Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Planet 13 Announces Q4 and Full Year 2021 Financial Results By: Planet 13 Holdings via AccessWire March 28, 2022 at 16:45 PM EDT Q4 2021 revenue of $29.9 million, up 48% compared to Q4 2020Q4 2021 net loss of $5.1 million, compared to net loss of $18.2 million in Q4 2020Q4 2021 Adjusted EBITDA [1] of $1.9 millionFull year 2021 revenue of $119.5 million, up 70% compared to full year 2020Full year 2021 net loss of $19.5 million, compared to net loss of $25.0 million in full year 2020Full year 2021 Adjusted EBITDA of $16.9 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / March 28, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (" Planet 13 " or the " Company "), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month period ended December 31, 2021. On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date. As such, Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2]," said Larry Scheffler, Co-CEO of Planet 13. "Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.""Over the last couple months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we've acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online," commented Bob Groesbeck, Co-CEO of Planet 13 . "In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13's California fans."Financial Highlights - Q4 - 2021Operating ResultsAll comparisons below are to the quarter ended December 31, 2020, unless otherwise notedRevenues were $29.9 million as compared to $20.1 million, an increase of 48%Gross profit was $16.2 million or 54.3% as compared to $8.6 million or 42.7%Net loss before taxes of $1.3 million as compared to a net loss of $18.7 millionNet loss of $5.1 million as compared to a net loss of $18.2 millionAdjusted EBITDA of $1.9 million as compared to Adjusted EBITDA of $0.4 millionFinancial Highlights - Full Year 2021Operating ResultsAll comparisons below are to the full year ended December 31, 2020, unless otherwise notedRevenues were $119.5 million as compared to $70.5 million, an increase of 70%Gross profit was $66.0 million or 55.2% as compared to $35.1 million or 49.8%Net loss before taxes of $6.0 million as compared to a net loss of $17.9 millionNet loss of $19.5 million as compared to a net loss of $25.0 millionAdjusted EBITDA of $16.9 million as compared to Adjusted EBITDA of $6.7 millionBalance SheetAll comparisons below are to December 31, 2020, unless otherwise notedCash of $61.6 million as compared to $79.0 millionTotal assets of $216.8 million as compared to $150.0 millionTotal liabilities of $43.1 million as compared to $43.1 millionQ4 Highlights and Recent DevelopmentsOn October 1, 2021, Planet 13 announced the closing of its acquisition of a Florida cannabis license.On December 15, 2021, Planet 13 announced that CANN launched a shop-in-shop in its Planet 13 Las Vegas dispensary.On December 20, 2021, Planet 13 announced its proposed acquisition of Next Green Wave Holdings Inc. ("NGW ").On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of NGW.On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.Results of Operations (Summary)The following table sets forth consolidated statements of financial information for the three-and twelve-month periods ended December 31, 2021 and December 31, 2020.Results of Operations(Figures in Millions and % change based on these figures) For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Total Revenue $29.9 $20.1 48% $119.5 $70.5 70%Gross Profit $16.2 $8.6 89% $66.0 $35.1 88%Gross Profit % 54.3% 42.7% 27% 55.2% 49.8% 11%Net income (Loss) Before Provision for Income Taxes $-1.3 $-18.7 -93% $-6.0 $-17.9 -67%Net income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%The Company's Annual Report on Form 10-K for the year ended December 31, 2021, is available on the SEC's website or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, March 28, 2022 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: March 28, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 130262Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 44955(Available for 2 weeks)Listen to webcast: https://bit.ly/36xnAjqNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA, Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and the Company calculates Adjusted EBITDA as EBITDA before share-based compensation and the change in fair value of warrants.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 Change December 31, 2021 December 31, 2020 Change (Figures in Millions and % change based on these figures) Net Income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Add impact of: Interest expense, $0.0 $0.0 295% $0.0 $0.0 -24%Provision for income taxes $3.8 $-0.5 -909% $13.5 $7.1 90%Depreciation and amortization $2.0 $0.9 118% $5.3 $3.7 45%Depreciation included in cost of goods sold $0.5 $0.5 18% $1.9 $1.6 18%EBITDA 1.3 $-17.3 -107% $1.3 $-12.6 -110%Change in fair value of warrants $-2.7 $17.2 -116% $0.0 $16.8 -100%Share-based compensation and related premiums $3.4 $0.5 564% $15.6 $2.5 520%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap and securing our next growth opportunities, growing consumer awareness of our Orange County location, and bringing our portfolio of brands to Planet 13's California fans.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.[2] https://tax.nv.gov/Publications/Cannabis_Statistics_and_Reports/[3] https://www.cdtfa.ca.gov/dataportal/charts.htm?url=CannabisTaxRevenuesCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONPlanet 13 Holdings, Inc.Consolidated Balance Sheets(In United States Dollars) December 31, December 31, 2021 2020 ASSETS Current Assets: Cash $61,588,843 $79,000,850 Accounts Receivable 1,216,128 436,874 Inventory 14,225,369 6,919,840 Prepaid Expenses and Other Current Assets 3,977,524 2,198,005 Total Current Assets 81,007,864 88,555,569 Property and Equipment 50,778,277 32,073,925 Intangible Assets 63,398,007 7,551,141 Right of Use Assets - Operating 20,399,965 20,497,895 Right of Use Assets - Finance - 44,672 Long-term Deposits and Other Assets 1,061,879 1,054,443 Deferred Tax Asset 162,804 - TOTAL ASSETS $216,808,796 $149,777,645 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current: Accounts Payable $3,266,783 $1,681,027 Accrued Expenses 7,032,620 2,844,714 Income Taxes Payable 1,126,249 1,446,235 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 423,573 161,021 Finance Lease Liabilities - 46,372 Total Current Liabilities 12,733,225 7,063,369 Long-Term Liabilities: Operating Lease Liabilities 23,134,012 22,365,892 Warranty Liability 7,206,049 13,204,211 Other Long-term Liabilities 28,000 28,000 Deferred Tax Liability - 410,359 Total Liabilities 43,101,286 43,071,831 Commitments and Contingencies Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 198,687,950 issued and outstanding at December 31, 2021 and 126,573,250 at December 31, 2020 - - Class A Restricted Shares, no par value, unlimited Class A Restricted Shares authorized, 0 issued and outstanding at December 31, 2021 and 55,232,940 at December 31, 2020 - - Additional Paid-In Capital 245,861,704 159,399,056 Retained Earnings (Deficit) (72,154,194) (52,693,242)Total Shareholders Equity 173,707,510 106,705,814 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $216,808,796 $149,777,645 CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) December 31, 2021 2020 Revenues, net of discounts $119,493,435 $70,491,280 Cost of Goods Sold (53,485,458) (35,394,019)Gross Profit 66,007,977 35,097,261 Expenses: General and Administrative 59,928,356 27,416,166 Sales and Marketing 5,969,792 3,305,639 Lease Expense 2,608,016 2,114,743 Depreciation and Amortization 5,335,055 3,674,907 Total Expenses 73,841,219 36,511,455 Income (Loss) From Operations (7,833,242) (1,414,194) Other Income (Expense): Interest expense, net (16,984) (22,202)Foreign exchange gain (loss) 1,662,679 398,524 Transaction costs (256,667) (275,250)Change in fair value of warrant liability 7,520 (16,805,941)Other Income, net 454,300 216,850 Total Other Expense 1,850,848 (16,488,019) Loss Before Provision for Income Taxes (5,982,394) (17,902,213) Provision For Income Taxes Current Tax Expense (13,954,784) (7,239,936)Deferred Tax Recovery 476,226 133,420 (13,478,558) (7,106,516) Net Loss $(19,460,952) $(25,008,729) Loss per Share Basic and diluted loss per share $(0.10) $(0.16) Weighted Average Number of Common Shares Basic and diluted 195,126,972 151,825,439 CONSOLIDATED STATEMENTS OF CASH FLOWS December 31, 2021 December 31, 2020 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(19,460,952) $(25,008,729)Adjustments for items not involving cash: Shared based compensation expense 15,576,643 2,512,568 Non-cash lease expense 4,485,919 3,539,018 Depreciation 7,213,096 5,269,627 Loss on disposal of assets - - Change in fair value of warrant liability (7,520) 16,805,941 (Gain) loss on translation of warrant liability 100,637 (293,450)Transaction costs 256,667 275,250 Deferred tax liability (410,359) (133,420)Unrealized (gain) loss on foreign currency exchange (185,916) (542,000) 7,568,215 2,424,805 Net Changes in Non-cash Working Capital Items (4,589,077) (3,776,652)Repayment of lease liabilities (3,359,021) (2,337,006)Total Operating (379,883) (3,688,853) FINANCING ACTIVITIES Proceeds from private placements 53,852,980 48,125,129 Proceeds from exercise of warrants and options 14,180,009 32,871,439 Financing issuance expenses (3,494,930) (3,660,589)Total Financing 64,538,059 77,335,979 INVESTING ACTIVITIES Purchase of property, plant and equipment (25,909,880) (4,481,058)Purchase of licenses (55,846,866) (3,550,400)Total Investing (81,756,746) (8,031,458) Effect of foreign exchange on cash 186,563 570,470 NET CHANGE IN CASH DURING THE YEAR (17,412,007) 66,186,138 CASH Beginning of Year 79,000,850 12,814,712 End of Year $61,588,843 $79,000,850 SOURCE: Planet 13 HoldingsView source version on accesswire.com: https://www.accesswire.com/694906/Planet-13-Announces-Q4-and-Full-Year-2021-Financial-Results Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Planet 13 Announces Q4 and Full Year 2021 Financial Results By: Planet 13 Holdings via AccessWire March 28, 2022 at 16:45 PM EDT Q4 2021 revenue of $29.9 million, up 48% compared to Q4 2020Q4 2021 net loss of $5.1 million, compared to net loss of $18.2 million in Q4 2020Q4 2021 Adjusted EBITDA [1] of $1.9 millionFull year 2021 revenue of $119.5 million, up 70% compared to full year 2020Full year 2021 net loss of $19.5 million, compared to net loss of $25.0 million in full year 2020Full year 2021 Adjusted EBITDA of $16.9 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / March 28, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (" Planet 13 " or the " Company "), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month period ended December 31, 2021. On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date. As such, Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2]," said Larry Scheffler, Co-CEO of Planet 13. "Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.""Over the last couple months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we've acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online," commented Bob Groesbeck, Co-CEO of Planet 13 . "In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13's California fans."Financial Highlights - Q4 - 2021Operating ResultsAll comparisons below are to the quarter ended December 31, 2020, unless otherwise notedRevenues were $29.9 million as compared to $20.1 million, an increase of 48%Gross profit was $16.2 million or 54.3% as compared to $8.6 million or 42.7%Net loss before taxes of $1.3 million as compared to a net loss of $18.7 millionNet loss of $5.1 million as compared to a net loss of $18.2 millionAdjusted EBITDA of $1.9 million as compared to Adjusted EBITDA of $0.4 millionFinancial Highlights - Full Year 2021Operating ResultsAll comparisons below are to the full year ended December 31, 2020, unless otherwise notedRevenues were $119.5 million as compared to $70.5 million, an increase of 70%Gross profit was $66.0 million or 55.2% as compared to $35.1 million or 49.8%Net loss before taxes of $6.0 million as compared to a net loss of $17.9 millionNet loss of $19.5 million as compared to a net loss of $25.0 millionAdjusted EBITDA of $16.9 million as compared to Adjusted EBITDA of $6.7 millionBalance SheetAll comparisons below are to December 31, 2020, unless otherwise notedCash of $61.6 million as compared to $79.0 millionTotal assets of $216.8 million as compared to $150.0 millionTotal liabilities of $43.1 million as compared to $43.1 millionQ4 Highlights and Recent DevelopmentsOn October 1, 2021, Planet 13 announced the closing of its acquisition of a Florida cannabis license.On December 15, 2021, Planet 13 announced that CANN launched a shop-in-shop in its Planet 13 Las Vegas dispensary.On December 20, 2021, Planet 13 announced its proposed acquisition of Next Green Wave Holdings Inc. ("NGW ").On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of NGW.On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.Results of Operations (Summary)The following table sets forth consolidated statements of financial information for the three-and twelve-month periods ended December 31, 2021 and December 31, 2020.Results of Operations(Figures in Millions and % change based on these figures) For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Total Revenue $29.9 $20.1 48% $119.5 $70.5 70%Gross Profit $16.2 $8.6 89% $66.0 $35.1 88%Gross Profit % 54.3% 42.7% 27% 55.2% 49.8% 11%Net income (Loss) Before Provision for Income Taxes $-1.3 $-18.7 -93% $-6.0 $-17.9 -67%Net income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%The Company's Annual Report on Form 10-K for the year ended December 31, 2021, is available on the SEC's website or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, March 28, 2022 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: March 28, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 130262Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 44955(Available for 2 weeks)Listen to webcast: https://bit.ly/36xnAjqNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA, Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and the Company calculates Adjusted EBITDA as EBITDA before share-based compensation and the change in fair value of warrants.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 Change December 31, 2021 December 31, 2020 Change (Figures in Millions and % change based on these figures) Net Income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Add impact of: Interest expense, $0.0 $0.0 295% $0.0 $0.0 -24%Provision for income taxes $3.8 $-0.5 -909% $13.5 $7.1 90%Depreciation and amortization $2.0 $0.9 118% $5.3 $3.7 45%Depreciation included in cost of goods sold $0.5 $0.5 18% $1.9 $1.6 18%EBITDA 1.3 $-17.3 -107% $1.3 $-12.6 -110%Change in fair value of warrants $-2.7 $17.2 -116% $0.0 $16.8 -100%Share-based compensation and related premiums $3.4 $0.5 564% $15.6 $2.5 520%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap and securing our next growth opportunities, growing consumer awareness of our Orange County location, and bringing our portfolio of brands to Planet 13's California fans.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.[2] https://tax.nv.gov/Publications/Cannabis_Statistics_and_Reports/[3] https://www.cdtfa.ca.gov/dataportal/charts.htm?url=CannabisTaxRevenuesCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONPlanet 13 Holdings, Inc.Consolidated Balance Sheets(In United States Dollars) December 31, December 31, 2021 2020 ASSETS Current Assets: Cash $61,588,843 $79,000,850 Accounts Receivable 1,216,128 436,874 Inventory 14,225,369 6,919,840 Prepaid Expenses and Other Current Assets 3,977,524 2,198,005 Total Current Assets 81,007,864 88,555,569 Property and Equipment 50,778,277 32,073,925 Intangible Assets 63,398,007 7,551,141 Right of Use Assets - Operating 20,399,965 20,497,895 Right of Use Assets - Finance - 44,672 Long-term Deposits and Other Assets 1,061,879 1,054,443 Deferred Tax Asset 162,804 - TOTAL ASSETS $216,808,796 $149,777,645 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current: Accounts Payable $3,266,783 $1,681,027 Accrued Expenses 7,032,620 2,844,714 Income Taxes Payable 1,126,249 1,446,235 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 423,573 161,021 Finance Lease Liabilities - 46,372 Total Current Liabilities 12,733,225 7,063,369 Long-Term Liabilities: Operating Lease Liabilities 23,134,012 22,365,892 Warranty Liability 7,206,049 13,204,211 Other Long-term Liabilities 28,000 28,000 Deferred Tax Liability - 410,359 Total Liabilities 43,101,286 43,071,831 Commitments and Contingencies Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 198,687,950 issued and outstanding at December 31, 2021 and 126,573,250 at December 31, 2020 - - Class A Restricted Shares, no par value, unlimited Class A Restricted Shares authorized, 0 issued and outstanding at December 31, 2021 and 55,232,940 at December 31, 2020 - - Additional Paid-In Capital 245,861,704 159,399,056 Retained Earnings (Deficit) (72,154,194) (52,693,242)Total Shareholders Equity 173,707,510 106,705,814 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $216,808,796 $149,777,645 CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) December 31, 2021 2020 Revenues, net of discounts $119,493,435 $70,491,280 Cost of Goods Sold (53,485,458) (35,394,019)Gross Profit 66,007,977 35,097,261 Expenses: General and Administrative 59,928,356 27,416,166 Sales and Marketing 5,969,792 3,305,639 Lease Expense 2,608,016 2,114,743 Depreciation and Amortization 5,335,055 3,674,907 Total Expenses 73,841,219 36,511,455 Income (Loss) From Operations (7,833,242) (1,414,194) Other Income (Expense): Interest expense, net (16,984) (22,202)Foreign exchange gain (loss) 1,662,679 398,524 Transaction costs (256,667) (275,250)Change in fair value of warrant liability 7,520 (16,805,941)Other Income, net 454,300 216,850 Total Other Expense 1,850,848 (16,488,019) Loss Before Provision for Income Taxes (5,982,394) (17,902,213) Provision For Income Taxes Current Tax Expense (13,954,784) (7,239,936)Deferred Tax Recovery 476,226 133,420 (13,478,558) (7,106,516) Net Loss $(19,460,952) $(25,008,729) Loss per Share Basic and diluted loss per share $(0.10) $(0.16) Weighted Average Number of Common Shares Basic and diluted 195,126,972 151,825,439 CONSOLIDATED STATEMENTS OF CASH FLOWS December 31, 2021 December 31, 2020 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(19,460,952) $(25,008,729)Adjustments for items not involving cash: Shared based compensation expense 15,576,643 2,512,568 Non-cash lease expense 4,485,919 3,539,018 Depreciation 7,213,096 5,269,627 Loss on disposal of assets - - Change in fair value of warrant liability (7,520) 16,805,941 (Gain) loss on translation of warrant liability 100,637 (293,450)Transaction costs 256,667 275,250 Deferred tax liability (410,359) (133,420)Unrealized (gain) loss on foreign currency exchange (185,916) (542,000) 7,568,215 2,424,805 Net Changes in Non-cash Working Capital Items (4,589,077) (3,776,652)Repayment of lease liabilities (3,359,021) (2,337,006)Total Operating (379,883) (3,688,853) FINANCING ACTIVITIES Proceeds from private placements 53,852,980 48,125,129 Proceeds from exercise of warrants and options 14,180,009 32,871,439 Financing issuance expenses (3,494,930) (3,660,589)Total Financing 64,538,059 77,335,979 INVESTING ACTIVITIES Purchase of property, plant and equipment (25,909,880) (4,481,058)Purchase of licenses (55,846,866) (3,550,400)Total Investing (81,756,746) (8,031,458) Effect of foreign exchange on cash 186,563 570,470 NET CHANGE IN CASH DURING THE YEAR (17,412,007) 66,186,138 CASH Beginning of Year 79,000,850 12,814,712 End of Year $61,588,843 $79,000,850 SOURCE: Planet 13 HoldingsView source version on accesswire.com: https://www.accesswire.com/694906/Planet-13-Announces-Q4-and-Full-Year-2021-Financial-Results
Q4 2021 revenue of $29.9 million, up 48% compared to Q4 2020Q4 2021 net loss of $5.1 million, compared to net loss of $18.2 million in Q4 2020Q4 2021 Adjusted EBITDA [1] of $1.9 millionFull year 2021 revenue of $119.5 million, up 70% compared to full year 2020Full year 2021 net loss of $19.5 million, compared to net loss of $25.0 million in full year 2020Full year 2021 Adjusted EBITDA of $16.9 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / March 28, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (" Planet 13 " or the " Company "), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month period ended December 31, 2021. On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date. As such, Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."During a quarter that is seasonally slower and marked by significantly less tourist traffic, Planet 13 was able to maintain a market share above 10% in the Las Vegas cannabis market. In addition to the competitive performance demonstrated by our SuperStore and neighborhood store, our brands grew 21% in a market that was down 5% in Q4[2]," said Larry Scheffler, Co-CEO of Planet 13. "Similarly, while the California market was down sequentially in Q4 [3] , our Orange County store grew 7.2% in the quarter on the back of increased brand awareness.""Over the last couple months, the Planet 13 team has been working hard to operationalize all of the exciting new assets we've acquired over the past year. We are making strong progress on our Florida roadmap working in dual tracks to bring cultivation and retail online," commented Bob Groesbeck, Co-CEO of Planet 13 . "In California, we closed the acquisition of Next Green Wave in March allowing us to become vertically integrated in the state and bring our award-winning brands to Planet 13's California fans."Financial Highlights - Q4 - 2021Operating ResultsAll comparisons below are to the quarter ended December 31, 2020, unless otherwise notedRevenues were $29.9 million as compared to $20.1 million, an increase of 48%Gross profit was $16.2 million or 54.3% as compared to $8.6 million or 42.7%Net loss before taxes of $1.3 million as compared to a net loss of $18.7 millionNet loss of $5.1 million as compared to a net loss of $18.2 millionAdjusted EBITDA of $1.9 million as compared to Adjusted EBITDA of $0.4 millionFinancial Highlights - Full Year 2021Operating ResultsAll comparisons below are to the full year ended December 31, 2020, unless otherwise notedRevenues were $119.5 million as compared to $70.5 million, an increase of 70%Gross profit was $66.0 million or 55.2% as compared to $35.1 million or 49.8%Net loss before taxes of $6.0 million as compared to a net loss of $17.9 millionNet loss of $19.5 million as compared to a net loss of $25.0 millionAdjusted EBITDA of $16.9 million as compared to Adjusted EBITDA of $6.7 millionBalance SheetAll comparisons below are to December 31, 2020, unless otherwise notedCash of $61.6 million as compared to $79.0 millionTotal assets of $216.8 million as compared to $150.0 millionTotal liabilities of $43.1 million as compared to $43.1 millionQ4 Highlights and Recent DevelopmentsOn October 1, 2021, Planet 13 announced the closing of its acquisition of a Florida cannabis license.On December 15, 2021, Planet 13 announced that CANN launched a shop-in-shop in its Planet 13 Las Vegas dispensary.On December 20, 2021, Planet 13 announced its proposed acquisition of Next Green Wave Holdings Inc. ("NGW ").On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of NGW.On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.Results of Operations (Summary)The following table sets forth consolidated statements of financial information for the three-and twelve-month periods ended December 31, 2021 and December 31, 2020.Results of Operations(Figures in Millions and % change based on these figures) For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Total Revenue $29.9 $20.1 48% $119.5 $70.5 70%Gross Profit $16.2 $8.6 89% $66.0 $35.1 88%Gross Profit % 54.3% 42.7% 27% 55.2% 49.8% 11%Net income (Loss) Before Provision for Income Taxes $-1.3 $-18.7 -93% $-6.0 $-17.9 -67%Net income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%The Company's Annual Report on Form 10-K for the year ended December 31, 2021, is available on the SEC's website or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, March 28, 2022 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: March 28, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 130262Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 44955(Available for 2 weeks)Listen to webcast: https://bit.ly/36xnAjqNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA, Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and the Company calculates Adjusted EBITDA as EBITDA before share-based compensation and the change in fair value of warrants.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA For the Three Months Ended For the Full Year Ended December 31, 2021 December 31, 2020 Change December 31, 2021 December 31, 2020 Change (Figures in Millions and % change based on these figures) Net Income (Loss) $-5.1 $-18.2 -72% $-19.5 $-25.0 -22%Add impact of: Interest expense, $0.0 $0.0 295% $0.0 $0.0 -24%Provision for income taxes $3.8 $-0.5 -909% $13.5 $7.1 90%Depreciation and amortization $2.0 $0.9 118% $5.3 $3.7 45%Depreciation included in cost of goods sold $0.5 $0.5 18% $1.9 $1.6 18%EBITDA 1.3 $-17.3 -107% $1.3 $-12.6 -110%Change in fair value of warrants $-2.7 $17.2 -116% $0.0 $16.8 -100%Share-based compensation and related premiums $3.4 $0.5 564% $15.6 $2.5 520%Adjusted EBITDA $1.9 $0.4 337% $16.9 $6.7 150%For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap and securing our next growth opportunities, growing consumer awareness of our Orange County location, and bringing our portfolio of brands to Planet 13's California fans.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.[2] https://tax.nv.gov/Publications/Cannabis_Statistics_and_Reports/[3] https://www.cdtfa.ca.gov/dataportal/charts.htm?url=CannabisTaxRevenuesCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONPlanet 13 Holdings, Inc.Consolidated Balance Sheets(In United States Dollars) December 31, December 31, 2021 2020 ASSETS Current Assets: Cash $61,588,843 $79,000,850 Accounts Receivable 1,216,128 436,874 Inventory 14,225,369 6,919,840 Prepaid Expenses and Other Current Assets 3,977,524 2,198,005 Total Current Assets 81,007,864 88,555,569 Property and Equipment 50,778,277 32,073,925 Intangible Assets 63,398,007 7,551,141 Right of Use Assets - Operating 20,399,965 20,497,895 Right of Use Assets - Finance - 44,672 Long-term Deposits and Other Assets 1,061,879 1,054,443 Deferred Tax Asset 162,804 - TOTAL ASSETS $216,808,796 $149,777,645 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current: Accounts Payable $3,266,783 $1,681,027 Accrued Expenses 7,032,620 2,844,714 Income Taxes Payable 1,126,249 1,446,235 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 423,573 161,021 Finance Lease Liabilities - 46,372 Total Current Liabilities 12,733,225 7,063,369 Long-Term Liabilities: Operating Lease Liabilities 23,134,012 22,365,892 Warranty Liability 7,206,049 13,204,211 Other Long-term Liabilities 28,000 28,000 Deferred Tax Liability - 410,359 Total Liabilities 43,101,286 43,071,831 Commitments and Contingencies Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 198,687,950 issued and outstanding at December 31, 2021 and 126,573,250 at December 31, 2020 - - Class A Restricted Shares, no par value, unlimited Class A Restricted Shares authorized, 0 issued and outstanding at December 31, 2021 and 55,232,940 at December 31, 2020 - - Additional Paid-In Capital 245,861,704 159,399,056 Retained Earnings (Deficit) (72,154,194) (52,693,242)Total Shareholders Equity 173,707,510 106,705,814 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $216,808,796 $149,777,645 CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) December 31, 2021 2020 Revenues, net of discounts $119,493,435 $70,491,280 Cost of Goods Sold (53,485,458) (35,394,019)Gross Profit 66,007,977 35,097,261 Expenses: General and Administrative 59,928,356 27,416,166 Sales and Marketing 5,969,792 3,305,639 Lease Expense 2,608,016 2,114,743 Depreciation and Amortization 5,335,055 3,674,907 Total Expenses 73,841,219 36,511,455 Income (Loss) From Operations (7,833,242) (1,414,194) Other Income (Expense): Interest expense, net (16,984) (22,202)Foreign exchange gain (loss) 1,662,679 398,524 Transaction costs (256,667) (275,250)Change in fair value of warrant liability 7,520 (16,805,941)Other Income, net 454,300 216,850 Total Other Expense 1,850,848 (16,488,019) Loss Before Provision for Income Taxes (5,982,394) (17,902,213) Provision For Income Taxes Current Tax Expense (13,954,784) (7,239,936)Deferred Tax Recovery 476,226 133,420 (13,478,558) (7,106,516) Net Loss $(19,460,952) $(25,008,729) Loss per Share Basic and diluted loss per share $(0.10) $(0.16) Weighted Average Number of Common Shares Basic and diluted 195,126,972 151,825,439 CONSOLIDATED STATEMENTS OF CASH FLOWS December 31, 2021 December 31, 2020 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(19,460,952) $(25,008,729)Adjustments for items not involving cash: Shared based compensation expense 15,576,643 2,512,568 Non-cash lease expense 4,485,919 3,539,018 Depreciation 7,213,096 5,269,627 Loss on disposal of assets - - Change in fair value of warrant liability (7,520) 16,805,941 (Gain) loss on translation of warrant liability 100,637 (293,450)Transaction costs 256,667 275,250 Deferred tax liability (410,359) (133,420)Unrealized (gain) loss on foreign currency exchange (185,916) (542,000) 7,568,215 2,424,805 Net Changes in Non-cash Working Capital Items (4,589,077) (3,776,652)Repayment of lease liabilities (3,359,021) (2,337,006)Total Operating (379,883) (3,688,853) FINANCING ACTIVITIES Proceeds from private placements 53,852,980 48,125,129 Proceeds from exercise of warrants and options 14,180,009 32,871,439 Financing issuance expenses (3,494,930) (3,660,589)Total Financing 64,538,059 77,335,979 INVESTING ACTIVITIES Purchase of property, plant and equipment (25,909,880) (4,481,058)Purchase of licenses (55,846,866) (3,550,400)Total Investing (81,756,746) (8,031,458) Effect of foreign exchange on cash 186,563 570,470 NET CHANGE IN CASH DURING THE YEAR (17,412,007) 66,186,138 CASH Beginning of Year 79,000,850 12,814,712 End of Year $61,588,843 $79,000,850 SOURCE: Planet 13 HoldingsView source version on accesswire.com: https://www.accesswire.com/694906/Planet-13-Announces-Q4-and-Full-Year-2021-Financial-Results
