LAS VEGAS and VANCOUVER, BC, June 21, 2022 /PRNewswire/ – Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) (the “Company” or “BaM”), a multi-state US cannabis operator, is pleased to report its financial results for the third fiscal quarter ended April 30, 2022.
Q3 FY2022 Financial Summary (results expressed in USD$ unless otherwise indicated):
Reported Q3 FY2022 revenue of $7.88 million, a 10% increase over Q3 FY2021 revenue of $7.16 million;
Q3 FY2022 Gross profit of $2.91 million;
Q3 FY2022 Net Operating Loss of $1.34 million;
Q3 FY2022 Net Loss of $2.46 million;
Basic and Diluted loss per share of $0.02;
Adjusted EBITDA loss of 0.78 million*;
Inventory of $4.32 million as of April 30, 2022;
At April 30, 2022, BaM had $3.71 million in cash and a working capital surplus of $2.42 million;
Total Assets were $52.99 million, Total Current Liabilities were $9.44 million and Total Liabilities were $22.70 million at April 30, 2022;
113,349,464 shares of common stock outstanding as of April 30, 2022 (113,349,464 as of June 20, 2022).
Operational Milestones for Q3 FY2022:
Amended definitive agreement for the acquisition of the Seaside dispensary to have $1.25 million of the purchase price switched from cash to common stock (see June 21, 2022 press release);
The Company took over management of Seaside