VANCOUVER, BC / ACCESSWIRE / November 1, 2023 / Lotus Ventures Inc. (CSE:J)(OTC:LTTSF) (“Lotus” or the “Company“) a B.C. based licensed cannabis producer and owner of the Lotus Cannabis Co.™ brand, announced the unaudited financial and operating results for the twelve months ended August 31, 2023.
On a high note, the Company experienced a 46% increase in sales quarter over quarter and an 18% increase in sales year over year due to the continued support for our Keylime Kush flower and pre-rolls. Lotus launched its own branded Keylime Kush in January 2023 which quickly established itself as a premium offering at over 300 retail stores across British Columbia and Ontario. A timeline of sales and marketing milestones achieved during the fiscal year is listed below.
FISCAL YEAR 2023 SALES AND MARKETING MILESTONES
Q4 OPERATING OVERVIEW
SUMMARY OF QUARTERLY RESULTS
The financial results of the Company for the eight most recent quarters are summarized below:
Description
|
Three months ended Aug 31, 2023 | Three months ended May 31, 2023 | Three months ended Feb 28, 2023 | Three months ended Nov 30, 2022 | ||||||||||||
Revenues
|
$ | 751,743 | $ | 512,726 | $ | 589,172 | $ | 144,603 | ||||||||
Net income (loss)
|
$ | (635,594 | ) | $ | (340,735 | ) | $ | (131,135 | ) | $ | (765,102 | ) | ||||
Income (loss) per share, basic and diluted
|
$ | (0.01 | ) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
EBITDA
|
$ | (567,135 | ) | $ | (82,635 | ) | $ | 129,041 | $ | (505,832 | ) | |||||
Total assets
|
$ | 13,894,615 | $ | 13,828,742 | $ | 13,959,942 | $ | 13,564,565 | ||||||||
Total long-term liabilities
|
$Nil | $Nil | $Nil | $Nil | ||||||||||||
Cash dividends / share
|
$Nil | $Nil | $Nil | $Nil |
Description
|
Three months ended Aug 31, 2022 | Three months ended May 31, 2022 | Three months ended Feb 28, 2022 | Three months ended Nov 30, 2021 | ||||||||||||
Revenues
|
$ | 449,574 | $ | 459,090 | $ | 370,551 | $ | 410,568 | ||||||||
Net income (loss)
|
$ | (4,930,606 | ) | $ | (103,573 | ) | $ | 176,127 | $ | 65,293 | ||||||
Income (loss) per share, basic and diluted
|
$ | (0.05 | ) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
EBITDA
|
$ | (4,633,554 | ) | $ | 122,671 | $ | 399,757 | $ | 279,830 | |||||||
Total assets
|
$ | 13,471,193 | $ | 17,640,121 | $ | 17,678,148 | $ | 17,172,703 | ||||||||
Total long-term liabilities
|
$Nil | $Nil | $Nil | $Nil | ||||||||||||
Cash dividends / share
|
$Nil | $Nil | $Nil | $Nil |
During the twelve months ended August 31, 2023, the Company recognized a net loss of $1,872,566, compared net loss of $4,950,683 for the twelve months ended August 31, 2022.
Net loss for the twelve months ended August 31, 2023, decreased by $2,920,193 as a result of an increase in sales, gross margin, and no impairment of inventory in the current period as compared to the prior comparative period.
Significant items making up the change for the twelve months ended August 31, 2023, as compared to the year ended August 31, 2022, were as follows:
For more information regarding the fiscal year financial statements please visit sedarplus.ca.
ON BEHALF OF LOTUS VENTURES INC:
Lotus Ventures Inc.
“Dale McClanaghan”
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a B.C. based, award-winning licensed cannabis producer and the owner of the Lotus Cannabis Co.™ consumer brand. Lotus grows exclusive and rare strains like the Keylime Kush which is carried in over 300 retail stores across B.C. and Ontario.
Lotus Ventures Inc. is listed on the Canadian Securities Exchange (CSE:J) and on the OTC Markets (OTC:LTTSF).
For More Information:
President & CEO
Dale McClanaghan
dalemcclanaghan@gmail.com
(604)-644-9844
Investor Relations
Daniel McRobert
investors@lotuscannabis.ca
(604)-842-4625
To learn more, visit lotuscannabis.ca and follow the Lotus Cannabis Co.™ brand on social.
Instagram: @lotuscannabisco
Twitter: @lotuscannabisco
LinkedIn: @lotuscannabisco
Facebook: @lotuscanna
Forward-Looking Information:
This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions, or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor other communications made by the company. The words “believe,” “expect,” “anticipate,” “project,” “targets,” “optimistic,” “intend,” “aim,” “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Lotus Ventures, Inc.
View source version on accesswire.com:
https://www.accesswire.com/798563/lotus-announces-fiscal-year-results
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