2024 Q1 Form 10-Q Financial Statement
#000149315224019561 Filed on May 15, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | $38.47K | |
YoY Change | ||
Gross Profit | -$38.47K | |
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $320.4K | $436.3K |
YoY Change | -26.56% | -80.61% |
% of Gross Profit | ||
Research & Development | $3.585K | $36.12K |
YoY Change | -90.08% | -90.89% |
% of Gross Profit | ||
Depreciation & Amortization | $167.0K | $168.8K |
YoY Change | -1.04% | 4680.74% |
% of Gross Profit | ||
Operating Expenses | $324.0K | $472.5K |
YoY Change | -31.42% | -82.88% |
Operating Profit | -$1.347M | -$2.822M |
YoY Change | -52.27% | 2.25% |
Interest Expense | -$1.310M | -$1.879M |
YoY Change | -30.31% | 2812.87% |
% of Operating Profit | ||
Other Income/Expense, Net | -$260.9K | $2.981M |
YoY Change | -108.75% | -752.2% |
Pretax Income | -$3.328M | -$1.720M |
YoY Change | 93.47% | -47.58% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$3.300M | -$1.700M |
YoY Change | 94.12% | -48.19% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.26 | -$0.07 |
Diluted Earnings Per Share | -$0.26 | -$0.07 |
COMMON SHARES | ||
Basic Shares Outstanding | 12.65M shares | 18.16M shares |
Diluted Shares Outstanding | 12.65M shares | 474.6K shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $2.863M | $2.732M |
YoY Change | 4.81% | -37.6% |
Cash & Equivalents | $2.863M | $2.732M |
Short-Term Investments | ||
Other Short-Term Assets | $395.3K | $520.5K |
YoY Change | -24.06% | 7.63% |
Inventory | ||
Prepaid Expenses | $262.0K | $383.6K |
Receivables | $47.17K | $26.32K |
Other Receivables | $47.17K | $26.32K |
Total Short-Term Assets | $3.306M | $3.279M |
YoY Change | 0.82% | -32.87% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $4.604K | $115.0K |
YoY Change | -96.0% | -97.11% |
Goodwill | ||
YoY Change | ||
Intangibles | $12.27M | $12.94M |
YoY Change | -5.18% | |
Long-Term Investments | $218.5K | |
YoY Change | ||
Other Assets | $79.69K | $0.00 |
YoY Change | ||
Total Long-Term Assets | $12.68M | $16.60M |
YoY Change | -23.62% | 202.92% |
TOTAL ASSETS | ||
Total Short-Term Assets | $3.306M | $3.279M |
Total Long-Term Assets | $12.68M | $16.60M |
Total Assets | $15.99M | $19.88M |
YoY Change | -19.59% | 91.81% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $616.5K | $125.6K |
YoY Change | 390.85% | -54.4% |
Accrued Expenses | $900.0K | $298.0K |
YoY Change | 201.99% | -45.27% |
Deferred Revenue | $29.82K | |
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $2.071M | $4.267M |
YoY Change | -51.47% | |
Total Short-Term Liabilities | $4.038M | $5.353M |
YoY Change | -24.55% | 204.02% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $44.28K | $44.34K |
YoY Change | -0.14% | -7.66% |
Other Long-Term Liabilities | $2.964M | $6.275M |
YoY Change | -52.76% | 78.96% |
Total Long-Term Liabilities | $3.009M | $6.320M |
YoY Change | -52.39% | 77.79% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $4.038M | $5.353M |
Total Long-Term Liabilities | $3.009M | $6.320M |
Total Liabilities | $7.047M | $11.67M |
YoY Change | -39.63% | 119.6% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$47.84M | -$34.49M |
YoY Change | 38.68% | |
Common Stock | $53.88M | $31.28M |
YoY Change | 72.23% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $8.939M | $8.209M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $15.99M | $19.88M |
YoY Change | -19.59% | 91.81% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$3.300M | -$1.700M |
YoY Change | 94.12% | -48.19% |
Depreciation, Depletion And Amortization | $167.0K | $168.8K |
YoY Change | -1.04% | 4680.74% |
Cash From Operating Activities | -$1.300M | -$2.600M |
YoY Change | -50.0% | -9.43% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $0.00 | |
YoY Change | -100.0% | |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | ||
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $281.4K | $3.108M |
YoY Change | -90.95% | |
NET CHANGE | ||
Cash From Operating Activities | -$1.300M | -$2.600M |
Cash From Investing Activities | ||
Cash From Financing Activities | $281.4K | $3.108M |
Net Change In Cash | -$1.015M | $462.7K |
YoY Change | -319.39% | |
FREE CASH FLOW | ||
Cash From Operating Activities | -$1.300M | -$2.600M |
Capital Expenditures | $0.00 | |
Free Cash Flow | -$2.600M | |
YoY Change | 9.67% |
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CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1720053 | usd |
CY2024Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
166998 | usd |
CY2023Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
168760 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
-15969 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
175979 | usd |
CY2024Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
25000 | usd |
CY2023Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
27735 | usd |
CY2023Q1 | AGRI |
Shares Issued For Compensation And Bonuses
SharesIssuedForCompensationAndBonuses
|
105512 | usd |
CY2024Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
1238955 | usd |
CY2023Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
1738825 | usd |
CY2024Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
-23769 | usd |
CY2023Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
3374032 | usd |
CY2024Q1 | AGRI |
Gain Loss On Conversion Of Convertible Debt
GainLossOnConversionOfConvertibleDebt
|
-272732 | usd |
CY2023Q1 | AGRI |
Gain Loss On Conversion Of Convertible Debt
GainLossOnConversionOfConvertibleDebt
|
-419703 | usd |
CY2024Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-410433 | usd |
CY2024Q1 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-4252 | usd |
CY2023Q1 | AGRI |
Write Off Of Deposit
WriteOffOfDeposit
|
12000 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
16307 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-22621 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
122405 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-65810 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-38470 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4180 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-294655 | usd |
CY2024Q1 | AGRI |
Increase Decrease In Lease Deposit Asset
IncreaseDecreaseInLeaseDepositAsset
|
18382 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
15000 | usd |
CY2023Q1 | AGRI |
Increase Decrease In Rightofuse Asset
IncreaseDecreaseInRightofuseAsset
|
43784 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-39862 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1309334 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2647873 | usd |
CY2024Q1 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
1000000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
4615385 | usd |
CY2024Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
668568 | usd |
CY2023Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
1180950 | usd |
CY2024Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
50000 | usd |
CY2023Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
325962 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
281432 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
3108473 | usd |
CY2024Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
|
12715 | usd |
CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
|
2130 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1015187 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
462730 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3878578 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2269320 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2863391 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2732050 | usd |
CY2024Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
32370 | usd |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
133645 | usd |
CY2024Q1 | AGRI |
Initial Fair Value Of Debenture Warrants Fifth Tranche Warrants
InitialFairValueOfDebentureWarrantsFifthTrancheWarrants
|
564000 | usd |
CY2024Q1 | AGRI |
Initial Fair Value Of Conversion Feature Of Debentures Fifth Tranche Debentures
InitialFairValueOfConversionFeatureOfDebenturesFifthTrancheDebentures
|
359000 | usd |
CY2024Q1 | AGRI |
Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
|
3973437 | usd |
CY2023Q1 | AGRI |
Shares Issued For Conversion Of Convertible Debt
SharesIssuedForConversionOfConvertibleDebt
|
1048573 | usd |
CY2023Q1 | us-gaap |
Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
|
39875 | usd |
CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80D_eus-gaap--NatureOfOperations_zRWVLOSWMNMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_829_zlyxCz8KyTE8">NATURE OF OPERATIONS AND BASIS OF PREPARATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business Overview</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE Growing Systems Ltd. (“AgriFORCE™” or the “Company”) was incorporated as a private company by Articles of Incorporation issued pursuant to the provisions of the <i>Business Corporations Act (British Columbia)</i> on December 22, 2017. The Company’s registered and records office address is at 800 – 525 West 8<sup>th</sup> Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an innovative agriculture-focused technology company that delivers reliable, financially robust solutions for high value crops through our proprietary facility design and automation Intellectual Property to businesses and enterprises globally through our AgriFORCE™ Solutions division (“Solutions”) and delivers nutritious food products through our AgriFORCE™ Brands division (“Brands”). During 2023, the Company launched its UN(THINK) Awakened Flour™ flour, which is a nutritious flour that provides many health advantages over traditional flour.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solutions intends to operate in the plant based pharmaceutical, nutraceutical, and other high value crop markets using its unique proprietary facility design and hydroponics based automated growing system that enable cultivators to effectively grow crops in a controlled environment (“FORCEGH+™”). The Company has designed FORCEGH+™ facilities to produce in virtually any environmental condition and to optimize crop yields to as near their full genetic potential possible whilst substantially eliminating the need for the use of pesticides and/or irradiation. The Company also has a global license to sell and distribute hydroxyl devices. During 2023, the Company completed sales and deliveries of its hydroxyl devices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brands is focused on the development and commercialization of plant-based ingredients and products that deliver healthier and more nutritious solutions. We will market and commercialize both branded consumer product offerings and ingredient supply.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying Unaudited Condensed Consolidated Interim Financial Statements and related financial information of AgriFORCE Growing Systems Ltd. should be read in conjunction with the audited financial statements and the related notes thereto for the years ended December 31, 2023 and 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the United States Securities and SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, the accompanying interim financial statements contain all adjustments which are necessary to state fairly the Company’s financial position as of March 31, 2024 and December 31, 2023, and the results of its operations and cash flows during the three months ended March 31, 2024 and 2023. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2024, or for any future period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity and Management’s Plan</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred substantial operating losses since its inception and expects to continue to incur significant operating losses for the foreseeable future. As reflected in the interim financial statements for the three months ended March 31, 2024, the Company had a net loss of $<span id="xdx_90F_eus-gaap--NetIncomeLoss_pn5n6_di_c20240101__20240331_zQkeBOmleUKh" title="Net loss">3.3</span> million, $<span id="xdx_908_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn5n6_di_c20240101__20240331_zmJBICkgTSz9" title="Net cash used in operating activities">1.3</span> million of net cash used in operating activities, and the Company had a working capital deficit of $<span id="xdx_90D_ecustom--WorkingCapitalDeficit_iI_pn5n6_c20240331_ztcGbW8T5lsg" title="Working captial deficit">0.7</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company is at the development stage of its business plan. As such it is likely that additional financing will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial doubt about the Company’s ability to continue as a going concern. For the next twelve months from issuance of these interim financial statements, the Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to our currently outstanding common shares. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of these interim financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse Stock Split</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 11, 2023, the Company executed a one-for-fifty reverse stock split of the Company’s common shares (the “Reverse Split”). As a result of the Reverse Split, every 50 shares of the Company’s old common shares were converted into one share of the Company’s new common shares. Fractional shares resulting from the reverse split were rounded up to the nearest whole number. The Reverse Split automatically and proportionately adjusted all issued and outstanding shares of the Company’s common shares, as well as convertible debentures, convertible features, prefunded warrants, stock options and warrants outstanding at the time of the date of the Reverse Split. The exercise price on outstanding equity based-grants was proportionately increased, while the number of shares available under the Company’s equity-based plans was proportionately reduced. Share and per share data (except par value) for the periods presented reflect the effects of the Reverse Split. References to numbers of common shares and per share data in the accompanying financial statements and notes thereto for periods ended prior to October 11, 2023 have been adjusted to reflect the Reverse Split on a retroactive basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3300000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1300000 | usd |
CY2024Q1 | AGRI |
Working Capital Deficit
WorkingCapitalDeficit
|
700000 | usd |
CY2023Q4 | us-gaap |
Other Assets
OtherAssets
|
10555 | usd |
CY2024Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
395277 | usd |
CY2023Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
272872 | usd |
CY2024Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zojoLKUuBXAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zpfmHoHhT4G6">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has reclassified certain share base payment expenses from <i>Wages and salaries</i> to <i>Share based compensation</i> in the 2023 consolidated statements of comprehensive loss to align with the 2024 presentation.</span></p> | |
CY2024Q1 | AGRI |
Legal Retainer
LegalRetainer
|
10517 | usd |
CY2023Q4 | AGRI |
Legal Retainer
LegalRetainer
|
8039 | usd |
CY2024Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
262033 | usd |
CY2023Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
223624 | usd |
CY2024Q1 | AGRI |
Inventory Advances
InventoryAdvances
|
118697 | usd |
CY2023Q4 | AGRI |
Inventory Advances
InventoryAdvances
|
30654 | usd |
CY2024Q1 | us-gaap |
Other Assets
OtherAssets
|
4030 | usd |
CY2023Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
38857 | usd |
CY2023 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
141175 | shares |
CY2024Q1 | AGRI |
Unconverted Prefunded Warrants Outstanding
UnconvertedPrefundedWarrantsOutstanding
|
6425 | shares |
CY2023Q4 | AGRI |
Unconverted Prefunded Warrants Outstanding
UnconvertedPrefundedWarrantsOutstanding
|
6425 | shares |
CY2024Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P20Y | |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
490634 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
654179 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
654179 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
654179 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
654179 | usd |
CY2024Q1 | AGRI |
Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
|
9158506 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
12265856 | usd |
CY2024Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
616491 | usd |
CY2023Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
578128 | usd |
CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
900032 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
868451 | usd |
CY2023Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
495432 | usd |
CY2024Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
1937831 | usd |
CY2023Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
1942011 | usd |
CY2023Q3 | us-gaap |
Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
|
5 | integer |
CY2024Q1 | us-gaap |
Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
|
The First, Second, Third, Fourth and Fifth Tranche Debentures (the “Debentures”) have an interest rate of 5% for the first 12 months, 6% for the subsequent 12 months, and 8% per annum thereafter. Principal repayments will be made in 25 equal installments which began on September 1, 2022 for the First Tranche Debentures, July 1, 2023 for the Second Tranche Debentures, January 1, 2024 for the Third Tranche Debentures, May 1, 2024 for the Fourth Tranche Debentures and August 1, 2024 for the Fifth Tranche Debentures. The Debentures may be extended by nine months at the election of the Company by paying a sum equal to nine months’ interest on the principal amount outstanding at the end of the 18th month, at the rate of 8% per annum. | |
CY2024Q1 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
5869877 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
7385494 | usd |
CY2024Q1 | us-gaap |
Secured Debt Current
SecuredDebtCurrent
|
2070745 | usd |
CY2023Q4 | us-gaap |
Secured Debt Current
SecuredDebtCurrent
|
4084643 | usd |
CY2024Q1 | AGRI |
Accretion Interest On Debentures
AccretionInterestOnDebentures
|
1364205 | usd |
CY2023Q1 | AGRI |
Accretion Interest On Debentures
AccretionInterestOnDebentures
|
1872470 | usd |
CY2024Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
668568 | usd |
CY2023Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
1180950 | usd |
CY2024Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
29815 | usd |
CY2023Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
15336 | usd |
CY2023Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
2690308 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
|
923000 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
|
-630106 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
23769 | usd |
CY2024Q1 | AGRI |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Effect Of Exchange Rate Changes
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodEffectOfExchangeRateChanges
|
-67675 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
2939296 | usd |
CY2022Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
4649115 | usd |
CY2023Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
|
3977000 | usd |
CY2023Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
|
-111597 | usd |
CY2023Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
-3374032 | usd |
CY2023Q1 | AGRI |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Effect Of Exchange Rate Changes
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodEffectOfExchangeRateChanges
|
-73810 | usd |
CY2023Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
5066676 | usd |
CY2024Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
45755522 | shares |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
505583 | shares |
CY2023Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
72643 | usd |
CY2024Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
44170 | usd |
CY2023Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
3437 | usd |
CY2024Q1 | us-gaap |
Lease Cost
LeaseCost
|
44170 | usd |
CY2023Q1 | us-gaap |
Lease Cost
LeaseCost
|
76080 | usd |
CY2024Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
3497073 | usd |
CY2024Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
3541549 | usd |
CY2024Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
902000 | usd |
CY2024Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
7940622 | usd |
CY2023Q3 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
451684 | usd |
CY2023Q3 | us-gaap |
Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
|
230000 | usd |
CY2024Q1 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
467249 |