High Tide Inc 6-K, filed Jun 14, 2023

High Tide Inc. (HITI)

6-K 2023-06-14 For: 2023-04-30

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Added on April 10, 2026

About this 6-K

High Tide Inc filed this 6-K on June 14, 2023.

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Exhibit		Description of Exhibit

99.1		Condensed Interim Consolidated Financial Statements for the three months ended April 30, 2023 and 2022
99.2		Management’s Discussion & Analysis for the three months ended April 30, 2023 and 2022
99.3		CEO Certification
99.4		CFO Certification



	HIGH TIDE INC.
	(Registrant)

Date: June 14, 2023	By	/s/ Raj Grover
		Raj Grover
		President and Chief Executive Officer


(Signed) “Harkirat (Raj) Grover”	(Signed) “Nitin Kaushal”
President and Chair of the Board	Director and Chair of the Audit Committee



	Notes	2023	2022
		$	$

Assets
Current assets
Cash and cash equivalents		22,487	25,084
Marketable securities		164	195
Trade and other receivables	11	9,717	8,200
Inventory	10	27,197	23,414
Prepaid expenses and deposits	9	2,279	7,167
Total current assets		61,844	64,060
Non-current assets
Property and equipment	7	29,522	31,483
Net investment - lease	25	179	203
Right-of-use assets, net	25	28,430	30,519
Long term prepaid expenses and deposits	9	3,551	2,988
Intangible assets and goodwill	5, 8	144,567	145,490
Total non-current assets		206,249	210,683
Total assets		268,093	274,743
Liabilities
Current liabilities
Accounts payable and accrued liabilities	13	21,933	26,887
Interest bearing loans and borrowings	15	17,659	16,393
Current portion of convertible debentures	16	6,349	2,696
Current portion of lease liabilities	25	6,660	7,629
Derivative liability	12	3,788	6,336
Total current liabilities		56,389	59,941
Non-current liabilities
Notes payable	14	12,473	12,257
Convertible debentures	16	1,982	4,770
Lease liabilities	25	25,169	26,139
Deferred tax liability		7,701	9,603
Total non-current liabilities		47,325	52,769
Total liabilities		103,714	112,710
Shareholders’ equity
Share capital	18	286,750	279,513
Warrants	20	13,060	15,497
Contributed surplus		28,362	23,051
Convertible debentures – equity		717	717
Accumulated other comprehensive loss		3,492	5,665
Accumulated deficit		(173,437)	(168,093)
Equity attributable to owners of the Company		158,944	156,350
Non-controlling interest	28	5,435	5,683
Total shareholders’ equity		164,379	162,033
Total liabilities and shareholders’ equity		268,093	274,743


		Three months ended		Six months ended

	Notes	2023	2022	2023	2022
		$	$	$	$

Revenue	6	118,136	81,031	236,212	153,249
Cost of sales		(86,567)	(58,337)	(172,461)	(107,573)
Gross profit		31,569	22,694	63,751	45,676
Expenses
Salaries, wages and benefits		(13,940)	(9,592)	(28,242)	(19,479)
Share-based compensation	19	(1,532)	(2,353)	(2,968)	(4,255)
General and administration		(6,191)	(5,815)	(13,688)	(9,843)
Professional fees		(2,684)	(1,932)	(5,112)	(4,765)
Advertising and promotion		(1,048)	(2,095)	(2,537)	(4,498)
Depreciation and amortization	7,8,25	(7,699)	(7,627)	(15,685)	(14,738)
Impairment loss		-	-	-	(89)
Interest and bank charges		(1,117)	(858)	(2,082)	(1,734)
Total expenses		(34,211)	(30,272)	(70,314)	(59,401)
Loss from operations		(2,642)	(7,578)	(6,563)	(13,725)
Other income (expenses)
Loss on extinguishment of financial liability		(78)	-	(60)	-
Gain on extinguishment of debenture		-	133	-	115
Gain (loss) on revaluation of marketable securities		19	(43)	27	(262)
Finance and other costs	17	(2,194)	(2,210)	(4,672)	(4,670)
Gain on revaluation of derivative liability	12	1,288	728	2,549	1,253
Foreign exchange gain (loss)		(2)	(107)	13	(204)
Total other expenses		(967)	(1,499)	(2,143)	(3,768)
Loss before taxes		(3,609)	(9,077)	(8,706)	(17,493)
Income tax expense		1,737	(1,190)	1,395	(126)
Deferred income tax recovery		304	1,990	1,882	1,990
Net loss		(1,568)	(8,277)	(5,429)	(15,629)
Other comprehensive loss
Translation difference on foreign subsidiary		533	(2,074)	(2,173)	(472)
Total comprehensive loss		(1,035)	(10,351)	(7,602)	(16,101)

Net (loss) income attributable to:
Owners of the Company		(1,544)	(8,305)	(5,323)	(16,250)
Non-controlling interest		(24)	28	(106)	621
		(1,568)	(8,277)	(5,429)	(15,629)

Comprehensive (loss) income attributable to:
Owners of the Company		(811)	(10,519)	(7,687)	(16,747)
Non-controlling interest	28	(224)	168	85	646
		(1,035)	(10,351)	(7,602)	(16,101)
Loss per share
Basic	21	(0.02)	(0.14)	(0.07)	(0.28)

	High Tide Inc.
		Condensed Interim Consolidated Financial Statement
		For the three and six months ended April 30, 2023 and 2022


					Equity	Accumulated
					portion of	other		Attributable
				Contributed	convertible	comprehensive	Accumulated	to owners of
	Note	Share capital	Warrants	surplus	debt	income (loss)	deficit	the Company	NCI	Total
		$	$	$	$	$	$	$	$	$
Opening balance, November 1, 2021		208,904	10,724	15,162	859	(648)	(87,792)	147,209	4,795	152,004
Acquisition - FABCBD	5	313	-	-	-	-	-	313	-	313
Acquisition - NuLeaf	5	35,527	-	-	-	-	(8,326)	27,201	1,726	28,927
Acquisition - Budroom	5	3,738	-	-	-	-	-	3,738	-	3,738
Acquisition - Boreal Cannabis	5	2,203	-	-	-	-	-	2,203	-	2,203
Acquisition - Crossroads Cannabis	5	2,189	-	-	-	-	-	2,189	-	2,189
Acquisition - Choom	5	3,940	-	-	-	-	-	3,940	-	3,940
Issuance of shares through ATM	18	8,807	-	-	-	-	-	8,807	-	8,807
Issued to pay fees in shares	18	100	-	-	-	-	-	100	-	100
Share-based compensation	19	-	-	8,080	-	-	-	8,080	-	8,080
Equity portion of convertible debentures		-	-	-	(142)	-	-	(142)	-	(142)
Exercise options	19	526	-	(217)	-	-	-	309	-	309
Warrants expired	20	-	(273)	273	-	-	-	-	-	-
Warrants exercised	20	4,352	(6)	-	-	-	-	4,346	-	4,346
Share issuance costs	18	(974)	-	-	-	-	-	(974)	-	(974)
Vesting of RSUs	19	247	-	(247)	-	-	-	-	-	-
Issued warrants		-	5,052	-	-	-	-	5,052	-	5,052
Acquisition - Budheaven	5	1,986	-	-	-	-	-	1,986	-	1,986
Shares issued through equity financing	18	6,768	-	-	-	-	-	6,768	-	6,768
Daily High Club Escrow cancellation	19	(53)	-	-	-	-	-	(53)	-	(53)
Smoke Cartel Earnout	18	940	-	-	-	-	-	940	-	940
Partner distributions	28	-	-	-	-	-	-	-	(1,961)	(1,961)
Cumulative translation adjustment		-	-	-	-	6,313	-	6,313	-	6,313
Comprehensive (loss) gain for the period		-	-	-	-	-	(71,975)	(71,975)	1,123	(70,852)
Closing balance, October 31, 2022		279,513	15,497	23,051	717	5,665	(168,093)	156,350	5,683	162,033
Opening balance, November 1, 2022		279,513	15,497	23,051	717	5,665	(168,093)	156,350	5,683	162,033
Issuance of shares through ATM	18	1,894	-	-	-	-	-	1,894	-	1,894
Issued to pay fees in shares	18	278	-	-	-	-	-	278	-	278
Share-based compensation	19	-	-	2,968	-	-	-	2,968	-	2,968
Acquisition - Jimmy's Cannabis	5	4,932	-	-	-	-	-	4,932	-	4,932
Share issuance costs	18	(28)	-	-	-	-	-	(28)	-	(28)
Exercise options	19	161	-	(94)	-	-	-	67	-	67
Warrants expired	20	-	(2,437)	2,437	-	-	-	-	-	-
Partner distributions	28	-	-	-	-	-	-	-	(163)	(163)
Cumulative translation adjustment		-	-	-	-	(2,173)	-	(2,173)	-	(2,173)
Comprehensive loss (gain) for the period		-	-	-	-	-	(5,344)	(5,344)	(85)	(5,429)
Balance, April 30, 2023		286,750	13,060	28,362	717	3,492	(173,437)	158,944	5,435	164,379



	Notes	2023	2022
		$	$
Operating activities
Net loss		(5,429)	(15,629)
Adjustments for items not effecting cash and cash equivalents
Income tax (expense) recovery		(1,395)	126
Deferred income tax recovery		(1,882)	(1,990)
Accretion expense	17	2,227	2,597
Fee for services and interest paid in shares and warrants	18	278	-
Depreciation and amortization	7,8,25	15,685	14,738
Revaluation of derivative liability	12	(2,549)	(1,253)
Gain on extinguishment of debenture		-	(115)
Impairment loss		-	89
Foreign exchange (gain) loss		(13)	204
Share-based compensation	19	2,968	4,255
Loss on extinguishment of financial liability		60	-
(Gain) loss on revaluation of marketable securities		(27)	262
		9,923	3,284
Changes in non-cash working capital
Trade and other receivables		(1,517)	(5,064)
Inventory		(4,089)	(3,397)
Prepaid expenses and deposits		4,314	(2,078)
Accounts payable and accrued liabilities		(5,151)	3,435
Net cash provided by (used in) operating activities		3,480	(3,820)

Investing activities
Additions of property and equipment	7	(2,540)	(4,757)
Additions of intangible assets	8	(254)	(265)
Loans receivable		-	(175)
Business Combinations, net of cash acquired	5	270	681
Net cash (used in) investing activities		(2,524)	(4,516)

Financing activities
Repayment of interest bearing loans and borrowings	15	(1,337)	-
Proceeds from interest bearing loans net of issue costs	15	2,673	3,460
Interest paid on debentures and loans	17	(1,347)	(510)
Lease liability payments	25	(5,406)	(4,172)
Share issuance costs	18	(28)	(123)
Partner distributions		(163)	-
Proceeds from equity financing through ATM	18	1,894	8,216
Warrants exercised		-	2,141
Options exercised		161	309
Net cash provided by (used in) financing activities		(3,553)	9,321

Net (decrease) increase in cash		(2,597)	985
Cash and cash equivalents, beginning of period		25,084	14,014
Cash and cash equivalents, end of period		22,487	14,999


Subsidiaries	Percentage Ownership	Functional Currency
Canna Cabana Inc.	100%	Canadian Dollar
2680495 Ontario Inc.	100%	Canadian Dollar
Saturninus Partners GP	50%	Canadian Dollar
Valiant Distribution Canada Inc.	100%	Canadian Dollar
META Growth Corp.	100%	Canadian Dollar
NAC Thompson North Ltd. Partnership	49%	Canadian Dollar
NAC OCN Ltd. Partnership	49%	Canadian Dollar
HT Global Imports Inc.	100%	Canadian Dollar
2049213 Ontario Inc.	100%	Canadian Dollar
1171882 B.C. Ltd.	100%	Canadian Dollar
High Tide BV (Grasscity)	100%	European Euro
Valiant Distribution Inc.	100%	U.S. Dollar
Smoke Cartel USA, Inc.	100%	U.S. Dollar
Fab Nutrition, LLC	80%	U.S. Dollar
Halo Kushbar Retail LLC	100%	Canadian Dollar
Nuleaf Naturals LLC	80%	U.S. Dollar
DHC Supply, LLC	100%	U.S. Dollar
DS Distribution Inc.	100%	U.S. Dollar
Enigmaa Ltd.	80%	British Pound Sterling



Total consideration		$
Common shares		4,932
Working Capital Adjustment		352
		5,284
Purchase price allocation
Cash		622
Inventory		307
Prepaid expenses		11
Property, plant and equipment		111
Right of use asset		129
Intangible assets - business license rights		1,546
Goodwill		3,116
Accounts payable and accrued liabilities		(319)
Lease liabilities		(129)
Income tax payable		(110)
		5,284


Total consideration		$
Note Receivable - Settled		810
Working Capital Adjustment		109
		919
Purchase price allocation
Cash		160
Trade and other receivables		37
Inventory		205
Prepaid Expenses		14
Property and equipment		530
Right-of-use assets		718
Accounts payable and accrued liabilities		(27)
Lease liabilities		(718)
		919


Total consideration		$
Cash		160
Loan Receivable - Settlement		523
		683
Purchase price allocation
Cash		3
Inventory		21
Property and equipment		185
Goodwill		474
		683


Total consideration		$
Cash True-up Payable		992
Common Shares		1,986
		2,978
Purchase price allocation
Cash		41
Inventory		102
Trade and other receivables		13
Prepaid Expenses		37
Property and equipment		240
Right-of-use-assets		250
Goodwill		2,657
Accounts payable and accrued liabilities		(112)
Lease Liabilities		(250)
		2,978


For the three months ended April 30	2023	2022	2023	2022	2023	2022	2023	2022
	Retail	Retail	Wholesale	Wholesale	Corporate	Corporate	Total	Total
	$	$	$	$	$	$	$	$
Primary geographical markets ⁽ⁱ⁾
Canada	103,380	62,891	47	552	179	13	103,606	63,456
USA	13,280	15,516	381	421	-	-	13,661	15,937
International	869	1,638	-	-	-	-	869	1,638
Total revenue	117,529	80,045	428	973	179	13	118,136	81,031

Major products and services
Cannabis	100,172	64,241	-	-	-	-	100,172	64,241
Consumption accessories	10,881	9,990	411	966	-	-	11,292	10,956
Data analytics services	6,366	5,124	-	-	-	-	6,366	5,124
Other revenue	110	690	17	7	179	13	306	710
Total revenue	117,529	80,045	428	973	179	13	118,136	81,031

Timing of revenue recognition
Transferred at a point in time	117,529	80,045	428	973	179	13	118,136	81,031
Total revenue	117,529	80,045	428	973	179	13	118,136	81,031


For the six months ended April 30	2023	2022	2023	2022	2023	2022	2023	2022
	Retail	Retail	Wholesale	Wholesale	Corporate	Corporate	Total	Total
	$	$	$	$	$	$	$	$
Primary geographical markets ⁽ⁱ⁾
Canada	202,992	114,569	197	1,277	179	52	203,368	115,898
USA	29,353	32,472	1,381	909	-	-	30,734	33,381
International	2,110	3,970	-	-	-	-	2,110	3,970
Total revenue	234,455	151,011	1,578	2,186	179	52	236,212	153,249

Major products and services
Cannabis	197,714	118,440	-	-	-	-	197,714	118,440
Consumption accessories	23,578	21,564	1,543	2,171	-	-	25,121	23,735
Data analytics services	12,953	9,800	-	-	-	-	12,953	9,800
Other revenue	210	1,207	35	15	179	52	424	1,274
Total revenue	234,455	151,011	1,578	2,186	179	52	236,212	153,249
	-	-	-	-	-	-	-	-
Timing of revenue recognition	-	-	-	-	-	-	-	-
Transferred at a point in time	234,455	151,011	1,578	2,186	179	52	236,212	153,249
Total revenue	234,455	151,011	1,578	2,186	179	52	236,212	153,249


	Office equipment	Production	Leasehold
	and computers	equipment	improvements	Vehicles	Buildings	Total
Cost	$	$	$	$	$	$
Opening balance, November 1, 2021	3,100	-	27,224	16	2,800	33,140
Additions	541	34	7,163	21	-	7,759
Additions from business combinations	854	2,692	3,960	-	-	7,506
Foreign currency translation	19	189	4	-	-	212
Balance, October 31, 2022	4,514	2,915	38,351	37	2,800	48,617
Additions and reclasses	147	-	2,977	-	-	3,124
Additions from business combinations	-	-	111	-	-	111
Foreign currency translation	(213)	863	(180)	1	-	471
Balance, April 30, 2023	4,448	3,778	41,259	38	2,800	52,323

Accumulated depreciation
Opening balance, November 1, 2021	1,206	-	7,113	9	56	8,384
Depreciation	925	486	7,117	5	217	8,750
Balance, October 31, 2022	2,131	486	14,230	14	273	17,134
Depreciation	234	265	3,869	3	108	4,479
Foreign currency translation	185	646	357	-	-	1,188
Balance, April 30, 2023	2,550	1,397	18,456	17	381	22,801

Balance, October 31, 2022	2,383	2,429	24,121	23	2,527	31,483
Balance, April 30, 2023	1,898	2,381	22,803	21	2,419	29,522


	Software	Licenses	Brand Name	Goodwill	Total
Cost	$	$	$	$	$
Opening balance, November 1, 2021	9,463	44,762	21,075	79,946	155,246
Additions and reclasses	905	-	308	83	1,296
Additions from business combinations	338	20	10,047	43,967	54,372
Impairment loss	(89)	-	(1,365)	(45,077)	(46,531)
Foreign currency translation	42	-	2,508	4,500	7,050
Balance, October 31, 2022	10,659	44,782	32,573	83,419	171,433

Additions and reclasses	308	-	-	-	308
Additions from business combinations (Note 5)		1,546	-	3,116	4,662
Foreign currency translation	109	-	192	554	855
Balance, April 30, 2023	11,076	46,328	32,765	87,089	177,258

Accumulated depreciation
Opening balance, November 1, 2021	1,776	11,189	-	-	12,965
Amortization	2,412	10,672	-	-	13,084
Foreign currency translation	(106)	-	-	-	(106)
Balance, October 31, 2022	4,082	21,861	-	-	25,943
Amortization	1,152	5,597	-	-	6,749
Foreign currency translation	(1)	-	-	-	(1)
Balance, April 30, 2023	5,233	27,458	-	-	32,691

Balance, October 31, 2022	6,577	22,921	32,573	83,419	145,490
Balance, April 30, 2023	5,843	18,870	32,765	87,089	144,567


	April 30, 2023	October 31, 2022
	$	$
Deposits on cannabis retail outlets	1,496	1,417
Prepaid insurance and other	3,906	5,160
Prepayment on inventory	428	3,578
Total	5,830	10,155
Less current portion	(2,279)	(7,167)
Long-term	3,551	2,988


As at	April 30, 2023	October 31, 2022
	$	$
Finished goods	26,951	23,393
Work-in-process	10	56
Raw-materials	763	492
Provision for obsolescence	(527)	(527)
Total	27,197	23,414


	Three months ended April 30		Six months ended April 30
	2023	2022	2023	2022
	$	$	$	$
Accretion on convertible debt	444	397	865	816
Accretion on notes payable	94	423	205	528
Interest on notes payable and interest bearing loans and borrowings	663	124	1,347	510
Accretion of lease liability	558	597	1,157	1,253
Transaction costs	435	669	1,098	1,563
Total	2,194	2,210	4,672	4,670


Common shares:
	Number of shares	Amount
	#	$
Balance, November 1, 2021	54,360,028	208,904
Acquisition - FABCBD	-	313
Acquisition - NuLeaf (Note 5)	4,429,809	35,527
Issuance of shares through ATM ⁽ⁱ⁾	1,758,167	8,807
Share issuance costs	-	(974)
Exercise options (Note 19)	70,500	526
Exercise warrants (Note 20)	530,423	4,352
Vested restricted share units (Note 19)	82,976	247
Acquisition - Budroom (Note 5)	674,650	3,738
Acquisition - Boreal Cannabis (Note 5)	443,301	2,203
Acquisition - Crossroads Cannabis (Note 5)	516,735	2,189
Acquisition - Choom (Note 5)	2,147,023	3,940
Issued to pay fees via shares	15,122	100
Shares issued through equity financing ⁽ⁱⁱ⁾	4,956,960	6,768
Acquisition - Budheaven (Note 5)	564,092	1,986
Daily High Club Escrow cancellation	(28,553)	(53)
Smoke Cartel Earnout ⁽ⁱⁱⁱ⁾	500,000	940
Balance, October 31, 2022	71,021,233	279,513
Issuance of shares through ATM ⁽ⁱ⁾	843,537	1,894
Acquisition - Jimmy's (Note 5)	2,595,533	4,932
Share issuance costs	-	(28)
Exercise options	66,667	161
Issued to pay fees in shares	136,266	278
Balance, April 30, 2023	74,663,236	286,750



	April 30, 2023		October 31, 2022
	Number of	Weighted Average	Number of	Weighted Average
	options	Exercise Price ($)	options	Exercise Price ($)
Balance, beginning of period	2,250,082	6.16	1,906,129	6.51
Granted	355,500	1.91	554,122	4.99
Forfeited or expired	(118,454)	12.90	(154,669)	5.25
Exercised	—	—	(55,500)	5.93
Balance, end of period	2,487,128	6.03	2,250,082	6.16
Exercisable, end of period	1,698,944	5.68	1,349,450	6.19


					Weighted
	Number of	Warrants	Derivative	Weighted	average
	warrants	amount	liability	average	number of	Expiry dates
			amount	exercise price	years to
					expiry
	#	$	$	$
Opening balance, November 1, 2020	131,064,114	5,796	266	0.42	2.07
Issued warrants for acquisition - Meta	741,600	3	—	1.31	—	December 14, 2021
Issued warrants for acquisition - Meta	40,076,411	2,616	—	0.35	0.49	February 6, 2023
Issued warrants for acquisition - Meta	4,120,000	120	—	1.10	0.06	April 11, 2023
Revaluation of derivative liability on convertible debentures	—	—	11,697	—	—	December 31, 2022
Warrants issued - equity financing	27,878,919	6,210	—	0.58	0.55	February 22, 2024
Warrants issued - equity financing	21,207,720	3,546	—	12.25	0.03	May 26, 2024
Warrants cancelled or expired	(59,578,382)	(5,457)	—	—	—
Warrants exercised	(54,268,198)	(2,110)	(10,270)	—	—
Balance October 31, 2021	111,242,184	10,724	1,693	2.60	2.01
Revaluation of derivative liability	—	—	220	—	—
Warrants cancelled or expired	(17,248,015)	(274)	—	—	—
Warrants exercised	(7,956,345)	(6)	(1,913)	—	—
Issued warrants - Promissory note ⁽ⁱ⁾	700,000	321	—	4.98	0.33	June 21, 2023
Issued warrants - Bought deal ⁽ⁱⁱ⁾	4,956,960	4,732	—	2.73	0.05	July 22, 2027
Balance October 31, 2022	91,694,784	15,497	—	2.58	2.39

Warrants cancelled or expired	(39,619,252)	(2,437)	—	—	—

Balance April 30, 2023	52,075,532	13,060	—	2.58	2.39


	Three months ended		Six months ended
	April 30,		April 30,
	2023	2022	2023	2022
	$	$	$	$
Net loss for the period	(1,568)	(8,277)	(5,429)	(15,629)
Non-controlling interest portion of net loss	24	(28)	106	(621)
Net loss for the period attributable to owners of the Company	(1,544)	(8,305)	(5,323)	(16,250)
	#	#	#	#
Weighted average number of common shares - basic	74,623,925	60,050,211	73,512,103	59,027,190
Basic loss per share	(0.02)	(0.14)	(0.07)	(0.28)


	Contractual cash flows	Less than one year	1-3 years	3-5 years	Greater than 5 years
	$	$	$	$	$
October 31, 2022
Accounts payable and accrued liabilities	26,887	26,887	-	-	-
Notes payable	12,257	-	-	12,257	-
Interest bearing loans and borrowings	16,393	16,393	-	-	-
Derivative liability	6,336	6,336	-	-	-
Convertible debentures	7,466	2,696	4,770	-	-
Undiscounted lease obligations	37,116	9,683	12,604	7,437	7,392
Total	106,455	61,995	17,374	19,694	7,392
April 30, 2023
Accounts payable and accrued liabilities	21,933	21,933	-	-	-
Notes payable	12,473	-	-	12,473	-
Interest bearing loans and borrowings	17,659	17,659	-	-	-
Derivative liability	3,788	3,788	-	-	-
Convertible debentures	8,331	6,349	1,982	-	-
Undiscounted lease obligations	33,826	4,696	13,246	7,835	8,049
Total	98,010	54,425	15,228	20,308	8,049


(Canadian dollar equivalent amounts of GBP, EUR and USD balances)	April 30, 2023	April 30, 2023	April 30, 2023	April 30, 2023	October 31,
	(GBP)	(EUR)	(USD)	Total	2022
	$	$	$	$	$
Cash	825	866	2,784	4,475	4,391
Accounts receivable	197	504	898	1,599	1,754
Accounts payable and accrued liabilities	(70)	(1,999)	(5,209)	(7,278)	(11,542)
Net monetary assets	952	(629)	(1,527)	(1,204)	(5,397)


Right of use assets
		$
Balance at October 31, 2022		30,519
Net additions		2,368
Depreciation expense for the period		(4,457)
Balance at April 30, 2023		28,430


Lease Liabilities
		$
Balance at October 31, 2022		33,768
Net additions		2,310
Cash outflows in the year		(5,406)
Interest expense for the year ended		1,157
Balance at April 30, 2023		31,829
Current		(6,660)
Non-current		25,169


	Three months ended April 30			Six months ended April 30
	2023	2022	Change	2023	2022	Change
	$	$		$	$
Revenue	118,136	81,031	46%	236,212	153,249	54%
Gross Profit	31,569	22,694	39%	63,751	45,676	40%
Gross Profit Margin	27%	28%	(1%)	27%	30%	(3%)
Total Operating Expenses⁽ⁱ⁾	(34,211)	(30,272)	(13%)	(70,314)	(59,401)	(18%)
Adjusted EBITDA⁽ⁱⁱ⁾	6,589	2,401	174%	12,089	5,357	126%
Loss from Operations	(2,642)	(7,578)	65%	(6,563)	(13,725)	52%
Net loss	(1,568)	(8,277)	81%	(5,429)	(15,629)	65%
Loss per share (Basic)	(0.02)	(0.14)	85%	(0.07)	(0.28)	74%


(C$ in thousands, except per share amounts)	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
	2023	2023	2022	2022	2022	2022	2021	2021	2021
Revenue	118,136	118,076	108,249	95,354	81,031	72,218	53,867	48,069	40,868
Adjusted EBITDA ⁽ⁱ⁾	6,589	5,500	5,018	4,246	2,401	2,955	1,642	1,540	4,720
Loss from Operations	(2,642)	(3,922)	(53,908)	(4,670)	(7,578)	(6,147)	(4,851)	(7,267)	(4,511)
Net loss	(1,568)	(3,862)	(52,505)	(2,717)	(8,277)	(7,352)	(4,176)	(1,750)	(12,266)
Basic net loss per share ⁽ⁱⁱ⁾	(0.02)	(0.05)	(0.85)	(0.04)	(0.14)	(0.14)	(0.09)	(0.03)	(0.30)


	2023⁽ⁱ⁾		2022⁽ⁱⁱ⁾				2021⁽ⁱⁱⁱ⁾
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Net loss	(1,568)	(3,862)	(52,502)	(2,717)	(8,277)	(7,352)	(4,176)	(1,750)	(12,266)
Income tax expense (recovery)	(2,041)	(1,236)	(1,782)	731	(800)	(1,064)	(1,418)	224	(124)
Accretion and interest	1,759	1,813	782	1,048	1,541	1,551	1,515	1,095	2,838
Depreciation and amortization	7,699	7,986	8,249	7,182	7,627	7,111	1,458	8,299	7,714
EBITDA	5,849	4,701	(45,253)	6,244	91	246	(2,621)	7,868	(1,838)
Foreign exchange loss (gain)	2	(15)	(14)	120	107	97	473	(28)	5
Transaction and acquisition costs	435	665	2,444	1,436	669	909	483	1,939	889
(Gain) loss revaluation of derivative liability	(1,288)	(1,261)	(3,166)	(6,078)	(728)	(525)	(1,564)	(5,919)	3,988
Loss (gain) on extinguishment of debenture	-	-	609	(140)	(133)	18	73	-	-
Impairment loss	-	-	48,592	-	-	89	2,676	57	-
Share-based compensation	1,532	1,436	2,091	1,734	2,353	1,902	2,301	508	1,517
(Gain) loss on revaluation of marketable securities	(19)	(8)	81	146	43	219	291	112	159
(Gain) loss on extinguishment of financial liability	78	(18)	(366)	784	-	-	(161)	-	-
Gain on disposal of property and equipment	-	-	-	-	-	-	(309)	(2,997)	-
Adjusted EBITDA	6,589	5,500	5,018	4,246	2,401	2,955	1,642	1,540	4,720


	Q2 2023	Q1 2023	Q2 2022
Operating Cashflow	1,365	2,114	(2,236)
Sustaining Capex	(625)	(246)	(1,614)
Lease Liabilities	(2,691)	(2,715)	(1,934)
Free Cash Flow ⁽ⁱ⁾	(1,951)	(846)	(5,784)


Securities ⁽ⁱ⁾		Units Outstanding ⁽ⁱⁱ⁾
Common shares		—
Warrants ⁽ⁱⁱⁱ⁾		8,743,758
Stock options		2,489,631
RSUs		486,335
Convertible debentures		1,405,119