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    NOVC   CA66980W1041

NOVA CANNABIS INC.

(NOVC)
  Report
Delayed Toronto Stock Exchange  -  03:42 2022-09-30 pm EDT
0.8500 CAD   -.--%
08/16Nova Cannabis : Transcript
PU
08/15Nova Cannabis : 52-109F2 - Certification of Interim Filings - CFO
PU
08/15Nova Cannabis : Q2 Interim Financial Statements
PU
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Nova Cannabis : Q2 Interim Financial Statements

08/15/2022 | 05:59pm EDT

NOVA

C A N N A B I S I N C .

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Three(Unaudited,nd SixexpressedMonths inEndedthousandsJuneof30,Canadian2022dollars)and 2021

CondensedN va CannabisInterimInc.Consolidated Statements of Financial Position

(Unaudited, in thousands of Canadian dollars)

As at

As at

Assets

Note

June 30,

December 31,

$

$

2022

2021

Current assets:

6,220

10,527

Cash

Receivables

1,186

1,159

Inventory

10,544

8,733

Prepaid expenses and deposits

3,886

672

Deposits

5

21,836

21,091

Goodwill

45,256

47,183

Right-of-use assets

4

32,181

30,172

Property and equipment

972

980

19,270

19,270

119,515

118,696

Liabilities

5,352

7,876

Current liabilities:

Accounts payable and accrued liabilities

6

Revolving credit facility

9,594

-

Current portion of lease liabilities

5

5,545

5,453

Warrant liabilities

1

81

20,492

13,410

Lease liabilities

5

44,973

46,520

Shareholde s' equity:

8

65,465

59,930

Equity attributable to shareholders

97,710

97,618

Contributed surplus

2,069

1,974

Deficit

(45,729)

(40,826)

54,050

58,766

Subsequent event

17

119,515

118,696

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

Nova Cannabis Inc. | Second Quarter Condensed Interim Consolidated Financial Statements

1

CondensedN va CannabisInterimInc.Consolidated Statements of Changes in Equity

(Unaudited, in thousands of Canadian dollars)

Share capital

Contributed

Deficit

Total

(note 8)

surplus

$

$

$

$

Opening balance - as at January 1, 2021

37,273

-

(20,212)

17,061

Loss and comprehensive loss for the period

-

-

(9,247)

(9 247)

Business combination

22 0

200

-

22 9

Issuance of common shares

40,057

-

40,057

Share issuance costs

(3,594)

653

-

(2,941)

Balance - as at June 30, 2021

96,486

853

(29,459)

67,880

Openi g balance - as at January 1, 2022

97,618

1,974

(40,826)

58,766

Loss and comprehensive loss for the period

-

-

(4,903)

(4,903)

hare-based payments (note 10)

-

266

-

266

Settlement of equity-based payments

92

(171)

(79)

Balance - as at June 30, 2022

97,710

2,069

(45,729)

54,050

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

Nova Cannabis Inc. | Second Quarter Condensed Interim Consolidated Financial Statements

2

CondensedN va CannabisInterimInc.Consolidated Statements of Loss and Comprehensive Loss Three and Six Months Ended June 30, 2022 and 2021

(Unaudited, in thousands of Canadian dollars except for per common share data)

Three months ended

Six months ended

June 30,

June 30,

Note

2022

2021

2022

2021

$

$

$

$

Sales

12

56,299

29,687

106,131

48,083

Cost of sales

45,698

24,515

86,174

38,124

Gross margin

13

10,601

5,172

19,957

9,959

Selling and distribution expenses

7,148

5,006

13,835

8,107

Administrative expenses

14

1,037

2,355

3,567

3,666

Management fee

11

312

313

625

813

Operating profit (loss) excluding depreciation,

2,104

(2,502)

1,930

(2,627)

impairment and other costs

Depreciation

2,696

3,169

5,328

4,816

Impairment, lease remeasurements and other costs

119

873

119

804

Operating loss

(711)

(6,544)

(3,517)

(8,247)

Finance costs

958

764

1,839

1,314

Net gain on fair value adjustments

(299)

(286)

(453)

(314)

Lo a comprehensive loss

(1,370

(7,022

(4,9 3

(9,247

Basic and diluted loss per share

9

(0.12)

(0.19)

(0.02)

(0.09)

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

Nova Cannabis Inc. | Second Quarter Condensed Interim Consolidated Financial Statements

3

CondensedN va CannabisInterimInc.Consolidated Statements of Cash Flows

Three and Six Months Ended June 30, 2022 and 2021

(Unaudited, in thousands of Canadian dollars)

Three months ended

Six months ended

June 30,

June 30,

Note

2022

2021

2022

2021

Cash provided by (used in)

$

$

$

$

Operating activities:

Loss for the period

(1,370)

(7,022)

(4,903)

(9,247)

Adjustments to reconcile loss to net cash flows

from operating activities:

4

1,106

1,682

2,144

2,184

Depreciation of property and equipment

Depreciation of right-of-use assets

5

1,575

1,454

3,148

2,495

Loss on disposal of assets

6

15

33

36

137

Non-cash interest on revolving credit facility

90

14

94

39

Lease remeasurements

5

119

16

119

(53)

Impairment of property and equipment

-

607

-

607

Impairment of right-of-use assets

10

-

250

-

250

Equity-settledshared-based payments

10

-

10

-

Net gain on fair value adjustments

(299)

(286)

(453)

(314)

Cash provided by (used in) operating activities

1,246

(3,252)

195

(3,902)

before changes in non-cash working capital

15

Net change in non-cash working capital items

(1,225)

(2,757)

(6,087)

(4,637)

21

(6,009)

(5,892)

(8,539)

Investing activities:

(2,116)

(931)

(4,975)

(1,837)

Purchase of property and equipment

Business combination, cash acquired

-

-

-

406

Redemption obligation payment

-

(1,084)

-

(1,084)

(2,116)

(2,015)

(4,975)

(2,515)

Financing activ ties:

5

(1,602)

(1,239)

(2,940)

(2,332)

Principal portion of lease payments

Proceeds from revolving credit facility

6

5,000

-

10,800

3,336

Repayments of revolving credit facility

6

-

(3,396)

(1,300)

(3,396)

Repayments of long-term debt

-

(200)

-

(200)

Issuance of common shares, net of cash share

-

-

-

37,116

issuance costs

3,398

(4,835)

6,560

34,524

Increase (decrease) in cash and restricted cash

1,303

(12,859)

(4,307)

23,470

Cash and restricted cash - Beginning of period

Cash and restricted cash - End of period

4,917

37,766

10,527

1,437

Deduct: Restricted cash - End of period

6,220

24,907

6,220

24,907

-

-

-

-

Cash - End of period

6,220

24,907

6,220

24,907

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

Nova Cannabis Inc. | Second Quarter Condensed Interim Consolidated Financial Statements

4

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Disclaimer

Nova Cannabis Inc. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 21:57:31 UTC.


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All news about NOVA CANNABIS INC.
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CI
More news
Financials
Sales 2022 259 M 189 M 189 M
Net income 2022 -9,20 M -6,70 M -6,70 M
Net Debt 2022 - - -
P/E ratio 2022 -9,44x
Yield 2022 -
Capitalization 48,6 M 35,4 M 35,4 M
Capi. / Sales 2022 0,19x
Capi. / Sales 2023 0,14x
Nbr of Employees 548
Free-Float 36,5%
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Technical analysis trends NOVA CANNABIS INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 0,85 CAD
Average target price 2,25 CAD
Spread / Average Target 165%
EPS Revisions
Managers and Directors
Marcie Kiziak Chief Executive Officer & Director
Cameron R. Sebastian Chief Financial Officer
Zachary Ryan George Chairman
Grant Sanderson Vice President-Operations
Ron S. Hozjan Independent Director
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