Item 2.02 Results of Operations and Financial Condition.
On
The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed
"filed" for purposes of Section 18 of the
Item 7.01 Regulation FD Disclosure.
On
Q1 FY2022 Financial Summary (results expressed in $USD unless otherwise indicated):
· Reported Q1 FY2022 revenue of$7.57 million a 43% increase over Q1 FY2021 revenue of$5.29 million ; · Q1 FY2022 Gross profit of$3.49 million a 94% increase over Q1 FY2021 results of$1.8 million ; · Q1 FY2022 Net Operating Profit of$0.32 million ; · Q1 FY2022 Net Loss of$0.68 million ; · Basic and Diluted loss per share of$0.01 ; · Positive Adjusted EBITDA of 0.82 million*; · Inventory of$3.37 million as ofOctober 31, 2021 ; · AtOctober 31, 2021 , BaM had$7.43 million in cash and a working capital surplus of$8.36 million ; · Total Assets were$48.98 million , Total Current Liabilities were$6.65 million and Total Liabilities were$14.58 million atOctober 31, 2021 ; · 110,621,308 shares of common stock outstanding as ofOctober 31, 2021 (113,349,464 as ofDecember 14, 2021 ). - 2 -
Operational Milestones for Q1 FY2022:
California : · Definitive agreement entered for acquisition ofSeaside, California dispensary; · The Company took over management ofSeaside dispensary operations effectiveDecember 1, 2021 ; · Approval of change in ownership received from theCity of Seaside, California ; · Manufacturing and Distribution facility in development stage with local approvals in process.Nevada : · Optimized distribution license; · Electrical power upgrade project for Production facility began to provide increase in distillation capacity;Ohio : · Operation commencement of the NMG Ohio production facility; · Initial extracted products on dispensary shelves with an expanded product line in progress.Arkansas : · Cultivation operations produced first flower with perpetual harvest operations established; · First flower sold fromBody and Mind cultivation operations.Michigan : · Continued vertical market expansion intoMichigan ; · The Company has leased a commercial building inManistee, MI with the intent of developing a cultivation facility with 50,000 square feet of canopy as well as a production facility; · Received state and local preapproval licenses, and building permits to advance a Phase 1 cultivation and production facility with approximately 25,000 square feet of indoor cultivation and 5,000 square feet of production/manufacturing; · Final drawings and contractor bids for Phase 1 Cultivation and Production in the evaluation process; · Received state and local preapproval licenses, and building permits to advance a dispensary facility; and · Construction near completion of a wholly owned dispensary inMuskegon, MI. Illinois
· Announced the Company has management agreements with two entities that
have been identified in the
Professional Regulation (IDFPR) results of the Social Equity Justice
Lottery as recipients of Conditional Adult-Use Cannabis Dispensary
Licenses (Conditional Licenses) in the greater
· Final license awards by the
Professional Regulation (IDFPR) delayed due to litigation by other
parties. - 3 -
"These strong quarterly results and continued positive cash flow from operations
reflect our commitment to lean, focused performance as we continue to add new
accretive operations," stated
*Adjusted EBITDA is a Non-GAAP metric used by management that does not have any
standardized meaning prescribed by
The unaudited consolidated interim financial statements for the quarter ended
The Company will be hosting earnings call on
Participants can dial 1-888-664-6392 or 416-764-8659 and use confirmation number 65424098.
The earnings call with be available for replay until
A copy of the news release is attached as Exhibit 99.1 hereto.
The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
- 4 -
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Description 99.1 News Release datedDecember 16, 2021 . - 5 -
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