Plantable Health Inc. Announces 2021 Financial Results
New York, New York–(Newsfile Corp. – March 28, 2022) – Plantable® Health Inc. (NEO: PLBL) (“Plantable” or the “Company“), a clinically supported dietary intervention program to reverse and prevent chronic disease, today announced the financial results for the year ended December 31, 2021.
The audited year-end consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All amounts herein are expressed in United States dollars (the Company’s functional currency) unless otherwise indicated.
Summary of Financial Performance
| Year ended December 31, | 2021 | 2020 | ||||
| Revenues | $ | 1,119,284 | $ | 1,140,982 | ||
| Gross profit | $ | 182,705 | $ | 216,638 | ||
| Gross profit percentage | 16% | 19% | ||||
| Operating expenses | $ | 4,787,730 | $ | 704,645 | ||
| Comprehensive loss | $ | 4,620,164 | $ | 488,007 | ||
| Basic and diluted loss per share | $ | 0.12 | $ | 0.67 | ||
| Common shares outstanding | 63,250,000 | 15,854,903 |
During the year ended December 31, 2021, the Company completed its reverse takeover transaction with Euphebe Healthcare Inc., successfully completed its initial public offering issuing 11,250,000 units at $0.40 per unit, and raised gross proceeds of C$4.5million. On January 12, 2022, the common shares of the Company commenced trading on the NEO Exchange under the stock symbol “PLBL”.
Liquidity and Capital Resources
At December 31, 2021, the Company had cash on deposit in the amount of $3,321,966, accounts receivable of $120, prepaid expenses of $285,885 and inventory of $73,342; compared to cash on deposit in the amount of $127,238, accounts receivable of $33,168, prepaid expenses of $13,980 and inventory of $47,332 at December 31, 2020.
The working capital position of the Company at December 31, 2021 was $3,124,532, compared to a deficiency of $1,471,776 at December 31, 2020. The Company’s major source of capital during Fiscal 2021 was the IPO transaction. Going forward the Company will rely on growth from operations, as well as possible future financings to fund its activities.
Net assets of the Company improved to $3,173,249 at December 31, 2021, compared to negative $1,407,708 at December 31, 2020. At December 31, 2021, the Company had a related party loan payable of $104,033 which bears interest at 4%. The loan is to be fully repaid by December 30, 2025. There are no other long term debt instruments as of December 31, 2021.
About Plantable® Health Inc.
Plantable is a clinically supported lifestyle change program that combines behavioral psychology, neuroscience and nutritional science to transform health and wellness. Plantable drives healthy weight loss and an improvement in performance, health and well-being by bringing together plant-based meals, personalized coaching support and lifestyle tools to empower people to change their dietary habits. To view the Company’s products and become a customer, click the link here: https://plantable.com
If you are interested in investing in the Company and would like more information, click the link here: http://invest-plantable.com
Become a part of the Plantable investor community on WhatsApp by joining the link here: https://chat.whatsapp.com/CNupoG2sVitJRhzpfGJGHt
On behalf of the Board of Directors,
Dr. Nadja Pinnavaia
Chief Executive Officer
For investor inquiries please contact:
Olenka Slawski
Corporate Communications and Investor Relations
Email: Invest@plantable.com
Phone: 778-200-4926
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements as defined under applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Specifically, the references in this news release to the benefits the Company expects to gain from its 2021 Financial Results constitute forward-looking statements. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, see “Notice to Investors – Forward-Looking Information” and “Risk Factors” in the Prospectus. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118303
