Aug 02, 2022 (ACCESSWIRE via COMTEX) -- VANCOUVER, BC / ACCESSWIRE / August 2, 2022 / Lotus Ventures Inc.VANCOUVER, BC("Lotus" or the "Company"), a licensed cannabis producer and wholesaler of premium cannabis announced today financial results for the three and nine months ended May 31, 2022.
Financial Results for the Nine Months Ended:
The Company recorded revenue of $1.2 million compared to $4.2 million in the same period in the prior year. The Company addressed the slowdown in its B2B wholesale business as well as its updated sales and marketing strategy moving into the next quarters in its press release dated July 27, 2022.
The Company's gross margin (before fair value adjustments) remained strong at 33% with its gross margin (after fair value adjustments) at 71%.
The Company recorded a positive net income of $137 thousand for the nine-month period compared to $198 thousand in the same period in the prior year. The positive net income was assisted by the government grant the Company received during the nine months.
The Company has not completed any equity private placements in the past nine months and has kept its outstanding shares at 89.9 million.
SUMMARY OF QUARTERLY RESULTS:
During the nine months ended May 31, 2022, the Company had net income of $137,848 (2021 - $198,472). The financial results of the Company for the four most recent quarters are summarized below:
|Description||Three months ended May 31, 2022||Three months ended||Three months ended Nov 30, 2021||Three months ended Aug 31, 2021|
|Net income (loss)||($103,573)||$176,127||$65,293||$42,625|
|Income (loss) per share, basic and diluted||$0.00||$0.00||$0.00||$0.00|
|Total long-term liabilities||$Nil||$Nil||$Nil||$Nil|
|Cash dividends / share||$Nil||$Nil||$Nil||$Nil|
The Financial Statements and accompanying Management Discussion and Analysis for the nine months ended May 31, 2022 are available on sedar.com
ON BEHALF OF THE BOARD:
Lotus Ventures Inc.
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a BC-based licensed producer and wholesaler of premium cannabis. Lotus owns and operates the consumer brand Lotus Cannabis Co. [™] , which has had its flower sold by wholesale partners in nine Canadian provinces to date, not including Quebec. Lotus is an experienced cultivator in the North Okanagan and the Lotus flower is currently sold in BC and Ontario by Kolab Project.
To invest in the Company, Lotus Ventures Inc. is listed on the Canadian Securities Exchange under the symbol J and on the OTC Markets under the symbol LTTSF.
For Further Information:
President & CEO