WILDPACK BEVERAGE INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022, AND JUNE 30, 2021
(Expressed in thousands of United States Dollars)
Notice of Non-review of Condensed Consolidated Interim Financial Statements
The attached condensed consolidated interim financial statements (unaudited) for the three and six months ended June 30, 2022, and June 30, 2021, have been prepared by and are the responsibility of Wildpack Beverage Inc.'s management and have been approved by the Board of Directors. Wildpack Beverage Inc.'s independent auditor has not performed a review of the condensed consolidated interim financial statements (unaudited) for the three and six months ended June 30, 2022.
WILDPACK BEVERAGE INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Expressed in thousands of United States Dollars, except for share data)
June 30, | December 31, | |||||
Note | 2022 | 2021 | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $1,253 | $1,450 | ||||
Cash held in trust | 958 | 958 | ||||
Accounts receivable | 4,867 | 3,826 | ||||
Sales taxes recoverable | 157 | 326 | ||||
Due from related parties | 18 | ‐ | 58 | |||
Inventories | 7,850 | 10,671 | ||||
Prepaid expenses and deposits | 388 | 641 | ||||
Notes receivable | 21 | 19 | ||||
15,494 | 17,949 | |||||
Property, plant, and equipment | 9 | 6,633 | 5,820 | |||
Right‐of‐use assets | 11 | 11,268 | 12,399 | |||
Intangible assets | 10 | 23,035 | 24,207 | |||
Goodwill | 6, 7, 8, 10 | 12,132 | 12,132 | |||
Other deposits | 472 | 357 | ||||
TOTAL ASSETS | 69,034 | 72,864 | ||||
LIABILITIES | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | 9,125 | 6,882 | ||||
Deferred revenue | 1,460 | 371 | ||||
Line of credit | 13 | 948 | 1,017 | |||
Current portion of long‐term debt | 13, 14 | 32,261 | 29,987 | |||
Current portion of lease obligations | 12 | 2,034 | 2,404 | |||
45,828 | 40,661 | |||||
Lease obligations | 12 | 9,869 | 10,448 | |||
Long term debt | 13, 14 | 400 | 391 | |||
TOTAL LIABILITIES | 56,097 | 51,500 | ||||
SHAREHOLDERS' EQUITY | ||||||
Share capital | 15 | 36,105 | 36,001 | |||
Equity reserve | 8 | 675 | 675 | |||
Contributed surplus | 5,015 | 4,924 | ||||
Accumulated deficit | (28,790) | (19,696) | ||||
Accumulated other comprehensive loss | (68) | (540) | ||||
TOTAL SHAREHOLDERS' EQUITY | 12,937 | 21,364 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $69,034 | $72,864 | ||||
Nature of operations and going concern | 1 | |||||
Commitments and contingencies | 23 | |||||
On behalf of the Board of Directors: | ||||||
"Jeffrey Mason" | "Mitchell Barnard" | |||||
Jeffrey Mason | Mitchell Barnard | |||||
(Director) | (Director) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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WILDPACK BEVERAGE INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (UNAUDITED) (Expressed in thousands of United States Dollars, except for share data)
Three months ended June 30, | Six months ended June 30, | |||||
Note | 2022 | 2021 | 2022 | 2021 | ||
Sales | 16 | $8,911 | $8,135 | $17,440 | $14,569 | |
Cost of sales | 17 | 8,511 | 7,106 | 17,004 | 12,454 | |
Gross profit | 400 | 1,029 | 436 | 2,115 | ||
Operating expenses | ||||||
Selling expenses | 714 | 420 | 1,306 | 733 | ||
Salaries, wages, and benefits | 1,782 | 365 | 3,667 | 813 | ||
Depreciation and amortization | 9, 10, 11 | 963 | 358 | 1,890 | 606 | |
Office and administrative | 390 | 240 | 920 | 555 | ||
Share‐based compensation | 15 | 80 | 238 | 181 | 351 | |
Professional fees | 764 | 79 | 933 | 449 | ||
Bad debt expense | 107 | 6 | 126 | 120 | ||
Listing expense | 5 | ‐ | 748 | ‐ | 748 | |
Other operating expenses (income) | (104) | 402 | (188) | 408 | ||
Operating expenses | 4,696 | 2,856 | 8,835 | 4,783 | ||
Other expenses (income) | ||||||
Bank and finance charges | 7 | 2 | 21 | 5 | ||
Interest on long‐term debt | 13 | 1,228 | 23 | 2,423 | 79 | |
Interest on lease obligations | 190 | 165 | 393 | 306 | ||
Gain on derivative liability | 14 | (522) | ‐ | (2,142) | ‐ | |
Other expenses (income) | 903 | 190 | 695 | 390 | ||
NET LOSS BEFORE INCOME TAXES | (5,199) | (2,017) | (9,094) | (3,058) | ||
Deferred income tax expense (recovery) | ‐ | 21 | ‐ | (133) | ||
NET LOSS | $(5,199) | (2,038) | $(9,094) | $(2,925) | ||
Other comprehensive income | ||||||
Items that may be reclassified to profit or loss: | ||||||
Gain on foreign currency translation | 854 | 55 | 472 | 29 | ||
TOTAL COMPREHENSIVE LOSS | $(4,345) | $(1,983) | $(8,622) | $(2,896) | ||
Weighted average number of common shares outstanding | 101,216,367 | 49,236,843 | 101,139,935 | 49,236,843 | ||
Loss per share - basic | $(0.05) | $(0.04) | $(0.09) | $(0.06) | ||
Loss per share - diluted | $(0.05) | $(0.04) | $(0.09) | $(0.06) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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WILDPACK BEVERAGE INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Expressed in thousands of United States Dollars, except for share data)
Share capital | ||||||||||||
Retained | ||||||||||||
Number of | Contributed | Equity | Accumulated | earnings | ||||||||
Note | shares | Amount | surplus | reserve | OCI | (deficit) | Total | |||||
At January 1, 2021 | 43,306,494 | $5,067 | $66 | $2,695 | $(108) | $(5,997) | $1,723 | |||||
Safe agreements converted into shares | 15 | 8,302,294 | 4,006 | - | (1,239) | - | - | 2,767 | ||||
Amalgamation of Ponderous Panda Capital Corp. | 15 | 5,690,737 | 2,490 | - | (1,456) | - | - | 1,034 | ||||
Private Placement - May 2021 | 15 | 9,532,688 | 4,607 | 1,056 | - | - | - | 5,663 | ||||
Debenture Warrants - June 2021 | 14 | - | - | 587 | - | - | - | 587 | ||||
Shares issued through option exercises | 15 | 22,646 | 21 | (6) | 15 | |||||||
Options granted to employees | 15 | - | - | 351 | - | - | - | 351 | ||||
Restricted stock units issued | 15 | - | - | 32 | - | - | - | 32 | ||||
Loss for the period | - | - | - | - | - | (2,927) | (2,927) | |||||
Other comprehensive loss - cumulative | ||||||||||||
translation loss | - | - | - | - | 29 | - | 29 | |||||
At June 30, 2021 | 66,854,859 | $16,191 | $2,086 | $- | $(79) | $(8,924) | $9,274 | |||||
At January 1, 2022 | 100,981,921 | $36,001 | $4,924 | $675 | $(540) | $(19,696) | $21,364 | |||||
Shares issued for restricted stock units | 15 | 274,445 | 104 | (104) | - | - | - | - | ||||
Share‐based payments | 15 | - | - | 181 | - | - | - | 181 | ||||
Debenture warrants - March 2022 | 14 | - | - | 14 | - | - | - | 14 | ||||
Loss for the period | - | - | - | - | - | (9,094) | (9,094) | |||||
Other comprehensive loss - cumulative | ||||||||||||
translation loss | - | - | - | - | 472 | - | 472 | |||||
At June 30, 2022 | 101,256,366 | $36,105 | $5,015 | $675 | $(68) | $(28,790) | $12,937 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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Wildpack Beverage Inc. published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 16:20:02 UTC.