Good day, ladies and gentlemen. My name is Patrick, and I will be your conference operator today. At this time, I would like to welcome everyone to the NXT Energy Solutions 2022 Second Quarter Operating and Financial Results Conference Call. All participants will be in listen only mode for the first part of the conference call with the ability to ask questions after the presentation by the company. For the question and answer session, if you would like to ask a question, please press star one on your device's keypad. Should you wish to cancel your question, please press the pound sign. We ask that you please limit yourself to one question and one follow-up. I would now like to turn the meeting over to Mr. George Liszicasz, President and CEO of NXT Energy Solutions. Please go ahead, sir.
Thank you, Patrick. Welcome, and thank you everyone for joining us today for NXT Energy Solutions 2022 second quarter financial and operating results conference call. This is George Liszicasz, and joining me on today's conference call is Eugene Woychyshyn, Vice President of Finance and Chief Financial Officer, Dr. Xiang Gui, Director of R&D, Enrique Hung, Director of Geosciences for the Americas, and also we have Rashid Tippu, Director of Geosciences for Africa, Asia and Middle East. The purpose of today's call is to briefly discuss the highlights of the release of NXT's 2022 second quarter financial and operating results. Following our update, we will open up the line for questions.
Please note, all statements made by the company and management during this call are subject to the reader's advisory regarding forward-looking information and non-GAAP measures set forth in our Q2 2022 press release and MD&A issued on August 11th, 2022. All dollar amounts discussed in today's conference call are in Canadian dollars unless otherwise stated. The complete financial and operating results and consolidated financial statements for the 2022 second quarter were published on August 11th and are available on NXT's website, SEDAR's website, and soon will be available on EDGAR's website. Now over to Eugene for the financial review.
Thank you, George. As George mentioned, our 2022 second quarter financial statements and management discussion and analysis were filed on SEDAR's website August 11th and will shortly be available on EDGAR. From a financial perspective, the focus remained on supporting the execution of the business development effort and continued to control and optimize costs. Our financial results were as follows. Cash and short-term investments were CAD 1.12 million at June 30th, 2022, and net working capital was CAD 0.05 million. Accounts receivable payments of approximately CAD 154 thousand were received in the quarter, and a further CAD 390 ,000 is anticipated received later in August. Operating activities used approximately CAD 780 ,000 of cash during the quarter and CAD 1.7 million year to date.
There is no revenue for the quarter or year to date. For the quarter, NXT recorded a net loss of approximately CAD 1.77 million, or CAD 0.03 per share, based on 65.3 million share-weighted average common shares outstanding. This compares to a net income of CAD 1.53 million in the second quarter of 2021, or CAD 0.02 per share. Total operating expenses for the quarter were CAD 1.8 million, including SFD-related costs. This includes non-cash expenses of CAD 0.55 million related to amortization and stock-based compensation. Total operating expenses for year to date 2022 were CAD 3.59 million, including SFD-related costs. This included non-cash expenses of CAD 1.05 million related to amortization and stock-based compensation.
G&A expenses increased approximately CAD 364,000 or 53% in the second quarter of 2022 compared to 2021 for the following reasons. Salaries, benefits, consulting charges increased CAD 137,000 or 46% as Q2 costs were reduced by the Canada Emergency Wage Subsidy, and partially offset by lower vacation expense. Board and professional fees, public company costs increased CAD 25,000 or 11% due to increased professional fees. Premises and administrative overhead costs increased CAD 112,000 or 113% as the Q2 2021 costs were reduced by the Canada Emergency Rent Subsidy. Business development costs for Q2 2022 increased by 34% from Q2 2021 due to meetings with potential customers in Q2 2022. There was no business development travel in 2021 due to the pandemic.
Stock-based compensation expenses were higher in Q2 2022 versus 2021 by CAD 56,000 due to higher restricted share unit plan accruals. G&A expenses increased approximately CAD 376,000 or 24% year-to-date 2022 compared to 2021 for the following reasons. Salaries, benefits, and consulting charges increased CAD 121,000 or 16% as 2021 costs were reduced by the Canada Emergency Wage Subsidy and partially offset by lower vacation expense in 2022. Board and professional fees and public company costs increased by CAD 14,000 or 3% due to increased professional fees. Premises and administrative costs increased CAD 123,000 or 41% as 2021 costs were reduced by the Canada Emergency Rent Subsidy.
Business development costs for year-to-date 2022 increased by CAD 32 ,000 from 2021 due to meetings with potential customers during 2022. Stock-based compensation expenses were higher in year-to-date 2022 versus 2021 by CAD 86 ,000 due to higher RSU plan expense offset by lower employee share purchase plan expenses. Summarize some key financial points. We ended the quarter with CAD 1.12 million of cash and short-term investments on hand and a net working capital balance of CAD 0.05 million. We received approximately CAD 400 ,000 for outstanding accounts receivable so far this year, with another approximately CAD 390 ,000 expected to receive shortly. Our main focus continues to be on the execution of NXT's commercial pipeline.
I would now like to hand the call back over to George to further discuss our business updates and forward plans.
Thank you, Eugene. First, I want to convey my sincere hope that everyone is well and continues to stay healthy at this time. Our last conference call was three months ago, and we are pleased to provide you with further updates. As Eugene mentioned, although there were no survey revenues in Q2, we remain highly confident that it will all change during the second half of this year. I believe this company is poised to generate significant revenue given the positive business development on multiple fronts over the last two months. Commodity prices should remain strong. Consequently, we are witnessing an increased level of business development and engagement with our customers. Our objective remains the same, to create a substantial revenue flow. Let me review the most current opportunities, starting with the oil and gas front, the Africa business development.
During the May call, we forecasted that we would be starting Nigerian survey in July. However, the NOC of Nigeria, NNPC, decided to undertake a complete restructuring, including merger and personnel reorganization. According to NNPC, it should be completed by the end of August. NXT has been informed that the phase I of our SFD survey programs has been approved and funds have been allocated. We are confident that our survey will happen shortly, and accordingly, we will update you. Recently, a new opportunity emerged to conduct SFD surveys in East Africa for a large NOC. The NOC has the funding and plans to carry out an SFD survey in Q4 2022. We are working towards finalization of the contract. Now I will continue with the Asia and Middle East opportunities.
NXT has carried out two consecutive business trips recently to Asia and the Middle East, following up on previously identified leads. The NXT team has made a number of technical and commercial presentations in two countries to their NOCs and various IOCs. I am pleased to report that the company expects a number of positive outcomes from these initiatives in the near future. I am also pleased to report that at the invitation of a well-financed Asian geothermal company, NXT team gave a technical presentation on how effectively the SFD method could be exploited to locate geothermal resources with high potential. The presentation was well received, and we'll follow up with the company shortly. Just to recap on the last call regarding geothermal. NXT has successfully completed phase one of its SFD GT sensor development program and is currently preparing a phase-two submission for the NRC IRAP consideration.
We believe that our efforts in pursuing SFD survey opportunities will be fruitful, both domestically and abroad. Let us review the current Middle East opportunities. Following our first trip, both NOC and IOC requested further face-to-face discussion on exploration and development projects. Technical and commercial proposals were also made and submitted and currently under review. I just would like to give you some flavor of what is really happening. There are three projects under consideration in the Middle East with three companies. One of them is the national company of Turkey and two other companies, onshore and offshore activities with onshore and offshore. Now according to the trust contract terms, the successful completion of each initial project will grant NXT an additional SFD contract with each company.
Furthermore, by the recommendation of the NOC, NXT conducts the review and selection of the operation-based facilities, which would include airports, hangar requirements, flight permits, office space, and so on. This is all held by the National Oil Company. We didn't ask for it; they have offered it to us. Maybe it is appropriate now to also say a couple of words about the Asia initiatives. The two countries involved there are India and Indonesia. Two potential projects with the state-owned oil companies in India. One of them is active internationally, and we will conduct the initial survey in South America. The other one is a large domestic producer. In this case, NXT was shortlisted by the domestic company to make a technical presentation to a technical board to evaluate SFD's application.
I'd like to also mention that, our SFD technology was further evaluated by a number of universities and all of their labs in the country. Or maybe I didn't mention it yet, but the other country is Indonesia. NXT is planning to work with the NOC stakeholders and also with one IOC. We were presented with the prioritized basins with the objective to find new reserves fast and effectively. Just that you know, Indonesia has 68 frontier basins. The total area is as big as Texas. Based on the above, it is clear the developing countries will continue their hydrocarbon exploration. With respect to our Latin America projects, there are some new positive developments, but we feel that it's too early to articulate them. The Sidoti Conference.
We are pleased to know that Eugene and I will be presenting at the Sidoti August Microcap Conference, Wednesday, August 17th at 12:15 P.M. Eastern Standard Time, 9:15 A.M. Pacific Standard Time. Please refer to the press release issued on August 10 for instructions on how to view the presentation. In summary, we want you to know that the company is aware of the cash position situation. If we start the execution of any of these contracts in September, then according to our standard payment schedule, we should be receiving payment before commencement of surveys. That, we believe, should alleviate the situation. With that said, the company remains focused on contract executions. As always, thank you for your continued support of NXT.
On behalf of our board of directors and the entire team at NXT, I want to thank you, all of our shareholders for their continued support. We wish the best of health to you and your families. I now ask the operator, Patrick, to open up the line for questions.
Thank you.
Patrick.
You may press star one at this time if you have a question. We ask that you please limit yourself to one question and one follow-up. Express star one if you have a question. There will be a brief pause while the participants register for questions. Thank you for your patience. Once again, you may press star one if you have a question. We have a question from Mike Moore from Moore Capital Management. Please go ahead.
Hi, Eugene and George. With what you see right now in kind of rating the prospects that you have, you know, some at 100%, some probably 25%. What would be a realistic estimate for revenues for the next 12 months?
I don't wanna run ahead of myself. I would say that Nigeria will happen. I believe that Turkey is going to happen. Turkey has three companies, you know, that are ready to go. Please remember that all of these projects are going to have continuation of other projects. The contract will contain clause in Turkey and also in Indonesia, that whenever NXT finishes the first project, it will. The company grants another survey to NXT. I would believe that the South America project will take place as well. There are one-three projects, but one-five companies that would be involved.
How much it would be, I can't tell because there is also a development right now in South America whereby we were asked, you know, to make a presentation to a significant company with a number of new blocks that would like to utilize SFD. What happens is that we complete the first project, and there is another project immediately after that with the same company. Then we start with another project with another company in South America. I can't tell, but I would say that $10 million would be something, you know, that would just for the first initial projects.
Okay. Yeah. That, that's fine. Thank you.
Thank you very much, Mike.
Thank you. You may still press star one if you have a question. No further questions registered at this time. I'd like to turn the meeting back over to Mr. Liszicasz.
Thank you again, you know, for your participation in this conference call. I just would like to say, you know, that I think that I wish, you know, that we could have done this in 2020 and 2019 because the reception that we have today is incomparable to 2018, 2019, 2017. The technology is extremely well-received. It's well-reviewed in every country, and we have a tremendous support from all the companies that we have talked to. I believe that it will open up a new chapter in our revenue generation. Thank you again.
Thank you. The conference has now ended. Please disconnect your lines at this time, and thank you for your participation.