Friday, October 24, 2025

Latest

TGOD CEO Quits, Company Posts Q3 Loss Of $76.2 Million

The Green Organic Dutchman (TSX: TGOD) is under new leadership. The company announced this evening in connection with its third quarter 2020 financial statements that CEO Brian Athaide has “left his positions” as CEO and a director. The current CFO, Sean Bovingdon, is to take over the role on an interim basis.

TGOD's Logo

The financial results put forth by the company in the third quarter leave much to be desired, with the company posting net revenues of $4.9 million for the period ended September 30, 2020, an increase from $4.4 million in the prior quarter. The net loss meanwhile amounted to $76.2 million following impairments that were made during the quarter.

The company posted a gross profit of $1.6 million during the quarter before fair value biological adjustments, as compared to $0.4 million in the previous quarter. The company remains nowhere near profitability however with total operating expenses amounting to $10.3 million, more than double net revenues posted during the period.

Operating expenses largely comprised of general and administrative expenses of $5.0 million, followed by sales and marketing at $2.3 million and depreciation and amortization of $2.3 million. The loss was then further extended by a number of other expenses, including a $67.8 million impairment charge on assets and $0.9 million in financing costs, bringing the total net loss to $76.2 million.

Impairments made during the quarter were primarily related to property plant and equipment writedowns following the failure of certain energy related equipment in July and August, which then impact the quality of flower being outputted by the facilities.

Looking to the balance sheet, the firms cash position declined from $18.8 million to that of $4.1 million, justifying the financing conducted in October for $12.8 million. Prepaids and deposits also declined, falling from $7.9 million to that of $2.8 million. Inventory meanwhile rose from $13.9 million to $18.2 million, with current inventory levels representing several quarters worth of sales at the current run rate. Total current assets overall fell from $50.3 million to $34.4 million over the course of the quarter.

Notably however, accounts payable also declined during the quarter, falling to $24.0 million from $32.7 million, while current portions of loans inched up marginally from $28.6 million to $29.1 million. Due to related parties meanwhile fell from $0.3 million to nil. Total current labilities overall fell from $62.6 million to that of $54.2 million.

The Green Organic Dutchman last traded at $0.27 on the TSX.


Information for this briefing was found via Sedar and The Green Organic Dutchman. 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.

One Response

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

TGOD, Revenue Decreases, Liquidity Issues Loom, Black Thursday Continues

This evening The Green Organic Dutchman (TSE: TGOD) released quarterly earnings and they weren’t much...

Thursday, November 14, 2019, 08:28:12 PM

Green Organic Dutchman Secures $23 Million Sale Leaseback, Signs Two Non-Binding Term Sheets

The Green Organic Dutchman (TSX: TGOD) announced thi morn ing that the firm has secured...

Thursday, November 14, 2019, 09:07:09 AM

Illustrated: Cannabis Earnings Week for the Third Quarter of 2019

This past week, as many are aware, was the week of cannabis earnings season. The...

Saturday, November 16, 2019, 08:00:23 AM

TGOD Set To Acquire Canadian Cannabis Firm In All-Stock Deal

Months after stepping off of the TSX to that of the CSE, The Green Organic...

Monday, November 1, 2021, 07:56:38 AM

The Green Organic Dutchman Walks From $63 Million in Financing, Sources $26.7 Million in Secured Loans

The Green Organic Dutchman (TSX: TGOD) has lost two proposed sources of funding. The firm...

Friday, December 13, 2019, 08:41:34 AM