Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 6, 2024

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ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 021-340690

 

TERRASCEND CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ontario

N/A

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

77 City Centre Drive

Suite 501 - East Tower

Mississauga, Ontario, Canada

L5B 1M5

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (717) 610-4165

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

N/A

 

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 5, 2024, the registrant had 292,286,858 common shares, no par value, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Unaudited Interim Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023

1

 

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023

2

 

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023

3

 

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023

5

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

43

 

 

 

PART II.

OTHER INFORMATION

43

 

 

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3.

Defaults Upon Senior Securities

44

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

44

Item 6.

Exhibits

45

Signatures

47

 

 

 


 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains statements that TerrAscend Corp. (the "Issuer") believes are, or may be considered to be, “forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q regarding the prospects of the industry in which the Issuer, its subsidiaries, TerrAscend Growth Corp. ("TerrAscend") and its subsidiaries (collectively, the "Company") operate or the Company's prospects, plans, financial position or business strategy may constitute forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as "can", “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements with respect to:

the projected performance of the Company’s business and operations;
the Company’s estimates and expectations regarding revenues, expenses and need for substantial additional financing, and its ability to obtain additional financing;
the Internal Revenue Service's (the "IRS") review of the Company's tax positions, including heightened risk of added scrutiny or increased frequency or depth of reviews or audits by the IRS;
the Company's joint venture interests, including, as applicable, required regulatory approvals and licensing, anticipated costs and timing, expected impact thereof, and the ability to enter into future joint ventures;
the Company's ability to complete future strategic alliances and the expected impact thereof;
the Company's ability to source investment opportunities and complete future acquisitions, including in respect of entities in the United States, the ability to finance such acquisitions or operations in the United States, and the expected impact thereof, including potential issuances of common shares in the capital of the Company ("Common Shares");
the Company's ability to market itself to the capital markets, including its ability to raise equity as a result of its corporate ownership structure;
the expected growth in the number of customers and patients using the Company's adult-use and medical cannabis, respectively;
the expected growth in cultivation and production capacities of the Company;
expectations with respect to future production costs;
the expected impact of taxation on the Company's profitability and the uncertainty around timing of any legislative changes impacting unfavorable tax treatment;
the expected methods to be used by the Company to distribute cannabis;
the expected growth in the number of the Company's dispensaries;
the competitive conditions of the industry in which the Company operates;
federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States;
the legalization of the regulated use of cannabis for medical and/or adult-use in the United States and the related timing and impact thereof;
laws and regulations and any amendments thereto applicable to the business and the impact thereof;
the possibility of actions by individuals, or U.S. federal government enforcement actions, against the Company and the potential impact of such actions on the Company;
the competitive advantages and business strategies of the Company;
the grant, renewal and impact of any license or supplemental license to conduct activities with or without cannabis or any amendments thereof;
the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis;
the Company's future product offerings;

 


 

the Company’s ability to source and operate facilities in the United States;
the Company’s ability to integrate and operate the assets it acquires or may acquire in the future;
the Company's ability to protect its intellectual property;
the outcome of litigation to which the Company is party;
the possibility that the Company's products may be subject to product recalls and returns;
the Company’s expectations regarding its liquidity and the impact of its refinancing;
the Company's expectations regarding its share repurchase program; and
other risks and uncertainties, including those listed under the section titled "Risk Factors" in this Quarterly Report.

 

Certain of the forward-looking statements contained herein concerning the cannabis industry and the general expectations of the Company concerning the cannabis industry are based on estimates prepared by the Company using data from publicly-available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the cannabis industry. Such data is inherently imprecise. The cannabis industry involves risks and uncertainties that are subject to change based on various factors, which factors are described further below.

 

With respect to the forward-looking statements contained in this Quarterly Report on Form 10-Q, the Company has made assumptions regarding, among other things: (i) its ability to generate cash flows from operations and obtain necessary financing on acceptable terms; (ii) general economic, financial market, regulatory and political conditions in jurisdictions in which the Company operates; (iii) the output from the Company’s operations; (iv) consumer interest in the Company’s products; (v) competition in the cannabis industry; (vi) anticipated and unanticipated costs; (vii) government regulation of the Company’s activities and products; (viii) government regulation of licensing, taxation and environmental protection; (ix) the timely receipt of any required regulatory approvals; (x) the Company’s ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; (xi) the Company’s ability to conduct operations in a safe, efficient and effective manner; and (xii) the Company’s construction plans and timeframe for completion of such plans.

 

Readers are cautioned that the above list of cautionary statements is not exhaustive. Known and unknown risks, many of which are beyond the control of the Company, could cause actual results to differ materially from the forward-looking statements in this Quarterly Report on Form 10-Q. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and those discussed under Item 1A – “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2024 and this Quarterly Report on Form 10-Q. The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. You should not place undue reliance on forward-looking statements contained in this Quarterly Report on Form 10-Q. The Company can give no assurance that such expectations will prove to have been correct. Forward-looking statements contained herein are made as of the date of this Quarterly Report on Form 10-Q and are based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking statements are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by applicable law.

 


 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Balance Sheets

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

At

 

 

At

 

 

 

September 30, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

26,636

 

 

$

22,241

 

Restricted cash

 

 

606

 

 

 

3,106

 

Accounts receivable, net

 

 

17,569

 

 

 

19,048

 

Investments

 

 

1,751

 

 

 

1,913

 

Inventory

 

 

51,424

 

 

 

51,683

 

Prepaid expenses and other current assets

 

 

7,720

 

 

 

4,898

 

Total current assets

 

 

105,706

 

 

 

102,889

 

Non-current assets

 

 

 

 

 

 

Property and equipment, net

 

 

190,526

 

 

 

196,215

 

Deposits

 

 

284

 

 

 

337

 

Operating lease right of use assets

 

 

42,061

 

 

 

43,440

 

Intangible assets, net

 

 

210,699

 

 

 

215,854

 

Goodwill

 

 

106,929

 

 

 

106,929

 

Other non-current assets

 

 

725

 

 

 

854

 

Total non-current assets

 

 

551,224

 

 

 

563,629

 

Total assets

 

$

656,930

 

 

$

666,518

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

46,381

 

 

$

49,897

 

Deferred revenue

 

 

4,969

 

 

 

4,154

 

Loans payable, current

 

 

7,701

 

 

 

137,737

 

Contingent consideration payable, current

 

 

2,546

 

 

 

6,446

 

Operating lease liability, current

 

 

2,431

 

 

 

1,244

 

Derivative liability, current

 

 

756

 

 

 

 

Lease obligations under finance leases, current

 

 

1,821

 

 

 

2,030

 

Corporate income tax payable

 

 

11,075

 

 

 

4,775

 

Other current liabilities

 

 

775

 

 

 

717

 

Total current liabilities

 

 

78,455

 

 

 

207,000

 

Non-current liabilities

 

 

 

 

 

 

Loans payable, non-current

 

 

182,578

 

 

 

61,633

 

Operating lease liability, non-current

 

 

43,103

 

 

 

45,384

 

Lease obligations under finance leases, non-current

 

 

 

 

 

407

 

Derivative liability, non-current

 

 

1,727

 

 

 

5,162

 

Convertible debt

 

 

8,604

 

 

 

7,266

 

Deferred income tax liability

 

 

16,189

 

 

 

17,175

 

Contingent consideration payable, non-current

 

 

1,827

 

 

 

 

Liability on uncertain tax position and other long term liabilities

 

 

117,331

 

 

 

81,751

 

Total non-current liabilities

 

 

371,359

 

 

 

218,778

 

Total liabilities

 

 

449,814

 

 

 

425,778

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

Share capital

 

 

 

 

 

 

Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,350 and 12,350 shares outstanding as of September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Series B, convertible preferred stock, no par value, unlimited shares authorized; 600 and 600 shares outstanding as of September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Exchangeable shares, no par value, unlimited shares authorized; 63,492,038 and 63,492,038 shares outstanding as of September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Common shares, no par value, unlimited shares authorized; 292,394,258 and 288,327,497 shares outstanding as of September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Treasury stock, no par value; 107,400 and nil shares outstanding as of September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Additional paid in capital

 

 

950,554

 

 

 

944,859

 

Accumulated other comprehensive income

 

 

2,166

 

 

 

1,799

 

Accumulated deficit

 

 

(746,665

)

 

 

(704,162

)

Non-controlling interest

 

 

1,061

 

 

 

(1,756

)

Total shareholders' equity

 

 

207,116

 

 

 

240,740

 

Total liabilities and shareholders' equity

 

$

656,930

 

 

$

666,518

 

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

1


 

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

September 30, 2024

 

 

September 30, 2023

 

Revenue, net

 

 

$

74,168

 

 

$

89,240

 

 

 

$

232,324

 

 

$

230,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

37,952

 

 

 

41,435

 

 

 

 

119,694

 

 

 

112,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

36,216

 

 

 

47,805

 

 

 

 

112,630

 

 

 

117,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

31,552

 

 

 

29,299

 

 

 

 

83,620

 

 

 

87,505

 

Amortization and depreciation

 

 

 

2,202

 

 

 

2,664

 

 

 

 

6,607

 

 

 

6,935

 

Impairment of property and equipment and right of use assets

 

 

 

 

 

 

 

 

 

 

2,438

 

 

 

28

 

Other operating expense (income)

 

 

 

8

 

 

 

(1,879

)

 

 

 

(1,178

)

 

 

(1,562

)

Total operating expenses

 

 

 

33,762

 

 

 

30,084

 

 

 

 

91,487

 

 

 

92,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

2,454

 

 

 

17,721

 

 

 

 

21,143

 

 

 

25,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense (income)

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) from revaluation of contingent consideration

 

 

 

327

 

 

 

(645

)

 

 

 

3,547

 

 

 

(645

)

Loss on extinguishment of debt

 

 

 

1,662

 

 

 

 

 

 

 

1,662

 

 

 

 

(Gain) loss on fair value of derivative liabilities and purchase option derivative assets

 

 

 

(669

)

 

 

3,217

 

 

 

 

(2,608

)

 

 

2,564

 

Finance and other expenses

 

 

 

8,408

 

 

 

10,083

 

 

 

 

25,888

 

 

 

28,341

 

Transaction and restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

 

392

 

Unrealized and realized foreign exchange (gain) loss

 

 

 

(214

)

 

 

(43

)

 

 

 

175

 

 

 

(175

)

Unrealized and realized (gain) loss on investments

 

 

 

(14

)

 

 

5

 

 

 

 

213

 

 

 

2,365

 

(Loss) income from continuing operations before provision for income taxes

 

 

 

(7,046

)

 

 

5,104

 

 

 

 

(7,734

)

 

 

(7,817

)

Provision for income taxes

 

 

 

14,373

 

 

 

13,543

 

 

 

 

34,773

 

 

 

32,655

 

Net loss from continuing operations

 

 

$

(21,419

)

 

$

(8,439

)

 

 

$

(42,507

)

 

$

(40,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Loss from discontinued operations, net of tax

 

 

$

 

 

$

(232

)

 

 

$

 

 

$

(4,444

)

Net loss

 

 

$

(21,419

)

 

$

(8,671

)

 

 

$

(42,507

)

 

$

(44,916

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

 

291

 

 

 

(280

)

 

 

 

(367

)

 

 

475

 

Comprehensive loss

 

 

$

(21,710

)

 

$

(8,391

)

 

 

$

(42,140

)

 

$

(45,391

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and proportionate Shareholders of the Company

 

 

$

(23,148

)

 

$

(10,601

)

 

 

$

(48,383

)

 

$

(46,963

)

Non-controlling interests

 

 

$

1,729

 

 

$

2,162

 

 

 

$

5,876

 

 

$

6,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and proportionate Shareholders of the Company

 

 

$

(23,439

)

 

$

(10,553

)

 

 

$

(48,016

)

 

$

(51,882

)

Non-controlling interests

 

 

$

1,729

 

 

$

2,162

 

 

 

$

5,876

 

 

$

6,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$

(0.08

)

 

$

(0.04

)

 

 

$

(0.17

)

 

$

(0.17

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

Net loss per share - basic

 

 

$

(0.08

)

 

$

(0.04

)

 

 

$

(0.17

)

 

$

(0.19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of outstanding common shares

 

 

 

291,647,146

 

 

 

287,072,972

 

 

 

 

291,252,902

 

 

 

276,562,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$

(0.08

)

 

$

(0.04

)

 

 

$

(0.17

)

 

$

(0.17

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(0.02

)

Net loss per share - diluted

 

 

$

(0.08

)

 

$

(0.04

)

 

 

$

(0.17

)

 

$

(0.19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of outstanding common shares, assuming dilution

 

 

 

291,647,146

 

 

 

287,072,972

 

 

 

 

291,252,902

 

 

 

276,562,869

 

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

2


 

TerrAscend Corp.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Amounts expressed in thousands of United States dollars, except for share and per share amounts)

 

 

 

Number of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

Exchangeable Shares

 

 

Series A

 

 

Series B

 

 

Common Shares Equivalent

 

 

Additional paid in capital

 

 

Accumulated other comprehensive income (loss)

 

 

Accumulated deficit

 

 

Non-controlling interest

 

 

Total

 

Balance at December 31, 2022

 

 

259,624,531

 

 

 

76,996,538

 

 

 

12,608

 

 

 

600

 

 

 

349,829,273

 

 

$

934,972

 

 

$

2,085

 

 

 

(618,260

)

 

 

2,374

 

 

$

321,171

 

Shares issued - stock options, warrant and RSU exercises

 

 

392,846

 

 

 

 

 

 

 

 

 

 

 

 

392,846

 

 

 

81

 

 

 

 

 

 

 

 

 

 

 

 

81

 

Shares, options and warrants issued - acquisitions

 

 

471,681

 

 

 

 

 

 

 

 

 

 

 

 

471,681

 

 

 

743

 

 

 

 

 

 

 

 

 

 

 

 

743

 

Shares, options and warrants issued - legal settlement

 

 

402,185

 

 

 

 

 

 

 

 

 

 

 

 

402,185

 

 

 

593

 

 

 

 

 

 

 

 

 

 

 

 

593

 

Shares issued- conversion

 

 

13,762,500

 

 

 

(13,504,500

)

 

 

(258

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,713

 

 

 

 

 

 

 

 

 

 

 

 

1,713

 

Options and warrants expired/forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,698

)

 

 

 

 

 

1,698

 

 

 

 

 

 

 

Capital distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,884

)

 

 

(1,884

)

Net loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,955

)

 

 

2,186

 

 

 

(22,769

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(347

)

 

 

 

 

 

 

 

 

(347

)

Balance at March 31, 2023

 

 

274,653,743

 

 

 

63,492,038

 

 

 

12,350

 

 

 

600

 

 

 

351,095,985

 

 

$

936,404

 

 

$

1,738

 

 

$

(641,517

)

 

$

2,676

 

 

$

299,301

 

Shares issued - stock options, warrant and RSU exercises

 

 

1,078

 

 

 

 

 

 

 

 

 

 

 

 

1,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares, options and warrants issued - acquisitions

 

 

5,442,282

 

 

 

 

 

 

 

 

 

 

 

 

5,442,282

 

 

 

7,857

 

 

 

 

 

 

 

 

 

 

 

 

7,857

 

Shares, options and warrants issued - legal settlement

 

 

130,000

 

 

 

 

 

 

 

 

 

 

 

 

130,000

 

 

 

201

 

 

 

 

 

 

 

 

 

 

 

 

201

 

Private placement net of share issuance costs

 

 

6,580,677

 

 

 

 

 

 

 

 

 

 

 

 

6,580,677

 

 

 

7,507

 

 

 

 

 

 

 

 

 

 

 

 

7,507

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,981

 

 

 

 

 

 

 

 

 

 

 

 

1,981

 

Options and warrants expired/forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,514

)

 

 

 

 

 

3,514

 

 

 

 

 

 

 

Capital distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,531

)

 

 

(1,531

)

Acquisition of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,177

)

 

 

 

 

 

 

 

 

(1,323

)

 

 

(7,500

)

Net loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,620

)

 

 

2,144

 

 

 

(13,476

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(408

)

 

 

 

 

 

 

 

 

(408

)

Balance at June 30, 2023

 

 

286,807,780

 

 

 

63,492,038

 

 

 

12,350

 

 

 

600

 

 

 

363,250,022

 

 

$

944,259

 

 

$

1,330

 

 

$

(653,623

)

 

$

1,966

 

 

$

293,932

 

Shares issued - stock options, warrant and RSU exercises

 

 

462,734

 

 

 

 

 

 

 

 

 

 

 

 

462,734

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Warrants issued for services performed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

Options and warrants expired/forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,381

)

 

 

 

 

 

2,381

 

 

 

 

 

 

 

Capital distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,551

)

 

 

(3,551

)

Net loss for the period