THC - CSE
THCBF - OTC
TFHD .F
Q1 HIGHLIGHTS
- Produced a gross margin profit after fair value adjustments of
$711,761 and net income of$25,006 - Sales revenue increased 83% period to period
- Sales of edibles in Q1 made up 21.3% of total sales
- Facility buildout completed
- Received a Notice of Allowance from the Canadian Patent and Trademark Office regarding its patent application for the invention of a Contrast Illuminated Tamper Resistant Plant Shipping Container, or the Clone Shipper unit. The Notice of Application is not a grant of patent rights at this time but a notice from the Examiner that the Application is being allowed.
HIGHLIGHTS SUBSEQUENT TO
- On
November 1, 2021 , the Company entered into a lease for an additional unit at the facility onAcland Road inKelowna, British Columbia . The lease is for a five year term expiringOctober 31, 2026 . The monthly lease payment is$2,500 plus costs of$726 excluding the Goods and Services Tax. This unit will be used for administration
MANAGEMENT COMMENT
"We are pleased to report net income for the quarter. This reflects the hard work to streamline production, especially regarding our edible products," said
SUMMARY OF QUARTERLY RESULTS | |||||||
Quarter Ended | Revenue | Net | Income (Loss) | ||||
Q1/2022 | $ | 1,136,796 | $ | 25,006 | $ | - | |
Q4/2021 | $ | 1,020,804 | $ | (1,426,064) | $ | (0.01) | |
Q3/2021 | $ | 1,109,503 | $ | (1,319,503) | $ | (0.01) | |
Q2/2021 | $ | 1,021,989 | $ | (2,921,510) | $ | (0.02) | |
Q1/2021 | $ | 622,025 | $ | (692,177) | $ | - | |
Q4/2020 | $ | 990,940 | $ | (642,989) | $ | (0.01) | |
Q3/2020 | $ | 896,104 | $ | (295,717) | $ | - | |
Q2/2020 | $ | 1,246,625 | $ | 88,191 | $ | - |
STATEMENT OF NET AND COMPREHENSIVE LOSS SUMMARY | ||||
For the three months ended | ||||
|
| |||
Revenue | $ | 1,136,796 | $ | 622,025 |
Production costs | (1,069,111) | (729,379) | ||
Gross profit before fair value adjustments | 67,685 | (107,354) | ||
Net change in fair value of biological assets | 644,076 | 20,353 | ||
Gross margin | 711,761 | (87,001) | ||
Total expenses | 686,755 | 605,176 | ||
Net and comprehensive income (loss) for the period | $ | 25,006 | $ | (692,177) |
STATEMENT OF FINANCIAL POSITION SUMMARY | ||||
As at | 2021 | 2021 | ||
Current assets | $ | 5,266,701 | $ | 4,271,435 |
Total assets | $ | 18,250,253 | $ | 17,396,441 |
Current liabilities | $ | 5,035,152 | $ | 5,968,492 |
Total liabilities | $ | 8,308,698 | $ | 7,613,032 |
Working capital | $ | 231,549 | $ | (1,697,057) |
Accumulated deficit | $ | 30,482,330 | $ | 30,551,021 |
CASH FLOW STATEMENT SUMMARY | ||||
For the three months ended | ||||
|
| |||
Net and comprehensive income (loss) for the period | $ | 25,006 | $ | (692,177) |
Cash, end of the period | $ | 377,096 | $ | 232,091 |
NON-IFRS EARNINGS MEASURE | ||||
For the three months ended | ||||
|
| |||
Net and comprehensiveincome ( loss) for the period | $ | 25,006 | $ | (692,177) |
Add back | ||||
Interest | 103,585 | 51,504 | ||
Depreciation and amortization | 219,852 | 241,882 | ||
EBITDA from continuing operations | 348,443 | (398,791) | ||
Share-based compensation | 94,204 | 34,620 | ||
Net changes in fair value of biological assets | (711,761) | 87,001 | ||
Adjusted EBITDA | $ | (269,114) | $ | (277,170) |
The Company defines Adjusted EBITDA as net income (loss) excluding fair value changes on growth of biological assets, realized fair value changes on inventory sold or impaired, amortization of property plant and equipment & intangible assets, share based payments, finance expense, loss on disposal of property plant and equipment, unrealized gains or losses on investments and income taxes. This non-IFRS measure is defined in the Company's MD&A for the three months ended
All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. This press release is intended to be read in conjunction with the Company's Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis for the three months ended
ABOUT THC
Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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SOURCE
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