IM CANNABIS CORP.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2021
UNAUDITED
IM CANNABIS CORP.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2021
CANADIAN DOLLARS IN THOUSANDS
UNAUDITED
INDEX | ||
Page | ||
Condensed Interim Consolidated Statements of Financial Position | 3 | - 4 |
Condensed Interim Consolidated Statements of Profit or Loss and Other | ||
Comprehensive Income | 5 | - 6 |
Condensed Interim Consolidated Statements of Changes in Equity | 7 | |
Condensed Interim Consolidated Statements of Cash Flows | 8 - 10 | |
Notes to Condensed Interim Consolidated Financial Statements | 11 | - 37 |
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IM CANNABIS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Canadian Dollars in thousands
September 30, | December 31, | ||||||
2021 | 2020 | ||||||
Note | Unaudited | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 17,116 | $ | 8,885 | |||
Restricted bank deposit | 1 | 18 | |||||
Trade receivables | 16,143 | 5,501 | |||||
Advances to suppliers | 3,270 | 3,602 | |||||
Other accounts receivable | 10,396 | 689 | |||||
Investments | 1,019 | - | |||||
Loans receivable | 2,672 | - | |||||
Biological assets | 4 | 2,712 | 78 | ||||
Inventories | 5 | 23,920 | 8,370 | ||||
77,249 | 27,143 | ||||||
NON-CURRENT ASSETS: | |||||||
Property, plant and equipment, net | 29,387 | 5,532 | |||||
Investments | 2,341 | 2,341 | |||||
Derivative assets | 46 | - | |||||
Right-of-use assets, net | 17,190 | 935 | |||||
Deferred tax assets | 342 | 769 | |||||
Intangible assets, net | 3 | 28,631 | 1,092 | ||||
Goodwill | 3 | 120,201 | 304 | ||||
198,138 | 10,973 | ||||||
Total assets | $ | 275,387 | $ | 38,116 | |||
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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IM CANNABIS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Canadian Dollars in thousands
September 30, | December 31, | ||||||
2021 | 2020 | ||||||
Note | Unaudited | ||||||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Bank loans | $ | 5,806 | $ | - | |||
Trade payables | 9,959 | 2,605 | |||||
Other accounts payable and accrued expenses | 3 | 11,074 | 3,497 | ||||
Accrued purchase consideration | 3 | 5,594 | - | ||||
Current maturities of lease liabilities | 1,248 | 167 | |||||
33,681 | 6,269 | ||||||
NON-CURRENT LIABILITIES: | |||||||
Warrants measured at fair value | 6 | 6,524 | 16,540 | ||||
Lease liabilities | 16,918 | 823 | |||||
Long term loans | 378 | - | |||||
Employee benefit liabilities, net | 437 | 371 | |||||
Deferred tax liability, net | 6,470 | 1,503 | |||||
30,727 | 19,237 | ||||||
Total liabilities | 64,408 | 25,506 | |||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF | |||||||
THE COMPANY: | 7 | ||||||
Share capital and premium | 235,940 | 37,040 | |||||
Translation reserve | 1,165 | 1,229 | |||||
Reserve from share-based payment transactions | 10,342 | 5,829 | |||||
Retained earnings (accumulated deficit) | (37,870) | (33,001) | |||||
Total equity attributable to equity holders of the Company | 209,577 | 11,097 | |||||
Non-controlling interests | 1,402 | 1,513 | |||||
Total equity | 210,979 | 12,610 | |||||
Total liabilities and equity | $ | 275,387 | $ | 38,116 | |||
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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IM CANNABIS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Canadian Dollars in thousands
Nine months ended | Three months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Unaudited | ||||||||||||||
Revenues | $ | 34,272 | $ | 10,990 | $ | 14,393 | $ | 5,893 | ||||||
Cost of revenues | 26,163 | 4,972 | 11,513 | 2,531 | ||||||||||
Gross profit before fair value adjustments | 8,109 | 6,018 | 2,880 | 3,362 | ||||||||||
Fair value adjustments: | ||||||||||||||
Unrealized change in fair value of biological assets | 5,484 | 9,042 | 1,123 | 2,287 | ||||||||||
Realized fair value adjustments on inventory sold in the period | (7,608) | (5,099) | (2,478) | (2,268) | ||||||||||
Total fair value adjustments | (2,124) | 3,943 | (1,355) | 19 | ||||||||||
Gross profit | 5,985 | 9,961 | 1,525 | 3,381 | ||||||||||
General and administrative expenses | 22,634 | 7,223 | 10,246 | 2,197 | ||||||||||
Selling and marketing expenses | 4,654 | 2,334 | 2,169 | 1,150 | ||||||||||
Research and development expenses | 10 | 135 | 4 | 1 | ||||||||||
Share-based compensation | 5,354 | 2,131 | 3,351 | 704 | ||||||||||
Total operating expenses | 32,652 | 11,823 | 15,770 | 4,052 | ||||||||||
Operating loss | (26,667) | (1,862) | (14,245) | (671) | ||||||||||
Finance income | 21,617 | 427 | 8,224 | 1,186 | ||||||||||
Finance expense | )805( | (6,402) | - | - | ||||||||||
Finance income (expenses), net | 20,812 | (5,975) | 8,224 | 1,186 | ||||||||||
Income (loss) before income taxes | (5,855) | (7,837) | (6,021) | 515 | ||||||||||
Income tax expense (benefit) | 175 | 921 | (365) | (223) | ||||||||||
Net income (loss) | (6,030) | (8,758) | (5,656) | 738 | ||||||||||
Other comprehensive income (loss) that will not be reclassified | ||||||||||||||
to profit or loss in subsequent periods: | ||||||||||||||
Re-measurement gain on defined benefit plans | - | (32) | - | 1 | ||||||||||
Exchange differences on translation to presentation currency | (350) | 639 | 888 | (399) | ||||||||||
Total other comprehensive income (loss) that will not be | ||||||||||||||
reclassified to profit or loss in subsequent periods | (350) | 607 | 888 | (398) | ||||||||||
Other comprehensive income (loss) that will be reclassified to | ||||||||||||||
profit or loss in subsequent periods: | ||||||||||||||
Adjustments arising from translating financial statements of | ||||||||||||||
foreign operation | 288 | (95) | 29 | (35) | ||||||||||
Total other comprehensive income (loss) that will be reclassified | ||||||||||||||
to profit or loss in subsequent periods | 288 | (95) | 29 | (35) | ||||||||||
Total other comprehensive income (loss) | $ | (62) | $ | 512 | $ | 917 | $ | (433) | ||||||
Total comprehensive income (loss) | $ | (6,092) | $ | (8,246) | $ | (4,739) | $ | 305 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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IM Cannabis Corp. published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 15:19:05 UTC.