CANNARA BIOTECH INC.
Condensed Interim Consolidated Financial Statements
For the three-month periods ended November 30, 2021 and 2020 (Unaudited)
CANNARA BIOTECH INC.
Table of Contents (Unaudited)
Page | |
Financial Statements of Cannara Biotech Inc. | |
Condensed Interim Consolidated Statement of Financial Position | 1 |
Condensed Interim Consolidated Statement of Net Loss and Comprehensive Loss | 2 |
Condensed Interim Consolidated Statement of Changes in Equity | 3 |
Condensed Interim Consolidated Statement of Cash Flows | 4 |
Notes to Condensed Interim Consolidated Financial Statements | 5 - 22 |
CANNARA BIOTECH INC.
Condensed Interim Consolidated Statement of Financial Position As at November 30, 2021 and August 31, 2021
(Unaudited - in Canadian dollars)
November 30, | August 31, | |||||
2021 | 2021 | |||||
Assets | ||||||
Current assets | ||||||
Cash | $ | 14,143,313 | $ | 8,159,305 | ||
Accounts receivable | 3,609,827 | 2,847,725 | ||||
Sales tax receivable | - | 47,756 | ||||
Lease receivable | 100,468 | 72,680 | ||||
Biological assets (note 3) | 1,654,558 | 1,902,206 | ||||
Inventory (note 4) | 6,471,033 | 5,508,258 | ||||
Prepaid expenses and other assets | 822,424 | 708,803 | ||||
26,801,623 | 19,246,733 | |||||
Lease receivable | 65,632 | 73,164 | ||||
Deposits | 396,114 | 396,114 | ||||
Deposits on property, plant and equipment | 1,387,977 | 556,803 | ||||
Property, plant and equipment (note 5) | 73,313,054 | 71,517,251 | ||||
Right-of-use asset (note 6) | 176,175 | 232,548 | ||||
$ | 102,140,575 | $ | 92,022,613 | |||
Liabilities and Shareholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | $ | 6,256,122 | $ | 6,263,201 | ||
Sales tax payable | 171,284 | - | ||||
Deferred lease revenue | 293,636 | 3,348 | ||||
Current portion of long-term debt | 3,386 | 9,564 | ||||
Current portion of deferred grant income | 38,101 | 32,043 | ||||
Current portion of lease liabilities (note 6) | 237,561 | 225,642 | ||||
Current portion of mortgages payable (note 7) | 1,100,000 | 300,000 | ||||
8,100,090 | 6,833,798 | |||||
Long-term debt (note 7) | 2,046 | 2,611 | ||||
Lease liabilities (note 6) | 152,667 | 216,854 | ||||
Convertible debentures (note 7) | 8,733,193 | 8,466,008 | ||||
Deferred grant income | 829,142 | 705,079 | ||||
Mortgages payable (note 7) | 20,801,628 | 11,682,451 | ||||
38,618,766 | 27,906,801 | |||||
Shareholders' equity | ||||||
Share capital | 83,208,150 | 83,208,150 | ||||
Contributed surplus | 9,378,622 | 9,412,746 | ||||
Deficit | (29,135,648) | (28,605,149) | ||||
Accumulated other comprehensive income | 70,685 | 100,065 | ||||
Total equity | 63,521,809 | 64,115,812 | ||||
Contingencies (note 15) | ||||||
Subsequent events (note 17) | ||||||
$ | 102,140,575 | $ | 92,022,613 |
See accompanying notes to condensed interim consolidated financial statements.
1
CANNARA BIOTECH INC.
Condensed Interim Consolidated Statement of Net Loss and Comprehensive Loss For the three-month periods ended November 30, 2021 and 2020
(Unaudited)
Three-month periods ended | ||||||||
November 30, | November 30, | |||||||
2021 | 2020 | |||||||
Revenue | ||||||||
Revenue from sale of goods (note 12) | $ | 6,967,318 | $ | 777,406 | ||||
Excise taxes | (1,538,987) | - | ||||||
Net revenue from sale of goods | 5,428,331 | 777,406 | ||||||
Lease revenue (note 12) | 899,004 | 556,932 | ||||||
Other income | 237,241 | 33,843 | ||||||
6,564,576 | 1,368,181 | |||||||
Cost of sales | ||||||||
Cost of goods sold (note 4) | 3,480,123 | 773,189 | ||||||
Lease operating costs | 70,428 | 98,847 | ||||||
Gross profit before fair value adjustments | 3,014,025 | 496,145 | ||||||
Changes in fair value of inventory sold (note 4) | (1,866,480) | (203,310) | ||||||
Unrealized gain (loss) on changes in fair value of biological assets (note 3) | 1,472,497 | (790,195) | ||||||
Gross profit (loss) | 2,620,042 | (497,360) | ||||||
Operating expenses | ||||||||
General and administrative (note 10) | 1,605,257 | 1,143,535 | ||||||
Research and development | 256,495 | 550,394 | ||||||
Selling, marketing and promotion | 299,592 | 265,079 | ||||||
Professional and legal fees | 232,380 | 323,344 | ||||||
Share-based compensation (note 9) | (34,124) | 103,721 | ||||||
Amortization (note 5 and 6) | 231,901 | 274,489 | ||||||
Gain on sublease agreement (note 6) | (12,876) | - | ||||||
Loss on disposal of property, plant and equipment | 24,662 | - | ||||||
2,603,287 | 2,660,562 | |||||||
Operating income (loss) | 16,755 | (3,157,922) | ||||||
Net finance expense (note 11) | 547,254 | 337,111 | ||||||
Net loss | (530,499) | (3,495,033) | ||||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (29,380) | 13,787 | ||||||
Total comprehensive loss | $ | (559,879) | $ | (3,481,246) | ||||
Basic and diluted loss per share | $ | (0.01) | (0.01) | |||||
Weighted average number of outstanding shares | 876,481,321 | 737,746,649 | ||||||
See accompanying notes to condensed interim consolidated financial statements.
2
CANNARA BIOTECH INC.
Condensed Interim Consolidated Statement of Changes in Equity For the three-month periods ended November 30, 2021 and 2020 (Unaudited)
Share | Contributed | Accumulated other | Total | ||||||||||
Shares | capital | surplus | Deficit | comprehensive income | equity | ||||||||
As at August 31, 2021 | 876,481,321 | $ | 83,208,150 | $ | 9,412,746 | $ | (28,605,149) | $ | 100,065 | $ | 64,115,812 | ||
Net loss | - | - | - | (530,499) | - | (530,499) | |||||||
Other comprehensive loss | |||||||||||||
Foreign currency translation adjustments | - | - | - | - | (29,380) | (29,380) | |||||||
Comprehensive loss | - | - | - | (530,499) | (29,380) | (559,879) | |||||||
Share-based compensation (note 9) | |||||||||||||
Employee compensation | - | - | (34,983) | - | - | (34,983) | |||||||
Other services | - | - | 859 | - | - | 859 | |||||||
- | - | (34,124) | - | - | (34,124) | ||||||||
As at November 30, 2021 | 876,481,321 | $ | 83,208,150 | $ | 9,378,622 | $ | (29,135,648) | $ | 70,685 | $ | 63,521,809 | ||
Share | Contributed | Accumulated other | Total | ||||||||||
Shares | capital | surplus | Deficit | comprehensive income | equity | ||||||||
As at August 31, 2020 | 737,738,815 | $ | 58,361,592 | $ | 7,034,550 | $ | (27,077,006) | $ | 45,725 | $ | 38,364,861 | ||
Net loss | - | - | - | (3,495,033) | - | (3,495,033) | |||||||
Other comprehensive income | |||||||||||||
Foreign currency translation adjustments | - | - | - | - | 13,787 | 13,787 | |||||||
Comprehensive loss | - | - | - | - | 13,787 | 13,787 | |||||||
Share-based compensation (note 9) | |||||||||||||
Employee compensation | - | - | 131,836 | - | - | 131,836 | |||||||
Other services | - | - | 3,888 | - | - | 3,888 | |||||||
- | - | 135,724 | - | - | 135,724 | ||||||||
Issuance of shares to settle a liability | 100,720 | 10,072 | - | - | - | 10,072 | |||||||
As at November 30, 2020 | 737,839,535 | $ | 58,371,664 | $ | 7,170,274 | $ | (30,572,039) | $ | 59,512 | $ | 35,029,411 |
See accompanying notes to condensed interim consolidated financial statements.
3
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Cannara Biotech Inc. published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 21:10:17 UTC.