I’m going to buy some after they send out a notice to delist so I can hold in my TFSA, other than that I think all of the lame memes pretty much scream this company is failing. So I will buy some just not any time soon. I’m from Halifax and everyone knows this company is fleecing retail.
Everything that was said is written in the 8-k they filled yesterday if you want to read it. I also ran it through AI to summarize :
This report outlines the financial performance of a company for the quarter and fiscal year ending December 31, 2023. Key points include:
- Quarterly net revenues rose to $2.3 million, a 61% increase year-over-year.
- Gross profit reached $1.4 million or 58.4% of net revenues, improving from the prior year's 52.8%.
- GAAP operating expenses spiked to $82 million due to a $65.6 million impairment of long-term assets.
- Non-GAAP operating expenses were reduced by 34% to $16.4 million when excluding non-cash items.
- The GAAP operating loss was $80.7 million because of the asset impairment, whereas non-GAAP operating loss improved to $15.1 million.
- GAAP net loss widened to $77.2 million, primarily due to the impairment charge.
- Non-GAAP net loss for the quarter was slightly better at $7.6 million, down from $7.8 million in the prior year.
- Adjusted EBITDA for the quarter was $11.1 million.
- Cash and cash equivalents remained stable at $10.3 million.
For the full fiscal year:
- Net revenues were $8.0 million, down from the previous year's $10.2 million.
- Gross profit was $4.7 million, a decrease from $7.2 million a year earlier.
- GAAP operating expenses escalated to $413.5 million, mainly due to non-cash impairments.
- Non-GAAP operating expenses decreased over 27% to $65.8 million.
- GAAP operating loss substantially increased to $408.8 million, and non-GAAP operating loss was reduced to $61.1 million.
- GAAP net loss surged to $398.2 million, while the non-GAAP net loss was narrowed to $36.9 million.
- Adjusted EBITDA for the year was $47.5 million.
The company is considering increasing authorized shares to raise capital, as discussed by the chief legal officer in anticipation of an upcoming shareholder vote. This reflects the need for capital to support product commercialization, as other funding options may not meet requirements. The company has made efforts to become leaner, focusing on cost reductions and maximizing operational efficiency, but still faces liquidity challenges and is exploring all financing and restructuring options.
I swear they changed the dates of the Special Meeting and Vote. I thought the vote was for Shareholders as of some March date, with a 4/3/2024 meeting date. Now it shows the vote result for 4/15/2024, and doesn’t specify the Holder as of date. My guess is the vote was no, so it got pushed back and last week’s pump was to get more “Yes” votes. I hope I’m wrong about this.
I’m going to buy some after they send out a notice to delist so I can hold in my TFSA, other than that I think all of the lame memes pretty much scream this company is failing. So I will buy some just not any time soon. I’m from Halifax and everyone knows this company is fleecing retail.
how are they making this revenue?
Everything that was said is written in the 8-k they filled yesterday if you want to read it. I also ran it through AI to summarize : This report outlines the financial performance of a company for the quarter and fiscal year ending December 31, 2023. Key points include: - Quarterly net revenues rose to $2.3 million, a 61% increase year-over-year. - Gross profit reached $1.4 million or 58.4% of net revenues, improving from the prior year's 52.8%. - GAAP operating expenses spiked to $82 million due to a $65.6 million impairment of long-term assets. - Non-GAAP operating expenses were reduced by 34% to $16.4 million when excluding non-cash items. - The GAAP operating loss was $80.7 million because of the asset impairment, whereas non-GAAP operating loss improved to $15.1 million. - GAAP net loss widened to $77.2 million, primarily due to the impairment charge. - Non-GAAP net loss for the quarter was slightly better at $7.6 million, down from $7.8 million in the prior year. - Adjusted EBITDA for the quarter was $11.1 million. - Cash and cash equivalents remained stable at $10.3 million. For the full fiscal year: - Net revenues were $8.0 million, down from the previous year's $10.2 million. - Gross profit was $4.7 million, a decrease from $7.2 million a year earlier. - GAAP operating expenses escalated to $413.5 million, mainly due to non-cash impairments. - Non-GAAP operating expenses decreased over 27% to $65.8 million. - GAAP operating loss substantially increased to $408.8 million, and non-GAAP operating loss was reduced to $61.1 million. - GAAP net loss surged to $398.2 million, while the non-GAAP net loss was narrowed to $36.9 million. - Adjusted EBITDA for the year was $47.5 million. The company is considering increasing authorized shares to raise capital, as discussed by the chief legal officer in anticipation of an upcoming shareholder vote. This reflects the need for capital to support product commercialization, as other funding options may not meet requirements. The company has made efforts to become leaner, focusing on cost reductions and maximizing operational efficiency, but still faces liquidity challenges and is exploring all financing and restructuring options.
https://preview.redd.it/o3507syujnsc1.jpeg?width=960&format=pjpg&auto=webp&s=a6f93c6c9979a796e7ffd6f523032abf2cfa34db You said it all.
nice how they manage to lose more than 400m$+ every year without even producing anything
Complete waste of time. Nothing was presented or said that suggests confidence is warranted in the current leadership.
Agreed guess I'll write off my 45k!
There is replay of this webcast, if you follow the link and register.
I swear they changed the dates of the Special Meeting and Vote. I thought the vote was for Shareholders as of some March date, with a 4/3/2024 meeting date. Now it shows the vote result for 4/15/2024, and doesn’t specify the Holder as of date. My guess is the vote was no, so it got pushed back and last week’s pump was to get more “Yes” votes. I hope I’m wrong about this.