(1) Gross Profit (as a % of revenues) would have been 42.2% and 35.7% not including a one-time non-cash write down of inventory for $8,600 and $208,247 respectively for the three and nine month period ending September 30, 2023.
The net income (loss) and comprehensive income (loss) for the three and nine months ended September 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 $8,600 and $208,247, and an impairment loss on notes receivable of $104,780 and $104,780 respectively. The net income (loss) and comprehensive income (loss) for the three and nine months period ended September 30, 2023 would otherwise have been a loss of $5,333,505 for the net income (loss), and a loss of $5,416,868 for the comprehensive income (loss), and a loss of $19,167,762 for the net income (loss), and a loss of $19,262,342 for the comprehensive income (loss), respectively.
| As at |
September 30,
2023 | December 31, 2022 | ||||||
| Total assets | $ | 9,137,920 | $ | 14,638,533 | ||||
| Working capital | 2,666,375 | 10,168,800 | ||||||
| Total non-current liabilities | 606,087 | 249,740 | ||||||
| Shareholders’ equity | $ | 3,927,124 | $ | 11,040,881 | ||||
| Number of shares outstanding | 43,850,243 | 34,270,579 | ||||||
| 2023 Q3 | 2023 Q2 | 2022 Q3 | ||||||||||
| Revenue | $ | 2,138,017 | $ | 1,899,039 | $ | 1,876,221 | ||||||
| Cost of goods sold(2) | $ | (1,243,334 | ) | $ | (1,431,922 | ) | $ | (1,249,313 | ) | |||
| Gross profit(3) | $ | 894,683 | $ | 467,117 | $ | 626,908 | ||||||
| Gross margin – percentage | 41.8 | % | 24.6 | % | 33.4 | % | ||||||
| Operating expenses | $ | (6,356,139 | ) | $ | (7,234,035 | ) | $ | (7,007,691 | ) | |||
| Operating income (loss) | $ | (5,461,456 | ) | $ | (6,766,918 | ) | $ | (6,380,783 | ) | |||
| Operating loss per share - basic | $ | (0.13 | ) | $ | (0.16 | ) | $ | (0.19 | ) | |||
| Operating loss per share - diluted | $ | (0.13 | ) | $ | (0.16 | ) | $ | (0.19 | ) | |||
| Other income (expense) | $ | 14,571 | $ | (142,046 | ) | $ | 1,039,968 | |||||
| Change in fair value of derivative liability (1) | $ | - | $ | - | $ | 305,094 | ||||||
| Other comprehensive income (loss) | $ | (83,363 | ) | $ | 18,152 | $ | 348,282 | |||||
| Comprehensive income (loss) | $ | (5,530,248 | ) | $ | (6,890,812 | ) | $ | (4,992,533 | ) | |||
| Comprehensive income (loss) per share - basic | $ | (0.13 | ) | $ | (0.16 | ) | $ | (0.15 | ||||
| Comprehensive income (loss) per share - diluted | $ | (0.13 | ) | $ | (0.16 | ) | $ | (0.15 | ) | |||
