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Mene Inc. Reports Financial Results for First Quarter 2019
TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24MENE&src=ctag” target=”_blank”gt;$MENElt;/agt; lt;a href=”https://twitter.com/hashtag/earnings?src=hash” target=”_blank”gt;#earningslt;/agt;–Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”),
an online 24 karat investment jewelry brand, today announced financial
results for the first quarter ended March 31, 2019 (“Q1 2019”).
All amounts are expressed in Canadian dollars unless otherwise noted.
FINANCIAL HIGHLIGHTS:
-
IFRS Revenue of $2.7 million, a $1.7 million (163%) increase
year-over-year (“YoY”). Non-IFRS Adjusted Revenue of $2.9
million, an increase of 151% YoY. - Gross Profit of $0.7 million, an increase of $0.5 million (298%) YoY.
-
Gross Margin expanded by 900 basis points, from 16% in Q1 2018 to 25%
in Q1 2019. -
Generated $0.3 million in Free Cash Flow in Q1 2019, the net of
operating cash flow less capital expenditures. -
Reduced Net Loss by 26% to $1.1 million from $1.5 million in Q1 2018.
Non-IFRS Adjusted Loss decreased by 54% YoY to $0.6 million. -
Sold 8,182 units of jewelry through 7,354 customer orders, an increase
of 7,242 units (770%) and 6,469 orders (731%) respectively compared to
Q1 2018. -
Gold Weight Sold increased by 17 kilograms (115%) and Platinum Weight
Sold increased by 9.6 kilograms (685%) from Q1 2018. -
Strong Tangible Common Equity of $17.8 million, with $17.5 million in
cash and cash equivalents and $16.2 million in short-term investments
as of March 31, 2019. Tangible Common Equity increased by 58% YoY,
demonstrating the Company’s ability to access cash to grow the
business and its high-margin and low fixed-cost business model.
OPERATIONAL HIGHLIGHTS:
- Introduced 99 new product designs during the quarter.
-
Launched “Menē x”, a new product category of limited-edition jewelry
collections designed in collaboration with select creators, artists
and tastemakers. Unveiled first collaboration with world-renowned
fashion photographers Inez van Lamsweerde and Vinoodh Matadin (“Inez &
Vinoodh”). - Raised $20 million in a Debt Financing Round with a strategic lender.
IFRS Consolidated Income Statement Data |
FY 2019 | FY 2018 |
July 11, 2017 |
||||||||||
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||
Revenue (CAD) | 2,733,596 | 3,510,374 | 1,985,711 | 1,392,867 | 1,038,947 | 63,909 | |||||||
Gross profit (CAD) | 678,814 | 983,840 | 208,408 | 229,461 | 170,486 | 12,143 | |||||||
Gross margin (%) | 25% | 28% | 10% | 16% | 16% | 19% | |||||||
Total comprehensive loss | (1,166,288) | (2,681,362) | (1,691,124) | (919,106) | (1,348,026) | (1,702,048) | |||||||
Non-IFRS Adjusted Revenue (CAD) 1 | 2,914,297 | 3,948,113 | 2,346,622 | 1,891,608 | 1,162,777 | 67,114 | |||||||
Non-IFRS Adjusted Gross Profit (CAD) 2 | 723,686 | 1,106,524 | 246,287 | 311,623 | 190,806 | 12,752 | |||||||
Non-IFRS Adjusted Loss 3 | (577,218) | (469,487) | (1,136,242) | (758,895) | (1,251,091) | (1,639,950) | |||||||
Total Shareholders’ Equity (CAD) | 17,833,109 | 18,516,087 | 10,077,520 | 11,251,166 | 11,878,195 | 13,192,937 | |||||||
Inventory balance (kg of gold) 4 | 222 | 244 | 135 | 131 | 90 | 54 | |||||||
Customer orders | 4,437 | 6,729 | 3,994 | 2,389 | 951 | 74 | |||||||
Units of jewelry sold | 8,182 | 9,111 | 6,168 | 2,920 | 941 | 80 | |||||||
Jewelry weight sold (total kg) | 43 | 51 | 35 | 23 | 16 | 1 | |||||||
Notes:
(1) The Company adjusts its revenue by adding back the value of jewelry
that the Company bought back from customers, or was returned by
customers, and discounts given to customers. These adjustments are made
to assess the gross revenue before deducting these items from revenue
per IFRS. See Non-IFRS Measures for a full definition.
(2) The Company adjusts its gross profit by adjusting for Non-IFRS
revenue and the attributable weighted average cost of sales for the
value of jewelry that the Company bought back from customers, or was
returned by customers, and discounts given to customers. See Non-IFRS
Measures for a full definition.
(3) The Company adjusts its total comprehensive loss by adjusting for
Non-IFRS Adjusted Gross Profit, and removing the impact of non-cash
expenses, consisting of depreciation and amortization, stock based
compensation, and a one-time listing expense, the fair value of
5,984,750 shares issued for the amalgamation with Amador Gold Corp.’s
subsidiary in Q4 2018. See Non-IFRS Measures for a full definition.
(4) Inventory balances in kilograms of gold are calculated by taking the
total Canadian Dollar (CAD) inventory value at each quarter-end date,
and dividing the value by the CAD gold spot price per gram.
(5) The period July 11, 2017 to December 31, 2017 and the fiscal year
ended December 31, 2018 are audited figures. The period Q1 to Q3 2018
have been reviewed by the same independent audit firm, KPMG. Q1 2019 has
not been reviewed.
(6) The Company began generating sales to an invite-only group in
October 2017. The Company began selling to the general public in January
2018.
Statement from Founder & CEO Roy Sebag:
Menē continues to show compelling organic growth and sales momentum. In
Q1, we generated over $2.7 million of sales, $0.7 million in gross
margin, and $0.3 million in IFRS Free Cash Flow. It is important to
remind our shareholders that this business has only been in operation
for 15 months at the quarter-end date. Following the completion of our
debt-note funding and a repayment of a portion of the historic loans
from Goldmoney Inc., our balance sheet is strong and well-positioned for
the next few years. We remain focused on building our brand equity
within the fashion, art, and jewelry cultural segments, seeing that with
each passing day, our brand is being embraced by popular thought leaders
and tastemakers. As of today’s date, we have over 30,000 registered
customers from over 20 countries around the world. Inventory levels
remain strong and are being built up in anticipation of a strong
2019-2020 season (October-February). I am very proud of the hard work
and dedication shown by our team and the disciplined way in which we are
building this company and its business model. My personal focus this
quarter has been in setting the infrastructure for several C-level
executive hires in Paris and Toronto which will help the company scale
its operations and position Menē for sustained growth in the years to
come. I look forward to updating our shareholders on these developments
as they formally materialize.
Non-IFRS Measures
This news release contains non-IFRS financial measures; the Company
believes that these measures provide investors with useful supplemental
information about the financial performance of its business, enable
comparison of financial results between periods where certain items may
vary independent of business performance, and allow for greater
transparency with respect to key metrics used by management in operating
its business. Although management believes these financial measures are
important in evaluating the Company’s performance, they are not intended
to be considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with IFRS.
These non-IFRS financial measures do not have any standardized meaning
and may not be comparable with similar measures used by other companies.
For certain non-IFRS financial measures, there are no directly
comparable amounts under IFRS. These non-IFRS financial measures should
not be viewed as alternatives to measures of financial performance
determined in accordance with IFRS. Moreover, presentation of certain of
these measures is provided for year-over-year comparison purposes, and
investors should be cautioned that the effect of the adjustments thereto
provided herein have an actual effect on the Company’s operating results.
Non-IFRS Adjusted Revenue1 is a non-IFRS measure. The Company
adjusts its revenue by adding back the value of jewelry that the Company
bought back from, or was returned by customers, and discounts given to
customers. These adjustments are made to assess the gross revenue before
deducting these items per IFRS revenue.
Non-IFRS Adjusted Gross Profit2 is a non-IFRS measure. The
Company adjusts its gross profit by adjusting for the additional revenue
and associated cost of sales added back for the value of jewelry that
the Company bought back from, or was returned by customers, and
discounts given to customers.
Non-IFRS Adjusted Loss3 is a non-IFRS measure. The Company
adjusts its total comprehensive loss by adjusting for Non-IFRS Adjusted
Gross Profit, and removing the impact of non-cash expenses, consisting
of depreciation and amortization, stock based compensation, and a
one-time listing expense, the fair value of 5,984,750 shares issued for
the amalgamation with Amador Gold Corp.’s subsidiary in Q4 2018.
For a full definition of non-IFRS financial measures used herein to
their nearest IFRS equivalents, please see the section entitled
“Non-IFRS Financial Measures” in the Company’s MD&A for the three months
ended March 31, 2019.
About Menē Inc.
Menē crafts pure 24 karat gold and platinum jewelry that is
transparently sold by gram weight. Through mene.com, customers may buy
jewelry, monitor the value of their collection over time, and sell or
exchange their pieces by gram weight at prevailing market prices. Menē
was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to
restore the relationship between jewelry and savings. Menē empowers
consumers by marrying innovative technology, timeless design, and pure
precious metals to create pieces which endure as a store of value.
For more information about Menē, visit mene.com.
Forward-Looking Statements
This news release contains or refers to certain forward-looking
information. Forward-looking information can often be identified by
forward-looking words such as “anticipate”, “believe”, “expect”, “plan”,
“intend”, “estimate”, “may”, “potential” and “will” or similar words
suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events or
performance. All information other than information regarding historical
fact, which addresses activities, events or developments that the Menē
Inc. (the “Company”) believes, expects or anticipates will or may occur
in the future, is forward looking information. Forward-looking
information does not constitute historical fact but reflects the current
expectations the Company regarding future results or events based on
information that is currently available. By their nature,
forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts,
projections and other forward-looking information will not occur. Such
forward-looking information in this release speak only as of the date
hereof.
Contacts
Media and Investor Relations Inquiries:
Renee Wei
Head
of Investor Relations
+1 647 494 0296
[email protected]
Robert Lee
Chief Financial Officer
[email protected]
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Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
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