REG - Yooma Wellness Inc. - Yooma Wellness Reports Results for Q2 2022
30/08/2022 07:16
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RNS Number : 4737X Yooma Wellness Inc. 30 August 2022
30 August 2022
Yooma Wellness Inc.
('Yooma' or the 'Company' or the 'Group')
Yooma Wellness Reports Results for Second Quarter of 2022
Yooma Wellness Inc. (CSE: YOOM, AQSE:YOOM), a Toronto-based
vertically-integrated global wellness platform that develops and markets a
portfolio of wellness brands, today released its interim financial statements
(the "Financial Statements") for the three and six-month periods ended June
30, 2022 and June 30, 2021 (the three-month period ended June 30, 2022, the
"Reporting Period"). A summary of Yooma's financial highlights during the
Reporting Period are set out below. More detailed information is contained
in the Financial Statements and related Management Discussion and Analysis,
which are available on Yooma's SEDAR page at www.sedar.com
(http://www.sedar.com) .
Jordan Greenberg, CEO at Yooma, commented: "Vitality CBD in Europe and Vertex
Co. in Japan are continuing to perform, and our revenues and gross profit have
both significantly increased, year-over-year. We are also starting to see some
early results from the streamlining and rationalization exercise that we
undertook earlier this year in the form of reduced expenses for the quarter, a
trend that we expect will continue in the near-term as our efforts continue.
The Company also continues to explore opportunities for the sale of assets or
further M&A if financing can be secured on acceptable terms."
Selected Financial Highlights (Q2 2022)
During the Reporting Period, the Company generated revenues of US$3.3 million,
but experienced comprehensive losses of US$1.2 million, reflecting, among
other things, cost of sales of US$2.3 million and expenses of US$2.3
million. The significant year-over-year increase in revenues and cost of
sales reflects the six significant acquisitions completed by Yooma in 2021,
which expanded Yooma's global platform, particularly in Europe and Japan.
The decrease in year-over-year expenses was driven primarily by reduced
transactional activity during the Reporting Period, as compared to the same
period last year, as well as the shut-down of some of Yooma's less profitable
operations in the United States and ongoing efforts to rationalize and
streamline Yooma's global platform.
All amounts in USD. For the three month period ended For the three month period ended For the six month period ended For the six month period ended
June 30, June 30, June 30, June 30,
2022 2021 2022 2021
Revenue $ 3,286,281 $ 2,177,337 $ 6,488,745 $ 2,781,017
Cost of sales (2,319,453) (1,934,628) (4,738,472) (2,208,155)
Gross profit $ 966,827 $ 242,709 $ 1,750,274 $ 572,862
Expenses
Depreciation and amortization $ 71,436 $ 212,669 $ 445,702 $ 231,523
Consulting fees 142,428 227,566 299,195 390,689
Professional fees 135,640 511,931 332,903 901,727
Listing expense - - - 960,725
Stock-Based compensation 201,643 52,304 362,415 99,601
Loss on disposition of capital assets 981,904 - 981,904 -
Assets write-off - 134,810 - 134,810
Debt forgiveness (437,556) - (437,556) -
Fair value adjustment on discounted purchase price 111,834 - 328,412 -
Office and administrative 1,219,716 2,307,476 3,884,331 3,485,700
Liability warrants fair value adjustment (98,395) - (142,782) -
Other income (37,605) (10,374) (86,743) (62,848)
2,291,047 3,436,382 5,967,782 6,141,927
Deferred Income tax recovery 196,011 392,023
- -
Net loss $ (1,128,208) $ (3,193,674) $ (3,825,485) $ (5,569,066)
Other comprehensive loss
Foreign currency translation (67,753) - (464,700) -
- -
Comprehensive loss $ (1,195,961) $ (3,193,674) $ (4,290,185) $ (5,569,066)
Loss per share - basic and diluted: $ (0.01) $ (0.04) $ (0.04) $ (0.12)
Weighted average number of common shares outstanding - basic and diluted: 100,859,744 75,540,765 100,859,744 46,977,197
About Yooma Wellness Inc.
Yooma's mission is to build a global leader in the marketing, distribution,
and sale of wellness products including hemp seed oil and hemp-derived and
cannabinoid (CBD) ingredients. The company leverages strategically curated
sales channels and ecommerce networks to deliver a diverse mix of wellness
products through operating subsidiaries in the United
Kingdom, France and Japan. Learn more at www.yooma.ca
(https://c212.net/c/link/?t=0&l=en&o=3200800-1&h=3290795059&u=http://www.yooma.ca/&a=www.yooma.ca%22%20%5Ct%20%22_blank)
.
Issuer Contact:
Jordan Greenberg, CEO
Email: jgreenberg@yooma.ca (mailto:jgreenberg@yooma.ca)
Phone: 1-512-823-1678
The directors of the company accept responsibility for the contents of this
announcement.
For further information, please contact:
Yooma Wellness Inc. Via Buchanan
Jordan Greenberg
AQSE Corporate Adviser:
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0930
Guy Miller / Mark Anwyl Tel: +44 (0) 7990 139 093
Media Enquiries Tel: +44 (0) 20 7466 5000
Buchanan yooma@buchanan.uk.com (mailto:yooma@buchanan.uk.com)
Henry Harrison-Topham / Jamie Hooper
Ariadna Peretz / George Beale
Notice regarding Forward Looking Statements
All information included in this press release, including any information as
to future financial or operating performance and other statements of Yooma
that express management's expectations or estimates of future performance or
activities, other than statements of historical fact, constitute
forward-looking information or forward-looking statements (collectively,
"forward-looking statements") within the meaning of applicable securities laws
and are based on expectations, estimates and projections as of the date
hereof. Forward-looking statements are included for the purpose of providing
information about management's current expectations and plans relating to the
future. Wherever possible, words such as "will", "intend", "believe",
"future", "go forward", "to become", "pursuit", "pursuing", "potential",
"plan", "to enter", "continues to" or the negative of these words or other
variations thereof, have been used to identify such forward-looking
information. Specific forward-looking statements include, without limitation,
all disclosure regarding future results of operations, economic conditions and
anticipated courses of action, including statements about Yooma's mission and
strategic plan; its ongoing strategic review; and the nature and focus of
Yooma's business going forward.
There are many risks and uncertainties that may affect forward-looking
statements including, among others, regulatory risk in each jurisdiction in
which Yooma does or intends to operate; the uncertainties, effects of and
responses to the COVID-19 pandemic; reliance on licenses; competition;
dependence on senior management and key personnel; general business risk and
liability; regulation of the CBD industry; changes in laws, regulations and
guidelines; compliance with laws; limited operating history; unfavourable
publicity or consumer perception; product liability, risks related to
intellectual property; product recalls; difficulties with forecasts;
management of growth; litigation; Yooma's ability to effectively integrate
existing and future acquisition targets into its platform; the effects of
competition in the industry; the requirement for increasingly innovative
product solutions and service offerings; trends in customer growth; the
availability of financing to support future growth, transactional activity and
operations; sufficiency of current working capital to support future operating
and working capital requirements; and other matters which are beyond the
control of Yooma. Although the forward-looking statements contained herein
reflect management's current beliefs and reasonable assumptions based upon
information available to management as of the date hereof, Yooma cannot be
certain that actual results will be consistent with such forward-looking
information. Yooma cautions you not to place undue reliance upon any such
forward-looking statements. Yooma disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by applicable law.
Nothing herein should be construed as either an offer to sell or a
solicitation to buy or sell securities of Yooma.
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