SpeakEasy Cannabis Reports Q3 Revenues Of $0.9 Million, Net Loss Of $7.4 Million
SpeakEasy Cannabis Club Ltd. (CSE: EASY) today announced the company’s unaudited results for the quarter ended April 30, 2021. Oddly, the firms news release was entirely focused on the nine month period, rather than the quarterly results.
Revenues for the quarter amounted to a total of $925,550, with revenues coming from the sale of goods as well as services. The company posted a gross profit of $365,120 for the period before fair value adjustments, following cost of sales of $560,430.
Operating expenses meanwhile amounted to $2.4 million, lead primarily by office and general expenses of $0.7 million, followed by interest expenses of $0.3 million and advertising and promotion expenses of $0.3 million.
The company posted a net loss of $7.4 million for the three month period, a result of a significant impact from an unrealized loss on changes in the fair value of biological assets, to the tune of $4.9 million. The latter appears to “even out” over the nine month period, perhaps providing justification for why the firm elected to structure its news release in such a manner.
SpeakEasy reported cash of $2.7 million, along with working capital of $11,246,092.00 as of April 30, the latter of which was largely bolstered by inventory of $11.4 million.. The company’s total assets are currently valued at $36,394,764.00, and total liabilities came to a total of $9,432,914.00.
SpeakEasy Cannabis Club Ltd. last traded on the CSE at $0.60.
Information for this briefing was found via Sedar and Speakeasy Cannabis Club. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
