas (“Rules of Thumb”)

b) Justification of purchase

E. Reconciliation of indicated values 2.0%


A. Capital asset pricing model (CAPM) 6.0%

1. Risk free rate

2. Equity risk premium

3. Beta (ß) including un-levered and re-levered

B. Build-up method and Modified CAPM 5.5%

1. Risk free rate

2. Equity risk premium

3. Beta (ß) including un-levered and re-levered

4. Size risk premium

5. Industry risk premium

6. Company specific risk

7. Long-term sustainable growth

8. Other

C. Weighted average cost of capital 4.0%

D. Converting after tax risk rates to pre-tax rates 1.0%

E. Other recognized methods (e.g. Gordon Growth, Arbitrage Pricing, Fama- French Three Factor, Market Multiples, Risk Rate Component Model) 1.0%


A. Levels of value and effect on discounts and premiums 2.0%

1. Synergistic value

2. Control value

3. Non-controlling, marketable value

4. Non-controlling, non-marketable value

B. Adjustments for Control Issues 3.5%

1. General theory

2. Sources of data

3. Ownership characteristics

4. Magnitude

5. Relationship to how benefit stream is defined

C. Adjustments for Marketability Issues 3.5%

1. General theory

2. Sources of data

3. Ownership characteristics

4. Restrictions on transferability

5. Magnitude

6. Models

D. Discounts and premiums—understanding the empirical studies 2.0%

E. Subsequent events 1.0%

F. Other valuation discounts and adjustments (e.g. Key Person, Blockage, Restrictive Agreement, Lack of Voting, Lack of Liquidity, Contingent Liabilities) 1.0%


A. Intangible assets 2.0%

B. Debt securities 0.5%

C. Convertible securities 0.5%

D. Preferred stock 0.5%

E. Stock options 0.5%

F. Voting vs. Non-voting stock 0.5%

G. Professional vs. practice goodwill 0.5%

H. Other special purpose valuations (e.g. Fair Value, Mergers and Acquisitions, Pension Benefits, Insurance policies) 0.5%

Total 100%

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Financial Certified exam format


How a financial therapist can help you with money anxiety

How a financial therapist can help you with money anxiety © maroke/Getty Images; Illustration by Austin Courregé/Bankrate How a financial therapist can help you with money anxiety

Money commonly negatively affects people’s health, causing feelings like anxiety, stress and depression. For some people, it’s a persistent problem: Nearly one in three (29 percent) U.S. adults who say money has a negative impact on their mental health are impacted daily, according to a recent Bankrate survey.


When those money worries remain for weeks or months at a time, it may help to reach out to a financial therapist who can provide support. Over the past decade, more counselors specializing in financial therapy have begun to help people understand how finances affect their mental health and give them the steps to build better financial mindset habits for the future.

A financial therapist can’t manage your money for you, but they may be able to help you through the stress that can come from money. Here’s what a financial therapist does, and why they can be a resource when money affects your mental health.

Key Bankrate money and mental health insights

Dollar Coin

  • Half of U.S. adults say their mental health is negatively affected by money. 52% of U.S. adults say money has a negative impact on their mental health, such as feelings of anxiety and stress, worrisome thoughts, loss of sleep or depression.
  • Inflation’s effects are affecting mental health more year-over-year. 68% of those whose mental health is negatively affected by money cite inflation/rising prices. Similarly, 57% of those who said inflation/rising prices has a negative impact on their mental health say that concern has increased over the past year.
  • More Gen Xers experience negative mental health effects due to money. 60% of Gen Xers (ages 43-58) say money has a negative impact on their mental health — the highest percentage of any generation. In 2022, 46% of Gen Xers said money had a negative impact on mental health — a 14 percentage point difference.
  • More than one third of millennials who believe money has a negative impact on their mental health say they worry about money daily

    More than half (52 percent) of U.S. adults say money at least occasionally has a negative impact on their mental health, according to Bankrate. The largest percentage of them say it affects them daily:

  • Daily: 29%
  • Weekly: 27%
  • Monthly: 25%
  • Less often than monthly: 18%
  • Gen Zers (ages 18-26) and millennials (ages 27-42) are more likely to experience daily negative mental health due to money than older generations like baby boomers (ages 59-77). Around one-third of Gen Zers (32 percent) and 38 percent of millennials who say money has a negative impact on their mental health say they worry about money daily:

    Source: Bankrate

    Note: Among those who say money has a negative impact on their mental health

    In comparison, only 26 percent of Gen Xers and 22 percent of baby boomers who say money has a negative impact on their mental health say they worry about money daily. More baby boomers who say money has a negative impact on their mental health say they worry about money monthly (32 percent).

    How a financial counselor can help with money anxiety

    Turning to a financial therapist can be a way to find support when money is negatively impacting your mental health. The idea of a financial therapist is relatively new; one of the first self-described financial therapy organizations, the Financial Therapy Association (FTA), began in 2009 and started publishing studies that same year.

    The trend of financial therapy has grown as more Americans generally begin to seek mental health care to learn new coping strategies for anxiety, depression and other mental health conditions. In 2021, 11.1 percent of U.S. adults were counseled by a mental health professional, according to the latest data available from the Centers for Disease Control and Prevention (CDC), up from 9.5 percent in 2019. The FTA’s database now has 80 members offering financial therapy or non-clinical guidance, specializing in subjects like receiving sudden money, insurance, layoffs, retirement, budgeting or trauma.

    Financial therapists can break down financial stressors that may be affecting you, help unpack financial trauma and provide other therapeutic guidance. A financial therapist is typically not a licensed financial advisor and they may not have a fiduciary duty, meaning they won’t manage your money for you.

    For Lindsay Bryan-Podvin, a Michigan-based financial therapist and coach, her role is less about guiding people through the nuts and bolts of how to manage a bank account and more to do with understanding emotions tied to money.

    “A financial therapist really helps people at the intersection of how emotions, psychology and systems impact why they do what they do with money and to help them make choices that feel best for them about their personal finances,” Bryan-Podvin told Bankrate.

    Quick definitions

    Financial therapistA financial therapist is usually a licensed mental health professional who specializes in helping mental health symptoms caused by financial stress, as well as help clients budget or set financial goals. They may have additional financial training or certifications, though no one certification is required for someone to call themselves a financial therapist.

    Licensed Master Social Worker (LMSW) or Licensed Clinical Social Worker (LCSW)LMSW and LCSW refers to two different social work licenses, providing non-clinical or clinical social work services, such as therapy. Both licenses require at least a master’s degree. Additionally, LMSWs require an exam and LCSWs require two years of field experience.

    Financial advisorA financial advisor can help you create a budget or estate plan, manage your investments or guide you on when to take Social Security, among other hands-on financial duties. A certified financial planner is licensed by the Certified Financial Planner board and acts with a fiduciary duty, meaning they are legally required to put your interests before their own.

    Bryan-Podvin was already a therapist specializing in anxiety and depression disorders when she began to feel underqualified to help clients with the emotional side of money. When she struggled with bills after graduate school, commonly available personal finance advice wasn’t helping.

    “Every time I picked up a book, I felt like I was getting yelled at. It was, ‘It’s your fault you’re in this situation. You didn’t work hard enough. You didn’t save enough.’ And I’m like, I’m doing everything in my power,” Bryan-Podvin said. “I knew what it was like to be on the receiving end of incredibly individualistic and shame-laden personal finance advice, and I just thought that I was not alone in that.”

    How much can you expect to pay for financial therapy?

    Fees for financial therapy vary from provider to provider, just like other forms of therapy. Financial therapists are obligated to clearly disclose their fees and billing structure in the first meeting or session.

    Financial therapy is difficult to provide under health insurance, Medicare or Medicaid, according to Bryan-Podvin, though it’s easier if the mental health practitioner can classify the therapy under a diagnosis like anxiety or depression.

    If therapy fees aren’t in someone’s budget, they can seek credit counseling through a non-profit organization. Credit counseling can’t address mental health issues directly, but counselors often offer free workshops, education and advice to help manage money and debt.

    Cost can lock low-income people out of financial therapy, but Bryan-Podvin says she’s seeing more financial and mental health resources become available to minority communities.

    “Even if it isn’t a specific financial therapist, finding communities, whether it’s a Substack newsletter or a hashtag that you follow, finding people who can validate, emphasize and normalize your lived experience actually [helps],” Bryan-Podvin said. “You’re going to be like, ‘Oh, I’m not alone.'”

    3 ways to organize your finances before seeking financial counseling

    Considering starting financial therapy? First, it may help to take stock of your financial picture. Here’s how you can better understand your finances before of reaching out to a financial therapist:

  • Create or update your budget. Write down your monthly bills, debt repayment, insurance and other expenses to get a gist of how you’re spending each month.
  • Write down your debts and assets. If you have a credit card, student loan, medical or other debt, gather your accounts to understand how much you have in debt. It may also help to look into your assets, such as the value of your home, retirement accounts or savings. Your debt subtracted from your assets is your net worth, which gives you an idea of your financial picture.
  • Consider your financial goals. It may be helpful to ask yourself why you’re examining your financial habits. For example, do you want to buy a house or get married? Or maybe you want to pay off debt? Creating a list of short-term and long-term goals can provide accomplishments to work towards.
  • Methodology

    Caret Down

    Bankrate commissioned YouGov Plc to conduct the survey on financial wellness. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,365 U.S. adults, including 1,232 who say money has a negative impact on their mental health. Fieldwork was undertaken April 12-14, 2023. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.

  • Financial Statements and Information

    Save the Children has a proven track record of using donations efficiently and effectively. From school children who send their allowance for relief efforts to the largest philanthropic donors, we cherish all of our supporters. You can be assured that Save the Children uses the valuable resources donors have provided in the most cost-effective ways possible.

    Our independently audited financial statements consistently show that out of every dollar spent, 85 cents goes directly toward helping children. We keep administrative costs low so that more funding goes to children’s programs.

    In fiscal year 2021, 85% of all expenditures went to program services.


    Reported figures in U.S. Dollars

    Announces Continued Double-Digit Growth in Revenue and Gross Profit

    Toronto, Ontario, May 31, 2023 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 13 weeks ended April 2, 2023 (“Q1 2023”). The fiscal year of MiniLuxe is a 52-week reporting cycle ending on the Sunday closest to December 31, which periodically necessitates a fiscal year of 53 weeks. FY2022 consisted of a 53-week period while all other fiscal years referred to in this release consist of 52-week periods. All quarters referred to in this release consist of 13-week periods. Unless otherwise specified, all amounts are reported in U.S. dollars.

    MiniLuxe is pleased to announce continued double-digit growth in year-over-year (“YOY”) revenue and YOY gross profit demonstrating resiliency despite a challenging macro-economic backdrop. Q1 2023 revenue increased 18% versus Q1 2022 at $5.2M (all figures in US$ unless otherwise noted). Same-studio revenue hit a record level in Q1 2023, while demonstrating 21% growth on 2019 revenue (pre-COVID comparable) on a like-for-like basis of MiniLuxe on-premises fleet studio units open in 2019 vs those open in 2023. Overall growth of MiniLuxe’s most loyal customer base (those returning at least 20 visits or more per year) grew 37% versus the same period prior year.

    Q1 2023 gross profit of $2.2M increased 16% vs. Q1 2022 – the Company views gross profit dollar growth as a key indicator of MiniLuxe’s positive trajectory towards long-term profitability. The MiniLuxe fleet of core studios continued to lead the business, accounting for 94% of revenue in the period, and the Company remains keenly focused on continuing to drive the full potential of the economics of these studios while expanding and scaling its omni-channel offering for the self-care industry.

    Key to MiniLuxe’s current and future success is the continued growth, development and scaling of the MiniLuxe Talent Ecosystem of licensed and certified nail designers and waxing specialists. Beauty professionals who are part of MiniLuxe’s Talent Ecosystem are empowered to choose a well-defined career path tied to increasing economic earning power while also having flexibility of where, when, and how they will work. Expanding and growing the size and breadth of MiniLuxe’s Talent Ecosystem and continuing to make investments in the technology platform to serve as the infrastructure-as-a-service and marketplace for these designers are key strategic imperatives for 2023.

    MiniLuxe’s Board and Executive Team remain focused on driving the business on its path toward profitability and cash generative operations. The management team continues to execute on the Company’s 2023 priorities and is regularly reassessing capital and resource needs to ensure optimal investment of capital. With receipt of the $3.2 million Employee Retention Credit (related to employee costs paid in 2020 & 2021), MiniLuxe’s Q1 2023 ending cash balance was $8.0 million. This capital, plus the continued growth of the MiniLuxe Talent Ecosystem and Product channels, is forecasted to lead to positive free cashflow generation in 2024 and to position MiniLuxe well to achieve its strategic goals and vision to be the leader in the self-care industry. The Company looks forward to sharing further updates throughout the remainder of the year.

    “Against the backdrop of a challenged macro environment with regional bank failures, inflationary pressures and global slowdown of growth, we were fortunate to see continued recessionary resilience of the market in which we serve and demonstrate double-digit growth on topline revenue and gross profit dollars,” said Tony Tjan, Executive Chairman and Co-founder of MiniLuxe.

    “MiniLuxe is pleased to report continued double digit growth in Q1 2023 with the core fleet of studios continuing to demonstrate highly predictable levels of contribution as we actively invest in new growth channels to further accelerate the growth of the MiniLuxe omni-channel platform,” said Zoe Krislock, CEO of MiniLuxe  

    Q1 2023 Financial Highlights ($USD)

  • Total revenue of $5.2M, a YoY increase of 18%, 94% of revenue generated from core MiniLuxe studios
  • Gross profit of $2.2M, a 16% increase from prior year
  • Q1 2023 Fleet Adjusted EBITDA1 at $119K up 80% from Q1 2022
  • Full Company Adjusted EBITDA1 of ($2.6M) compared to ($2.3M) for Q1 2022; increased loss attributable to investment in SG&A to fund planned growth initiatives
  • Q1 2023 Business Highlights

  • DTC (direct-to-consumer) product growth came from a focus on MiniLuxe “Hero” SKUs (e.g. Cuticle Oil, Topcoat and Pure Strength), which resulted in a doubling of year-over-year sales. Approximately two-thirds of DTC product sales in Q1 2023 came from Hero SKU offerings including bundled offerings which encouraged clients to buy SKUs in multiple quantities. Q1 2023 e-commerce orders grew 115% from Q1 2022 and new customer counts increased 130% year-over-year.
  • MiniLuxe continues its integration and planned growth initiatives for its Paintbox brand, which was acquired in Fall 2022. Based in New York City and founded in 2014, Paintbox has been re-defining the nail-care industry through its creativity and proprietary modern nail art designs. Along with MiniLuxe’s initial focus on increasing staffing & improving talent compensation in the Upper East Side studio, the Company is excited about its initial growth initiatives, including:
  • Launching of the first Paintbox “store-in-store” with an outpost in MiniLuxe’s Boston South End studio. The footprint of less than 200 square feet presents the opportunity for a fast payback and, if the test proves successful, an opportunity for scale across other MiniLuxe studios and new partner channels. This format includes some of Paintbox’s most iconic nail art looks and introduces a new and premium nail art certification along with a premium in-studio service at >50% pricing to current non-Paintbox offerings.
  • Expanding the Paintbox brand through the launch of a ready-to-wear Paintbox press-on product that allows clients to experience nail art at home and on-the-go. MiniLuxe’s client experience derived from over a decade of performing services together with Paintbox’s extensive history of collaborations with high fashion and luxury brands provides the Company the foundation to create what it believes will be the industry’s most curated, best looking, and highest performing press-on nails. Paintbox press-on nails will launch through the brand’s e-commerce platform with collaborations and partnerships during New York Fashion Week in the later part of the year.
  • Subsequent to end of Q1 2023, the Company completed construction and commenced operations in a new studio location in West Central Florida, at the Water Street Development in Downtown Tampa Bay, FL. The grand opening of the studio occurred on May 11, 2023 as MiniLuxe celebrated its 21st studio location opening, the first since the pandemic.        
  • Q1 2023 Results

    Selected Financial Measures

    MiniLuxe notes a change in accounting policy to more accurately reflect revenue generated from talent and product revenue streams to more align with how management analyzes the Company. The change has been retrospectively applied and does not have any effect on revenue recognition principles utilized or total overall revenue recognized.

    Results of Operations

    The following table outlines the consolidated statements of loss and comprehensive loss for the fiscal quarters ended April 2, 2023, and March 27, 2022:

    Cash Flows

    The following table presents cash and cash equivalents as at April 2, 2023 and March 27, 2022:

    Non-IFRS Measures and Reconciliation of Non-IFRS Measures

    This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release are “Adjusted EBITDA” and “Fleet Adjusted EBITDA”.

    Adjusted EBITDA

    Adjusted EBITDA is used by management as a supplemental measure to review and assess operating performance. Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company's operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.

    Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset depreciation under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting straight-line rent expenses2 net of lease abatements. IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expense.

    The Company also uses Fleet Adjusted EBITDA to evaluate its fleet performance. This metric is calculated in a similar manner, starting with Talent revenue and adjusting for non-fleet Talent revenue and cost of sales, further adjusted by fleet SG&A and finally subtracting the same straight line rent expense used in the full company Adjusted EBITDA (as the fleet holds all real estate leases). The Company believes that this metric most closely mirrors how management views the fleet portion of the business.

    The following table reconciles Adjusted EBITDA to net loss for the periods indicated:

    The following table reconciles Fleet Adjusted EBITDA to net loss for the periods indicated:

    About MiniLuxe

    MiniLuxe, a Delaware corporation based in Boston, Massachusetts is a digital-first, socially responsible lifestyle brand and talent empowerment platform and marketplace [let’s consider] for the nail and waxing industry. For over a decade, MiniLuxe has been setting industry standards for health, hygiene, high quality services, and fair labor practices in its efforts to transform the nail care and waxing industry. Underlying MiniLuxe’s mission and purpose is to become one of the largest inclusionary educators and employers of diverse self-care professionals across our omni-channel ecosystem and talent empowerment platform.

    Today, MiniLuxe derives its revenue streams from nail care and waxing services across an omni-channel ecosystem of on premises with company-owned studios and partnerships and off-premises on-demand services. The company also develops and sells a proprietary retail and e-commerce line of clean nail care and waxing products that are also used in MiniLuxe services. MiniLuxe is driven by a fully integrated digital platform that manages all client bookings, preferences, and payments and provides designers with the ability to manage scheduling and client preferences, track their performance and compensation, and access training content. Since its inception, MiniLuxe has performed nearly 3 million services.

    For further information

    Anthony Tjan

    Executive Chairman, MiniLuxe Holding Corp.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    1Please refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” sections of this press release.

    2Straight-line rent expense for a given payment period is calculated by dividing the sum of all payments over the life of the lease (the figure used in the present value calculation of the right-of-use asset) by the number of payment periods (typically months). This number is then annualized by adding the rent expenses calculated for the payment periods that comprise each fiscal year. For leases signed mid-year, the total straight-line rent expense calculation applies the new lease terms only to the payment periods after the signing of the new lease.


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