2023 Q1 Form 20-F Financial Statement
#000106299323015141 Filed on July 21, 2023
Income Statement
| Concept | 2023 Q1 | 2023 | 2022 Q1 |
|---|---|---|---|
| Revenue | $7.033M | $28.89M | $6.700M |
| YoY Change | 4.96% | -12.41% | -26.74% |
| Cost Of Revenue | $5.383M | $15.49M | $2.553M |
| YoY Change | 110.85% | 9.27% | -29.52% |
| Gross Profit | $1.650M | $13.40M | $4.147M |
| YoY Change | -60.22% | -28.76% | -24.92% |
| Gross Profit Margin | 23.46% | 46.39% | 61.9% |
| Selling, General & Admin | $1.948M | $8.081M | $1.560M |
| YoY Change | 24.92% | -10.76% | -23.74% |
| % of Gross Profit | 118.1% | 60.3% | 37.61% |
| Research & Development | $18.13K | ||
| YoY Change | -32.31% | ||
| % of Gross Profit | 0.14% | ||
| Depreciation & Amortization | $462.5K | $1.843M | $431.6K |
| YoY Change | 7.18% | 1.38% | -44.82% |
| % of Gross Profit | 28.03% | 13.76% | 10.41% |
| Operating Expenses | $2.289M | $9.446M | $1.714M |
| YoY Change | 33.51% | 4.01% | -31.52% |
| Operating Profit | -$639.2K | $3.955M | $2.433M |
| YoY Change | -126.27% | -59.45% | -19.44% |
| Interest Expense | -$75.36K | $285.8K | $112.6K |
| YoY Change | -166.95% | -73.47% | -101.41% |
| % of Operating Profit | 7.23% | 4.63% | |
| Other Income/Expense, Net | -$18.72K | -$29.00K | -$61.63K |
| YoY Change | -69.63% | -126.74% | -426.26% |
| Pretax Income | -$733.3K | $4.191M | $2.159M |
| YoY Change | -133.96% | -75.54% | -138.12% |
| Income Tax | $672.2K | $2.810M | $948.2K |
| % Of Pretax Income | 67.04% | 43.91% | |
| Net Earnings | -$2.119M | $293.2K | -$1.032M |
| YoY Change | 105.4% | -97.31% | -84.32% |
| Net Earnings / Revenue | -30.13% | 1.01% | -15.4% |
| Basic Earnings Per Share | $0.00 | ||
| Diluted Earnings Per Share | -$0.01 | $0.01 | -$8.681K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 120.0M | 120.0M | 120.0M |
| Diluted Shares Outstanding | 122.9M |
Balance Sheet
| Concept | 2023 Q1 | 2023 | 2022 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $1.892M | $1.892M | $3.068M |
| YoY Change | -38.34% | -38.34% | -50.81% |
| Cash & Equivalents | $1.892M | $3.068M | |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.265M | $2.265M | $2.952M |
| YoY Change | -23.27% | -23.27% | 24.3% |
| Inventory | $4.174M | $4.174M | $4.054M |
| Prepaid Expenses | |||
| Receivables | $401.5K | $401.5K | $198.5K |
| Other Receivables | $10.83K | $10.83K | $11.94K |
| Total Short-Term Assets | $8.742M | $8.742M | $10.28M |
| YoY Change | -14.99% | -14.99% | -9.12% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $13.07M | $13.07M | $4.870M |
| YoY Change | 168.41% | -4.91% | 77.16% |
| Goodwill | $28.54M | $28.54M | |
| YoY Change | 0.0% | 0.0% | |
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $70.23K | $70.23K | $58.04K |
| YoY Change | 21.0% | 21.0% | 21.58% |
| Total Long-Term Assets | $49.57M | $49.57M | $51.57M |
| YoY Change | -3.88% | -3.88% | -7.09% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $8.742M | $8.742M | $10.28M |
| Total Long-Term Assets | $49.57M | $49.57M | $51.57M |
| Total Assets | $58.31M | $58.31M | $61.85M |
| YoY Change | -5.73% | -5.73% | -7.43% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.455M | $2.455M | $1.403M |
| YoY Change | 75.01% | 75.01% | 1.45% |
| Accrued Expenses | $865.6K | $865.6K | $1.041M |
| YoY Change | -16.85% | -39.56% | -12.03% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $3.183M | $3.183M | $7.361M |
| YoY Change | -56.76% | -56.76% | -18.54% |
| Total Short-Term Liabilities | $14.97M | $14.97M | $14.73M |
| YoY Change | 1.67% | 1.67% | -3.3% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $2.027M |
| YoY Change | -100.0% | -100.0% | -88.9% |
| Other Long-Term Liabilities | $9.022M | $9.022M | $10.12M |
| YoY Change | -10.81% | -10.81% | 6.63% |
| Total Long-Term Liabilities | $9.022M | $9.022M | $12.14M |
| YoY Change | -25.69% | -25.69% | -56.24% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $14.97M | $14.97M | $14.73M |
| Total Long-Term Liabilities | $9.022M | $9.022M | $12.14M |
| Total Liabilities | $24.00M | $24.00M | $26.87M |
| YoY Change | -10.7% | -10.7% | -38.32% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$69.47M | -$68.51M | |
| YoY Change | 1.4% | -13.74% | |
| Common Stock | $105.4M | $105.2M | |
| YoY Change | 0.2% | 1.54% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $34.32M | $34.32M | $34.98M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $58.31M | $58.31M | $61.85M |
| YoY Change | -5.73% | -5.73% | -7.43% |
Cashflow Statement
| Concept | 2023 Q1 | 2023 | 2022 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.119M | $293.2K | -$1.032M |
| YoY Change | 105.4% | -97.31% | -84.32% |
| Depreciation, Depletion And Amortization | $462.5K | $1.843M | $431.6K |
| YoY Change | 7.18% | 1.38% | -44.82% |
| Cash From Operating Activities | $1.200M | $5.900M | $2.069M |
| YoY Change | -41.98% | -13.7% | 73.73% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $9.080K | $442.3K | -$108.5K |
| YoY Change | -108.37% | -82.74% | -31.58% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $51.36K | -$31.65K |
| YoY Change | -100.0% | -95.6% | -95.76% |
| Cash From Investing Activities | -$9.070K | -$390.9K | -$140.1K |
| YoY Change | -93.53% | -71.96% | -84.51% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | $0.00 | |
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -1.604M | -6.684M | -1.671M |
| YoY Change | -4.02% | -14.8% | -162.83% |
| NET CHANGE | |||
| Cash From Operating Activities | 1.200M | 5.900M | 2.069M |
| Cash From Investing Activities | -9.070K | -390.9K | -140.1K |
| Cash From Financing Activities | -1.604M | -6.684M | -1.671M |
| Net Change In Cash | -412.9K | -1.175M | 257.2K |
| YoY Change | -260.54% | -62.93% | -91.27% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $1.200M | $5.900M | $2.069M |
| Capital Expenditures | $9.080K | $442.3K | -$108.5K |
| Free Cash Flow | $1.191M | $5.458M | $2.177M |
| YoY Change | -45.28% | 27.7% | 61.36% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023 | dei |
Entity Address Address Line1
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Floor, 885 West Georgia Street | |
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Nature Of Operations
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<div> <div> <div> <div> <div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>1.</b><span style="width: 10.49pt; display: inline-block;"> </span><b>NATURE OF OPERATIONS </b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">C21 Investments Inc. (the "Company" or "C21") was incorporated January 15, 1987, under the Company Act of British Columbia. The Company is a publicly traded company with its registered office is 170-601 West Cordova Street, Vancouver, BC, V6B 1G1.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Pursuant to a change of business announced on January 29, 2018 to the Cannabis industry, the Company commenced acquiring and operating revenue-producing cannabis operations in the USA.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On June 15, 2018, the Company's common shares were delisted from the TSX Venture Exchange ("TSX-V") at the Company's request and on June 18, 2018 the Company commenced trading on the Canadian Securities Exchange ("CSE"), completed its change of business to the cannabis industry and commenced trading under the symbol CXXI. The Company registered its common shares in the United States and on May 6, 2019, its shares were cleared by the Financial Industry Regulatory Authority for trading on the OTC Markets platform under the U.S. trading symbol CXXIF. On September 28, 2020, the Company began trading on the OTCQB® Venture Market.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">For the year ended January 31, 2021, the Company operated in two segments: recreational cannabis in Oregon, USA and recreational and medical cannabis in Nevada, USA (Note 16). During the year ended January 31, 2022, the Company made the strategic decision to exit operations in Oregon. The comparative results of operations have been re-stated to present the operating results of the Oregon segment as discontinued operations. The Nevada segment remains engaged in the cultivation of and manufacturing of cannabis flower products, vape products and extract products for wholesale and retail sales.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At January 31, 2023, the Company had a working capital deficit of $6,231,895 (2022 - $5,689,642) and an accumulated deficit of $69,471,712 (2022 - $69,764,923). However, for the year ended January 31, 2023, the Company generated net income and positive cash flows from continuing operations.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At the federal level, however, cannabis currently remains a Schedule I controlled substance under the Federal Controlled Substances Act of 1970. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of accepted safety for the use of the drug under medical supervision. As such, even in those states in which marijuana is legalized under state law, the manufacture, importation, possession, use or distribution of cannabis remains illegal under U.S. federal law. This has created a dichotomy between state and federal law, whereby many states have elected to regulate and remove state-level penalties regarding a substance which is still illegal at the federal level. There remains uncertainty about the US federal government's position on cannabis with respect to cannabis-legal status. A change in its enforcement policies could impact the ability of the Company to continue as a going concern.</span></span></p> </div> </div> </div> </div> </div> | |
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Marcum LLP | |
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San Jose, California | |
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688 | |
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Long Term Notes Payable
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0.08 | |
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>a)</b><span style="width: 9.85pt; display: inline-block;"> </span><b>Significant accounting estimates and assumptions</b></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 recoverability of goodwill, recoverability of intangible assets, fair value less costs to sell of assets classified as held for sale, estimates used in valuation and costing of inventory, 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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Revenue Recognition Loyalty Programs
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>r)</b><span style="width: 11.35pt; display: inline-block;"> </span><b>Loyalty program</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company offers a loyalty reward program to its dispensary customers that allows customers to earn reward credits that can be applied to future purchases. Loyalty reward credits issued as part of a sales transaction result in revenue being deferred until the loyalty reward is redeemed by the customer. The loyalty rewards are shown as reductions to the 'Revenue' line within the accompanying consolidated statements of income and comprehensive income and included as deferred revenue on the consolidated balance sheets. A portion of the revenue generated in a sale must be allocated to the loyalty points earned. The amount allocated to the points earned is deferred until the loyalty points are redeemed or expire. The loyalty program expiration policy is six months. As of January 31, 2023 and 2022, the loyalty liability totaled $94,068 and $nil, respectively, and is included in deferred revenue on the consolidated balance sheets.</span></span></p> </div> | |
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P20Y | |
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interest rates ranging from 5.59% to 19.9% with payments made monthly | |
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1905635 | usd |
| CY2022 | cxxif |
Number Of Warrants Exercised
NumberOfWarrantsExercised
|
4616100 | |
| CY2022 | cxxif |
Weighted Average Exercise Price Of Warrants Exercised
WeightedAverageExercisePriceOfWarrantsExercised
|
1.05 | |
| CY2021Q1 | cxxif |
Number Of Warrants Exercised
NumberOfWarrantsExercised
|
456100 | |
| CY2021Q1 | cxxif |
Weighted Average Exercise Price Of Warrants Exercised
WeightedAverageExercisePriceOfWarrantsExercised
|
1.17 | |
| CY2021Q1 | cxxif |
Weighted Average Exercise Price Of Warrants Exercised
WeightedAverageExercisePriceOfWarrantsExercised
|
1.5 | |
| CY2021Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
456100 | |
| CY2021Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
533326 | usd |
| CY2021Q1 | cxxif |
Number Of Warrants Expired
NumberOfWarrantsExpired
|
1243900 | |
| CY2021Q2 | cxxif |
Number Of Warrants Exercised
NumberOfWarrantsExercised
|
4160000 | |
| CY2021Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
1214080 | |
| CY2022 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
2.8 | |
| CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
1.25 | |
| CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0 | pure |
| CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0 | pure |
| CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2023Q1 | us-gaap |
Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
|
1550005 | usd |
| CY2023Q1 | us-gaap |
Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
|
1440158 | usd |
| CY2023Q1 | us-gaap |
Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
|
1481996 | usd |
| CY2022 | cxxif |
Earn Out Shares Excluded From Potential Issuance
EarnOutSharesExcludedFromPotentialIssuance
|
6000000 | |
| CY2023 | cxxif |
Earn Out Shares Excluded From Potential Issuance
EarnOutSharesExcludedFromPotentialIssuance
|
6000000 | |
| CY2023 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
56549 | usd |
| CY2022 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
98946 | usd |
| CY2023Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5311368 | usd |
| CY2022Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5510216 | usd |
| CY2023 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
846446 | usd |
| CY2022 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
813855 | usd |
| CY2023 | cxxif |
Unrecognized Tax Benefits Before Interest And Penalties
UnrecognizedTaxBenefitsBeforeInterestAndPenalties
|
789112 | usd |
| CY2023 | cxxif |
Unrecognized Tax Benefits Related To Depreciation
UnrecognizedTaxBenefitsRelatedToDepreciation
|
401824 | usd |
| CY2023 | cxxif |
Unrecognized Tax Benefits Related To Amortization
UnrecognizedTaxBenefitsRelatedToAmortization
|
7745 | usd |
| CY2023 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
|
32591 | usd |
| CY2022 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
|
520485 | usd |
| CY2023Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
846446 | usd |
| CY2022Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
813855 | usd |
| CY2023Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
6890412 | usd |
| CY2022Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
4056315 | usd |
| CY2023Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
846446 | usd |
| CY2022Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
813855 | usd |
| CY2023Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
7736858 | usd |
| CY2022Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
4870170 | usd |
