The Company’s overall performance for the three-month period ended
Gross margins improved by four percentage points from 54% to 58%, primarily the result of changes to the sales mix, which focused on the top 10 products. Cost of goods sold for the reporting period were
FINANCIAL HIGHLIGHTS FOR Q1 OF THE FISCAL YEAR ENDING
- Total assets of
$32,105,408 as atSeptember 30, 2020 (June 30, 2020 :$4,334,466 ), an increase of$27,770,942 , primarily driven by Cash in Trust of$15,721,826 (June 30, 2020 : NIL), Deposits and Prepaids of$12,019,043 (June 30, 2020 :$85,348 ) and Accounts Receivable of$634,835 (June 30, 2020 : 380,546). - Total liabilities of
$32,074,371 as atSeptember 30, 2020 (June 30, 2020 :$4,278,944 ) This is primarily due to customer deposit liability of$27,811,768 . - Shareholders’ equity was
$31,037 as atSeptember 30, 2020 (June 30, 2020 :$55,522 ). This is primarily due to an increase reported deficit of$18,790,890 (June 30, 2020 :$18,451,333 ). - The Company reported
$333,116 in revenues for the reporting period ($1,017,686 for 2019), representing a decrease of$684,570 over the comparable period. - Cost of goods sold for the reporting period were
$139,844 on$333,116 of sales versus$472,351 on$1,017,686 for 2019. - Gross margins improved by four percentage points from 54% to 58%, primarily the result of changes to the sales mix, which focused on the top 10 products.
- Total expenses for reporting period were
$532,829 ($1,395,681 for 2019). - The net comprehensive loss for three-month period ended
September 30, 2020 was$327,232 ($853,000 in 2019). - Net loss per share of
$0.002 during the reporting period, as compared to a net loss per share of$0.006 in 2019.
OUTLOOK
The Company remains focused on reduced operating expenses as the operating environment due to the pandemic slowly begins to move to a new normal. The Company remains focused on existing opportunities in the Personal Protective Equipment (“PPE”) market as well as its’ proprietary disinfectant line.
About
Neither the
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, including the timing and completion of the proposed acquisitions, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the assumptions that the Company will be able to apply for and ultimately obtain an ACMPR licence, the proposed business of Biocannabix will develop as anticipated, that the Company will raise sufficient funds to develop the Biocannabix business, and that the Company will obtain all requisite regulatory approvals. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the risk that the proposed business developments may not occur as planned; the timing and receipt of requisite approvals and failure to raise sufficient funds.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
On Behalf of the Board of Directors
President and CEO
For more information about this press release:
Tel: +1.888.528.8687
Email: investors@releviumcorp.com
Website: www.releviumtechnologies.com
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