2022 Q1 Form 20-F Financial Statement
#000106299322018015 Filed on August 15, 2022
Income Statement
| Concept | 2022 Q1 | 2022 | 2021 Q1 |
|---|---|---|---|
| Revenue | $6.700M | $32.98M | $9.146M |
| YoY Change | -26.74% | -1.44% | -3.85% |
| Cost Of Revenue | $2.553M | $14.17M | $3.622M |
| YoY Change | -29.52% | -8.08% | -42.93% |
| Gross Profit | $4.147M | $18.81M | $5.524M |
| YoY Change | -24.92% | 4.23% | 74.53% |
| Gross Profit Margin | 61.9% | 57.03% | 60.39% |
| Selling, General & Admin | $1.560M | $9.055M | $2.045M |
| YoY Change | -23.74% | 2.81% | -15.22% |
| % of Gross Profit | 37.61% | 48.14% | 37.03% |
| Research & Development | $26.78K | ||
| YoY Change | 69.14% | ||
| % of Gross Profit | 0.14% | ||
| Depreciation & Amortization | $431.6K | $1.818M | $782.0K |
| YoY Change | -44.82% | -19.92% | -76.04% |
| % of Gross Profit | 10.41% | 9.67% | 14.16% |
| Operating Expenses | $1.714M | $9.082M | $2.504M |
| YoY Change | -31.52% | 2.93% | -14.4% |
| Operating Profit | $2.433M | $9.755M | $3.020M |
| YoY Change | -19.44% | 5.57% | 1157.0% |
| Interest Expense | $112.6K | $1.077M | -$7.994M |
| YoY Change | -101.41% | -72.6% | -363.92% |
| % of Operating Profit | 4.63% | 11.04% | -264.7% |
| Other Income/Expense, Net | -$61.63K | $108.5K | $18.89K |
| YoY Change | -426.26% | -61.16% | -97.92% |
| Pretax Income | $2.159M | $17.13M | -$5.664M |
| YoY Change | -138.12% | -1148.83% | -71.3% |
| Income Tax | $948.2K | $3.973M | $917.8K |
| % Of Pretax Income | 43.91% | 23.19% | |
| Net Earnings | -$1.032M | $10.92M | -$6.582M |
| YoY Change | -84.32% | -239.42% | -69.11% |
| Net Earnings / Revenue | -15.4% | 33.1% | -71.96% |
| Basic Earnings Per Share | $0.09 | ||
| Diluted Earnings Per Share | -$8.681K | $0.09 | -$51.63K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 120.0M | 118.3M | |
| Diluted Shares Outstanding | 121.1M |
Balance Sheet
| Concept | 2022 Q1 | 2022 | 2021 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $3.068M | $3.068M | $6.237M |
| YoY Change | -50.81% | -50.81% | 102.74% |
| Cash & Equivalents | $3.068M | $6.237M | |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.952M | $2.952M | $2.375M |
| YoY Change | 24.3% | 24.3% | 336.92% |
| Inventory | $4.054M | $4.054M | $2.693M |
| Prepaid Expenses | |||
| Receivables | $198.5K | $198.5K | $101.2K |
| Other Receivables | $11.94K | $11.94K | $27.99K |
| Total Short-Term Assets | $10.28M | $10.28M | $11.32M |
| YoY Change | -9.12% | -33.99% | -2.97% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $4.870M | $13.75M | $2.749M |
| YoY Change | 77.16% | 0.46% | -67.64% |
| Goodwill | $28.54M | $28.54M | |
| YoY Change | 0.0% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $58.04K | $58.04K | $47.74K |
| YoY Change | 21.58% | 21.58% | 3.54% |
| Total Long-Term Assets | $51.57M | $51.57M | $55.50M |
| YoY Change | -7.09% | -3.12% | 11.48% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $10.28M | $10.28M | $11.32M |
| Total Long-Term Assets | $51.57M | $51.57M | $55.50M |
| Total Assets | $61.85M | $61.85M | $66.82M |
| YoY Change | -7.43% | -10.11% | 8.74% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.403M | $1.403M | $1.383M |
| YoY Change | 1.45% | 1.45% | 21.6% |
| Accrued Expenses | $1.041M | $1.432M | $1.183M |
| YoY Change | -12.03% | 10.28% | -49.68% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $7.361M | $7.361M | $9.036M |
| YoY Change | -18.54% | -18.54% | -70.44% |
| Total Short-Term Liabilities | $14.73M | $14.73M | $15.23M |
| YoY Change | -3.3% | -6.34% | -60.56% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $2.027M | $2.027M | $18.26M |
| YoY Change | -88.9% | -88.9% | 231.97% |
| Other Long-Term Liabilities | $10.12M | $10.12M | $9.486M |
| YoY Change | 6.63% | 6.63% | 152.81% |
| Total Long-Term Liabilities | $12.14M | $12.14M | $27.75M |
| YoY Change | -56.24% | -56.24% | 199.87% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $14.73M | $14.73M | $15.23M |
| Total Long-Term Liabilities | $12.14M | $12.14M | $27.75M |
| Total Liabilities | $26.87M | $26.87M | $43.56M |
| YoY Change | -38.32% | -38.19% | -9.0% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$68.51M | -$79.43M | |
| YoY Change | -13.74% | ||
| Common Stock | $105.2M | $103.6M | |
| YoY Change | 1.54% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $34.98M | $34.98M | $23.26M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $61.85M | $61.85M | $66.82M |
| YoY Change | -7.43% | -10.11% | 8.74% |
Cashflow Statement
| Concept | 2022 Q1 | 2022 | 2021 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.032M | $10.92M | -$6.582M |
| YoY Change | -84.32% | -239.42% | -69.11% |
| Depreciation, Depletion And Amortization | $431.6K | $1.818M | $782.0K |
| YoY Change | -44.82% | -19.92% | -76.04% |
| Cash From Operating Activities | $2.069M | $6.836M | $1.191M |
| YoY Change | 73.73% | -31.11% | -48.83% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$108.5K | $2.562M | -$158.5K |
| YoY Change | -31.58% | 1024.92% | 78.7% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$31.65K | $1.168M | -$746.3K |
| YoY Change | -95.76% | -233.33% | -118.19% |
| Cash From Investing Activities | -$140.1K | -$1.394M | -$904.8K |
| YoY Change | -84.51% | 26.26% | -122.54% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -1.671M | -7.845M | 2.660M |
| YoY Change | -162.83% | 37.74% | -147.65% |
| NET CHANGE | |||
| Cash From Operating Activities | 2.069M | 6.836M | 1.191M |
| Cash From Investing Activities | -140.1K | -1.394M | -904.8K |
| Cash From Financing Activities | -1.671M | -7.845M | 2.660M |
| Net Change In Cash | 257.2K | -$3.169M | 2.946M |
| YoY Change | -91.27% | -200.27% | 288.08% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $2.069M | $6.836M | $1.191M |
| Capital Expenditures | -$108.5K | $2.562M | -$158.5K |
| Free Cash Flow | $2.177M | $4.274M | $1.349M |
| YoY Change | 61.36% | -55.92% | -44.15% |
Facts In Submission
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="color: #1b968d;">Significant accounting estimates and assumptions</span></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The preparation of the Company's financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from those estimates and judgments.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Areas requiring a significant degree of estimation and judgment relate to the determination of fair values of assets acquired and liabilities assumed in business combinations, impairment of long-lived assets and inventory, fair value measurements, useful lives, depreciation and amortization of property, equipment and intangible assets, the recoverability and measurement of deferred tax assets and liabilities, share-based compensation, and fair value of derivative liabilities.</span></span></p> </div> | |
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<div> <p style="text-align: justify; margin-top: 10px;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">22.<span style="display: inline-block; width: 4.5pt;"> </span>CONTINGENCIES</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. Management is of the opinion that disposition of any current matter will not have a material adverse impact on the Company's balance sheet, results of operations, or the ability to carry on any of its business activities.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="color: #1b968d;">Legal proceedings </span></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Oregon Action:</b> A complaint was filed in the Oregon State Circuit Court for Clackamas County, on April 29, 2019, by two current owners of Proudest Monkey Holdings, LLC (the former sole member of EFF) (the "Plaintiffs"), alleging contract, employment, and statutory claims, alleging $612,500 in damages (as amended), against the Company, its wholly-owned subsidiaries 320204 US Holdings Corp, EFF, Swell Companies Limited, and Phantom Brands LLC, in addition to three directors, two officers, and one former employee (the "Oregon Action"). The Company and the other defendants wholly denied the allegations and claims made in the lawsuit and is defending the lawsuit. On June 21, 2019, the Company filed Oregon Rule of Civil Procedure ("ORCP") 21 motions to dismiss all of the Plaintiffs' claims against it, its wholly-owned subsidiaries, and other defendants; on May 6, 2020, the court granted the Company's ORCP 21 motion in its entirety to dismiss all of Plaintiffs' claims. The judgment of dismissal was entered by the Clackamas County court on or about October 14, 2020. On November 12, 2020, Plaintiffs filed a notice of appeal of the judgement of dismissal.</span></span></p> <div> </div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On October 22, 2020, the Company submitted a petition to recover the costs and attorney fees incurred by the Company as the prevailing party in the Oregon Action. On January 20, 2021, the Court ruled in the Company's favor, awarding the Company and its subsidiaries $68,195 in attorney's fees, $1,252 in costs, and a statutory prevailing party fee of $640, through a supplemental judgment. On March 3, 2021, Plaintiffs filed an amended notice of appeal from the supplemental judgement awarding attorney fees. </span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The parties have since briefed the appeal to the Oregon Court of Appeals and await a determination from the Court. It is too early to predict the resolution of the appeal.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>British Columbia Action:</b> On or about September 13, 2019, the Company delivered a notice to the above-mentioned Plaintiffs of alleged breach and default under the EFF purchase and sale agreement, due to alleged unlawful, intentional acts and material misrepresentations by the Plaintiffs before and after the completion of the purchase. As a result of such breach, the Company denied the Plaintiffs' tender of their share payment notes in connection with the agreement. On or about October 14, 2019, Proudest Monkey Holdings, LLC and one of its current owners, sued the Company in the Supreme Court of British Columbia to compel the issuance and delivery of the subject shares, including interests and costs (the "British Columbia Action"). </span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On November 8, 2019, the Company responded and counterclaimed for general, special and punitive damages, including interest and costs, related to breach of contract, repudiation of contract, breach of indemnity and fraudulent and negligent misrepresentation by the Plaintiffs. Plaintiffs filed a response to the Company's counterclaims on or about June 5, 2020, and the parties stipulated to a form of amended pleading which included the joinder of additional parties, an owner of Proudest Monkey Holdings, LLC and EFF, and additional contract and equitable claims and damages, partially duplicative to those alleged by the Plaintiffs in the Oregon lawsuit (breach of contract, indemnity, unjust enrichment and wrongful termination claims). Plaintiffs allege $2,774,176 in damages (as amended), plus unquantified additional damages, interest and costs, of which amounts are partially duplicative of the Oregon Action. This action remains in the discovery stage, but no trial date has been set. It is too early to predict the resolution of the claims and counterclaims.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Settled and Dismissed Action:</b> On or about May 30, 2019, Wallace Hill Partners Ltd. ("Wallace Hill") filed a civil claim in the Supreme Court of British Columbia alleging breach of contract and entitlement to 1,800,000 common shares of the Company, fully vested by March 1, 2019, and damages due to the lost opportunity to sell those shares after such date for a profit. On June 23, 2019, the Company circulated a letter to Wallace Hill terminating the agreement and accepting Wallace Hill's repudiation of the agreement based on Wallace Hill's previously published defamatory comments and termination of the agreement. Also, on June 23, 2019, the Company filed its response to the civil claim denying all claims and filed counterclaims alleging breach of contract, a declaratory judgment of termination of the agreement, defamation and an injunction from further defamatory comments.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On March 23, 2022, the Company and Wallace Hill entered into a mutual release agreement, pursuant to which, among other things, all parties agreed to dismiss their respective claims and to release one another from any further causes of action in connection with the subject matter of the original claims. On April 23, 2022, the parties filed a Notice of Discontinuance in the Supreme Court of British Columbia formally dismissing the civil action.</span></span></p> </div> |
