(1) Gross Profit (as a % of revenues) would have been 31.1% and 31.7% not including a one-time non-cash write down of inventory for $122,600 and $199,647 respectively for the three and six month period ending June 30, 2023.
The net income (loss) and comprehensive income (loss) for the three and six months ended June 30, 2023, includes non-cash changes comprised of a change in fair value of derivative liability of $nil and $57,314, a write down of inventory of $122,600 and $199,647 respectively. The net income (loss) and comprehensive income (loss) for the three and six months period ended June 30, 2023 would otherwise have been a loss of $6,786,364 for the net income (loss), and a loss of $6,768,212 for the comprehensive income (loss), and a loss of $13,834,257 for the net income (loss), and a loss of $13,845,474 for the comprehensive income (loss), respectively.
| As at | June 30, 2023 | December 31, 2022 | ||
| Total assets | $ | 12,662,622 | $ | 14,638,533 |
| Working capital | 7,513,011 | 10,168,800 | ||
| Total non-current liabilities | 602,526 | 249,740 | ||
| Shareholders’ equity | $ | 8,748,400 | $ | 11,040,881 |
| Number of shares outstanding | 43,339,962 | 34,270,579 |
| 2023 Q2 | 2023 Q1 | 2022 Q2 | |||||||
| Revenue | $ | 1,899,039 | $ | 1,601,486 | $ | 2,370,115 | |||
| Cost of goods sold (2) | $ | (1,431,922 | ) | $ | (1,158,052 | ) | $ | (1,356,526 | ) |
| Gross profit (3) | $ | 467,117 | $ | 443,434 | $ | (1,013,589 | ) | ||
| Gross margin – percentage | 24.6 | % | 27.7 | % | 42.8 | % | |||
| Operating expenses | $ | (7,234,035 | ) | $ | (7,608,133 | ) | $ | (7,176,445 | ) |
| Operating income (loss) | $ | (6,766,918 | ) | $ | (7,164,699 | ) | $ | (6,162,856 | ) |
| Operating loss per share - basic | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.19 | ) |
| Operating loss per share - diluted | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.19 | ) |
| Other income (expense) | $ | (142,046 | ) | $ | 97,073 | $ | 6,638,171 | ||
| Change in fair value of derivative liability (1) | $ | - | $ | 57,314 | $ | 6,094,438 | |||
| Other comprehensive income (loss) | $ | 18,152 | $ | (29,369 | ) | $ | 165,009 | ||
| Comprehensive income (loss) | $ | (6,890,812 | ) | $ | (7,096,995 | ) | $ | 640,324 | |
| Comprehensive income (loss) per share - basic | $ | (0.16 | ) | $ | (0.20 | ) | $ | 0.02 | |
| Comprehensive income (loss) per share - diluted | $ | (0.16 | ) | $ | (0.20 | ) | $ | 0.02 | |
