High Tide Inc 6-K, filed Mar 17, 2022

High Tide Inc. (HITI)

6-K 2022-03-17 For: 2022-03-17

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Added on July 07, 2026

About this 6-K

High Tide Inc filed this 6-K on March 17, 2022.

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Exhibit		Description of Exhibit

99.1		Condensed Interim Consolidated Financial Statements for the three months ended January 31, 2022 and 2021
99.2		Management’s Discussion & Analysis for the three months ended January 31, 2022 and 2021
99.3		CEO Certification
99.4		CFO Certification



	HIGH TIDE INC.
	(Registrant)

Date: March 17, 2022	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	2022	2021
		$	$

Assets
Current assets
Cash		10,077	14,014
Marketable securities	18	589	860
Trade and other receivables	9	8,591	7,175
Inventory		21,557	17,042
Prepaid expenses and deposits	7	8,353	6,919
Current portion of loans receivable	8	280	277
Total current assets		49,447	46,287
Non-current assets
Loans receivable	8	2,857	2,720
Property and equipment	5	29,362	24,756
Net Investment - Lease	21	469	506
Right-of-use assets, net	21	30,881	27,985
Long term prepaid expenses and deposits	7	2,079	1,681
Intangible assets and goodwill	3, 6	175,473	142,280
Total non-current assets		241,121	199,928
Total assets		290,568	246,215
Liabilities
Current liabilities
Accounts payable and accrued liabilities		22,161	18,532
Notes payable current	11	5,600	5,600
Current portion of convertible debentures	12	946	946
Current portion of lease liabilities	21	6,962	5,729
Current portion of derivative liability	3,10	9,168	9,980
Total current liabilities		44,837	40,787
Non-current liabilities
Notes payable	11	12,002	11,893
Convertible debentures	12	6,731	7,217
Lease liabilities	21	25,924	24,044
Derivative liability	3,10	8,400	1,693
Deferred tax liability		10,362	8,577
Total non-current liabilities		63,419	53,424
Total liabilities		108,256	94,211
Shareholders’ equity
Share capital	14	249,439	208,904
Warrants	16	10,445	10,724
Contributed surplus		17,219	15,162
Convertible debentures – equity		770	859
Accumulated other comprehensive income		954	(648)
Accumulated deficit		(103,948)	(87,792)
Equity attributable to owners of the Company		174,879	147,209
Non-controlling interest	23	7,433	4,795
Total shareholders’ equity		182,312	152,004
Total liabilities and shareholders’ equity		290,568	246,215




	Notes	2022	2021
		$	$

Revenue	4	72,218	38,319
Cost of sales		(49,236)	(23,551)
Gross profit		22,982	14,768
Expenses
Salaries, wages and benefits		(9,887)	(5,850)
Share-based compensation	15	(1,902)	(553)
General and administration		(5,861)	(2,908)
Professional fees		(1,000)	(1,136)
Advertising and promotion		(2,403)	(71)
Depreciation and amortization	5,6,21	(7,111)	(6,094)
Impairment loss	6	(89)	-
Interest and bank charges		(876)	(201)
Total expenses		(29,129)	(16,813)
Loss from operations		(6,147)	(2,045)
Other income (expenses)
Loss on extinguishment of debenture		(18)	(516)
Debt restructuring gain		-	1,145
Loss on revaluation of marketable securities		(219)	15
Finance and other costs	13	(2,460)	(4,283)
Gain (loss) on revaluation of derivative liability	3,10,18	525	(10,484)
Foreign exchange loss		(97)	(89)
Total other income (expenses)		(2,269)	(14,212)
Loss before taxes		(8,416)	(16,257)
Current income tax recovery		1,064	-
Deferred income tax expense		-	(588)
Net loss		(7,352)	(16,845)
Other comprehensive loss
Translation difference on foreign subsidiary		1,602	105
Total comprehensive loss		(5,750)	(16,740)
Comprehensive (loss) income attributable to:
Owners of the Company		(6,228)	(16,764)
Non-controlling interest		478	24
		(5,750)	(16,740)
Loss per share
Basic and diluted	17	(0.14)	(0.62)

	High Tide Inc.
		Condensed Interim Consolidated Financial Statement
		For the three months ended January 31, 2022 and 2021


					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, 2020		32,552	5,796	4,704	1,965	(487)	(34,359)	10,171	1,552	11,723
Acquisition - Meta Growth	3	35,290	2,739	240	9,008	-	-	47,277	2,208	49,485
Prepaid interest paid in shares		1,458	-	-	-	-	-	1,458	-	1,458
Shared-based compensation	15	-	-	553	-	-	-	553	-	553
Equity portion of convertible debentures		-	-	-	133	-	-	133	-	133
Exercise options		13	-	-	-	-	-	13	-	13
Warrants expired		-	(3,946)	3,946	-	-	-	-	-	-
Issued to pay fees in shares		174	-	-	-	-	-	174	-	174
Conversion of convertible debentures		6,759	-	394	(190)	-	-	6,963	-	6,963
Warrants		240	(231)	28	-	-	-	37	-	37
Cumulative translation adjustment		-	-	-	-	105	-	105	-	105
Comprehensive loss for the period		-	-	-	-	-	(16,869)	(16,869)	24	(16,845)
Balance, January 31, 2021		76,486	4,358	9,865	10,916	(382)	(51,228)	50,015	3,784	53,799
Opening balance, November 1, 2021		208,904	10,724	15,162	859	(648)	(87,792)	147,209	4,795	152,004
Acquisition - NuLeaf	3	35,285	-	-	-	-	(8,326)	26,959	2,700	29,659
Issuance of shares through ATM		811	-	-	-	-	-	811	-	811
Share-based compensation	15	-	-	1,902	-	-	-	1,902	-	1,902
Equity portion of convertible debentures		-	-	-	(89)	-	-	(89)	-	(89)
Exercise options		282	-	-	-	-	-	282	-	282
Warrants expired	16	-	(273)	273	-	-	-	-	-	-
Warrants exercised	14,16	4,052	(6)	-	-	-	-	4,046	-	4,046
Cumulative translation adjustment		-	-	-	-	1,602	-	1,602	-	1,602
Share issuance costs	14	(13)	-	-	-	-	-	(13)	-	(13)
Vesting of RSUs	14	118	-	(118)	-	-	-	-	-	-
Partner distributions	23	-	-	-	-	-	-	-	(540)	(540)
Comprehensive loss for the period		-	-	-	-	-	(7,830)	(7,830)	478	(7,352)
Balance, January 31, 2022		249,439	10,445	17,219	770	954	(103,948)	174,879	7,433	182,312



	Notes	2022	2021
		$	$
Operating activities
Net loss		(7,352)	(16,845)
Adjustments for items not effecting cash and cash equivalents
Income tax (recovery) expense		(1,064)	588
Accretion expense	13	1,165	1,584
Fee for services and interest paid in shares and warrants		-	1,632
Depreciation and amortization	5,6,21	7,111	6,094
Revaluation of derivative liability	3,11,18	(525)	10,484
Loss on extinguishment of debenture		18	-
Debt restructuring gain		-	(1,145)
Impairment loss		89	-
Foreign exchange gain (loss)		97	89
Share-based compensation	15	1,902	553
Loss on sale of marketable securities		-	516
Revaluation of marketable securities		219	(15)
		1,660	3,535
Changes in non-cash working capital
Trade and other receivables		(1,179)	1,423
Inventory		(2,174)	(474)
Prepaid expenses and deposits		(1,527)	1,128
Accounts payable and accrued liabilities		1,636	(4,165)
Net cash (used in) provided by operating activities		(1,584)	1,447

Investing activities
Net additions of property and equipment	5	(2,338)	(1,667)
Net additions of intangible assets	6	(147)	(24)
Loans receivable		(140)	(292)
Cash acquired through business combination	3	565	10,209
Net cash (used in) provided by investing activities		(2,060)	8,226

Financing activities
Repayment of finance lease obligations		-	(11)
Proceeds from convertible debentures net of issue costs		-	980
Repayment of convertible debentures		(890)	-
Interest paid on debentures and loans		(386)	(742)
Lease liability payments	21	(2,238)	(1,088)
Share issuance costs		(13)	-
Shares issued through ATM		811	-
Warrants exercised		2,141	240
Options exercised		282	-
Net cash used in financing activities		(293)	(621)

Net (decrease) increase in cash		(3,937)	9,052
Cash, beginning of period		14,014	7,524
Cash, end of period		10,077	16,576


Total consideration		$
Common Shares		35,285
		35,285
Purchase price allocation
Cash and cash equivalents		565
Accounts receivable		216
Other receivables		21
Inventory		2,341
Prepaid expenses		305
Property, plant and equipment		4,190
Right of Use Asset		3,144
Intangible assets - software		211
Intangible assets - brand		10,168
Goodwill		24,486
Accounts payable and accrued liabilities		(1,450)
Other liabilities		(105)
Lease liabilities		(2,984)
Deferred tax liability		(3,123)
Non-controlling interest		(2,700)
		35,285


Total consideration		$
Cash		2,512
Common shares		8,396
Contingent consideration		1,319
		12,227
Purchase price allocation
Cash and cash equivalents		1,680
Intangible assets - Brand		3,820
Intangible assets - Software		7,217
Goodwill		2,594
Deferred tax liability		(1,093)
Accounts payable and accrued liabilities		(1,991)
		12,227


Total consideration		$
Cash		5,980
		5,980
Purchase price allocation
Cash and cash equivalents		3
Inventory		120
Property and equipment		274
Intangible assets - license		5,627
Right of use asset		1,148
Goodwill		1,611
Lease liability		(1,148)
Accounts payable and accrued liabilities		(164)
Deferred tax liability		(1,491)
		5,980


Total consideration		$
Cash		15,193
Common Shares		3,439
		18,632
Purchase price allocation
Cash and cash equivalents		642
Accounts receivable		125
Inventory		403
Property and equipment		22
Intangible assets - brand		7,801
Goodwill		13,584
Accounts payable and accrued liabilities		(552)
Deferred tax liability		(2,131)
Non-controlling interest		(1,262)
		18,632


Total consideration		$
Cash		4,045
Common Shares		7,767
		11,812
Purchase price allocation
Cash and cash equivalents		1,054
Trade and other receivables		66
Inventory		1,270
Prepaid expenses		18
Property and equipment		10
Intangible assets - brand		2,671
Goodwill		8,201
Right of use asset		592
Lease liability		(592)
Accounts payable and accrued liabilities		(1,478)
		11,812


Total consideration		$
Cash		5,013
		5,013
Purchase price allocation
Cash and cash equivalents		115
Inventory		160
Prepaid expenses		158
Property and equipment		69
Intangible assets - brand		1,375
Goodwill		4,384
Right of use asset		299
Lease liability		(299)
Accounts payable and accrued liabilities		(863)
Deferred tax liability		(385)
		5,013


Total consideration		$
Cash		7,165
Common Shares		4,432
Working capital adjustment		1,086
		12,683
Purchase price allocation
Cash and cash equivalents		2,155
Trade and other receivables		472
Inventory		293
Property and equipment		19
Intangible asset - brand		3,884
Goodwill		9,225
Accounts payable and accrued liabilities		(1,530)
Deferred tax liability		(971)
Non-controlling interest		(864)
		12,683


For the three months ended January 31	2022	2021	2022	2021	2022	2021	2022	2021
	Retail	Retail	Wholesale	Wholesale	Corporate	Corporate	Total	Total
	$	$	$	$	$	$	$	$
Primary geographical markets ⁽ⁱ⁾
Canada	51,678	33,282	725	908	39	11	52,442	34,201
USA	16,956	3,266	488	643	-	-	17,444	3,909
International	2,332	209	-	-	-	-	2,332	209
Total revenue	70,966	36,757	1,213	1,551	39	11	72,218	38,319

Major products and services
Cannabis	54,199	30,377	-	-	-	-	54,199	30,377
Consumption accessories	11,574	4,382	1,205	1,527	-	-	12,779	5,909
Data analytics services	4,676	1,488	-	-	-	-	4,676	1,488
Other revenue	517	510	8	24	39	11	564	545
Total revenue	70,966	36,757	1,213	1,551	39	11	72,218	38,319

Timing of revenue recognition
Transferred at a point in time	70,966	36,757	1,213	1,551	39	11	72,218	38,319
Total revenue	70,966	36,757	1,213	1,551	39	11	72,218	38,319


	Office equipment	Production	Leasehold
	and computers	equipment	improvements ^(iv)	Vehicles	Buildings	Total
Cost	$	$	$	$	$	$
Balance, October 31, 2020	778	-	12,980	167	2,800	16,725
Additions	626	-	9,923	14	-	10,563
Additions from business combinations	1,857	-	5,516	5	-	7,378
Disposal ^{(i) (ii)}	(146)	-	(1,061)	(170)	-	(1,377)
Impairment loss⁽ⁱⁱⁱ⁾	(4)	-	(129)	-	-	(133)
Foreign currency translation	(11)	-	(5)	-	-	(16)
Balance, October 31, 2021	3,100	-	27,224	16	2,800	33,140
Additions	127	5	2,206	-	-	2,338
Additions from business combinations	54	2,812	1,324	-	-	4,190
Foreign currency translation	-	-	2	-	-	2
Balance, January 31, 2022	3,281	2,817	30,756	16	2,800	39,670

Accumulated depreciation
Balance, October 31, 2020	252	-	3,218	158	12	3,640
Depreciation	1,044	-	4,192	9	44	5,289
Disposal ^{(i) (ii)}	(89)	-	(291)	(158)	-	(538)
Foreign currency translation	(2)	-	(5)	-	-	(7)
Balance, October 31, 2021	1,205	-	7,114	9	56	8,384
Depreciation	240	83	1,546	2	54	1,925
Foreign currency translation	(1)	-	-	-	-	(1)
Balance, January 31, 2022	1,444	83	8,660	11	110	10,308

Balance, October 31, 2021	1,895	-	20,110	7	2,744	24,756
Balance, January 31, 2022	1,837	2,734	22,096	5	2,690	29,362


	Software	Licenses	Brand Name	Goodwill	Total
Cost	$	$	$	$	$
Balance, October 31, 2020	2,282	9,976	1,502	6,061	19,821
Additions	150	-	-	-	150
Additions from business combinations (Note 3)	7,217	37,406	19,552	73,812	137,987
Disposals ⁽ⁱ⁾	-	(1,230)	-	-	(1,230)
Impairment loss ⁽ⁱⁱ⁾	-	(1,390)	-	-	(1,390)
Foreign currency translation	(186)	-	21	73	(92)
Balance, October 31, 2021	9,463	44,762	21,075	79,946	155,246
Additions	147	-	-	-	147
Additions from business combinations	211	-	10,168	24,486	34,865
Impairment loss	(89)	-	-	-	(89)
Foreign currency translation	182	-	444	827	1,453
Balance, January 31, 2022	9,914	44,762	31,687	105,259	191,622

Accumulated depreciation
Balance, October 31, 2020	606	1,188	-	-	1,794
Amortization	1,215	10,161	-	-	11,376
Disposals	-	(160)	-	-	(160)
Foreign currency translation	(44)	-	-	-	(44)
Balance, October 31, 2021	1,777	11,189	-	-	12,966
Amortization	504	2,661	-	-	3,165
Foreign currency translation	18	-	-	-	18
Balance, January 31, 2022	2,299	13,850	-	-	16,149

Balance, October 31, 2021	7,686	33,573	21,075	79,946	142,280
Balance, January 31, 2022	7,615	30,912	31,687	105,259	175,473


	January 31, 2022	October 31, 2021
	$	$
Deposits on cannabis retail outlets	1,326	996
Prepaid insurance and other	4,290	3,352
Prepayment on inventory	4,816	4,252
Total	10,432	8,600
Less current portion	(8,353)	(6,919)
Long-term	2,079	1,681


As at	January 31, 2022	October 31, 2021
	$	$
Term loan ⁽ⁱ⁾	214	233
Loans receivable ⁽ⁱⁱ⁾	1,339	1,242
Halo - Note receivable ⁽ⁱⁱⁱ⁾	1,584	1,522
Total	3,137	2,997
Less current portion	(280)	(277)
Long-term	2,857	2,720


	2022	2021
	$	$
Accretion convertible debt	404	804
Interest on convertible debt	—	1,021
Accretion on notes payable	105	111
Interest on notes payable	386	297
Accretion of lease liability	656	469
Transaction cost	909	1,581
Total	2,460	4,283


Common shares:
	Number of shares	Amount
	#	$
Balance, October 31, 2020	240,090,196	32,552
Acquisition - Meta Growth (Note 3)	196,063,610	35,290
Acquisition - Smoke Cartel, Inc. (Note 3)	9,540,754	8,396
Acquisition - FAB Nutrition (Note 3)	6,151,915	3,439
Escrow share based compensation (Note 3)	9,002,194	5,804
Issued to pay fees via shares	1,480,099	467
Issued to pay interest via shares	8,077,940	1,458
Shares issued through equity financing	47,916,665	18,293
Exercise convertible debt	146,960,503	40,532
Share issuance costs	-	(3,205)
Exercise options	2,498,160	817
Exercise warrants	22,208,027	10,677
Vested restricted share units	844,655	154
Balance, May 13, 2021 - pre-consolidation	690,834,718	154,674
Balance, May 13, 2021 - post-consolidation	46,055,653	154,674
Acquisition - Daily High Club (Note 3)	839,820	7,767
Acquisition - 102 Saskatchewan (Note 3)	254,518	2,018
Acquisiton - DankStop (Note 3)	612,087	5,013
Acqusition - Blessed CBD (Note 3)	607,064	4,432
Escrow share based compensation (Note 3)	529,487	3,866
Shares issued through equity financing	2,415,000	20,273
Exercise convertible debt	1,596,434	4,954
Share issuance costs	-	(2,390)
Exercise options	158,824	717
Exercise warrants	1,291,141	7,580
Balance, October 31, 2021	54,360,028	208,904
Acquisition - NuLeaf (Note 3)	4,429,809	35,285
Issuance of shares through ATM	130,197	811
Share issuance costs	-	(13)
Exercise options	43,834	282
Exercise warrants	530,423	4,052
Vested restricted share units	17,500	118
Balance, January 31, 2022	59,511,791	249,439



	January 31, 2022		October 31, 2021
	Number of	Weighted Average	Number of	Weighted Average
	options	Exercise Price ($)	options	Exercise Price ($)
Balance, beginning of year	1,906,129	7.50	620,666	7.50
Granted	121,390	7.07	2,058,885	6.12
Forfeited	(89,003)	6.74	(448,051)	9.51
Exercised	(43,834)	6.42	(325,371)	3.73
Balance, end of period	1,894,682	6.25	1,906,129	7.50
Exercisable, end of period	820,066	5.86	596,666	7.55


					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	0.4159	2.07
Issued warrants for acquisition - Meta	741,600	3	-	1.3110	-
Issued warrants for acquisition - Meta	40,076,411	2,616	-	0.3520	0.49	February 6, 2023
Issued warrants for acquisition - Meta	4,120,000	120	-	1.1040	0.06	April 11, 2023
Revaluation of derivative liability	—	—	11,697	—	-	December 31, 2022
Warrants issued - equity financing	27,878,919	6,210	-	0.5800	0.55	February 22, 2024
Warrants issued - equity financing	21,207,720	3,546	-	12.2500	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	2.5995	2.01
Revaluation of derivative liability	-	-	220	—	—
Warrants cancelled or expired	(17,248,015)	(273)	-	—	—
Warrants exercised	(7,956,345)	(6)	(1,913)	—	—
Balance January 31, 2022	86,037,824	10,445	—	—	—


	2022	2021
	$	$
Net loss for the period	(7,352)	(16,845)
Non-controlling interest	(478)	(24)
Net loss for the period attributable to owners of the Company	(7,830)	(16,869)
	#	#
Weighted average number of common shares - basic and diluted	57,390,661	27,090,872
Basic and Diluted loss per share	(0.14)	(0.62)


		Derivative Liability measured through FVTPL
		$
Balance at November 1, 2020		—
Contingent consideration from acquisition of Smoke Cartel		1,319
Put obligation liability from acquisition of FABCBD		3,722
Put obligation liability from acquisition of Blessed CBD		4,323
Loss included in 'Loss on revaluation of derivative liability'		577
Balance at October 31, 2021		9,941
Put obligation liability from acquisition of NuLeaf		8,326
Gain included in 'Gain on revaluation of derivative liability'		(699)
Balance at January 31, 2022		17,568

Sensitivity Analysis
		$
Expected cash flows (10% movement)		1,539


	Contractual cash flows	Less than one year	1-3 years	3-5 years	Greater than 5 years
	$	$	$	$	$
October 31, 2021
Accounts payable and accrued liabilities	18,532	18,532	-	-	-
Notes payable	17,493	5,600	78	11,755	60
Derivative liability	11,673	9,980	1,693	-	-
Convertible debentures	8,163	946	-	7,217	-
Undiscounted lease obligations	35,201	8,454	12,773	6,382	7,592
Total	91,062	43,512	14,544	25,354	7,652
January 31, 2022
Accounts payable and accrued liabilities	22,161	22,161	-	-	-
Notes payable	17,602	5,600	88	11,850	64
Derivative liability	17,568	9,168	8,400	-	-
Convertible debentures	7,677	946	-	6,731	-
Undiscounted lease obligations	35,201	8,454	12,773	6,382	7,592
Total	100,209	46,329	21,261	24,963	7,656


(Canadian dollar equivalent amounts of US dollar and Euro balances)	January 31, 2022	January 31, 2022	January 31, 2022	January 31, 2022	October 31,
	(GBP)	(Euro)	(USD)	Total	2021
	$	$	$	$	$
Cash	1,258	307	3,785	5,350	4,032
Accounts receivable	360	(81)	1,003	1,282	889
Accounts payable and accrued liabilities	(314)	(1,393)	(3,881)	(5,588)	(4,406)
Net monetary assets	1,304	(1,167)	907	1,044	515


	Canada	Canada	USA	USA	International	International	Total	Total
For the three months ended January 31,	2022	2021	2022	2021	2022	2021	2022	2021
	($)	($)	($)	($)	($)	($)	($)	($)
Total revenue	52,442	34,202	15,090	643	4,686	3,474	72,218	38,319
Gross profit	11,952	12,984	8,391	219	2,639	1,565	22,982	14,768
(Loss) income from operations	(8,735)	(2,489)	1,138	(114)	1,450	558	(6,147)	(2,045)

Total assets	160,734	155,673	106,294	2,554	23,540	8,347	290,568	166,574
Total liabilities	88,234	98,739	16,003	765	4,019	13,271	108,256	112,775


Right of use assets
		$
Balance at November 1, 2021		27,985
Net additions		4,917
Depreciation expense for the period		(2,021)
Balance at January 31, 2022		30,881


Lease Liabilities
		$
Balance at November 1, 2021		29,773
Net additions		4,695
Cash outflows in the period		(2,238)
Accretion (Interest) expense for the period ended		656
Balance at January 31, 2022		32,886
Current		(6,962)
Non-current		25,924


	2022	2021	Change
	$	$
Revenue	72,218	38,319	88%
Gross Profit	22,982	14,768	56%
Gross Profit Margin	32%	39%	(7)%
Total Operating Expenses	(29,129)	(16,813)	73%
Adjusted EBITDA ⁽ⁱ⁾	2,955	4,601	(36)%
Net loss from Operations	(6,147)	(2,045)	201%
Net loss	(7,352)	(16,845)	(56)%
Loss per share (Basic)	(0.14)	(0.62)	(77)%


(C$ in thousands, except per	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
share amounts)	2022	2021	2021	2021	2021	2020	2020	2020
Revenue	72,218	53,867	48,069	40,868	38,319	24,876	24,104	20,571
Adjusted EBITDA ⁽ⁱ⁾	2,955	1,642	1,540	4,720	4,601	3,626	3,397	1,773
(Loss) income from Operations	(6,147)	(4,851)	(7,267)	(4,511)	(2,045)	1,133	1,624	156
Net (loss) income	(7,352)	(4,176)	(1,750)	(12,266)	(16,845)	(1,324)	3,827	(4,912)
Net (loss) income per share (Basic and Diluted) ⁽ⁱⁱ⁾	(0.14)	(0.09)	(0.03)	(0.30)	(0.62)	(0.46)	0.25	(0.33)


	2022⁽ⁱ⁾	2021⁽ⁱⁱ⁾				2020⁽ⁱⁱⁱ⁾
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Net (loss) income	(7,352)	(4,176)	(1,750)	(12,266)	(16,845)	(1,324)	3,827	(4,912)
Income tax (recovery) expense	(1,064)	(1,418)	224	(124)	588	(165)	316	162
Accretion and interest	1,551	1,515	1,095	2,838	2,702	573	2,456	2,529
Depreciation and amortization	7,111	1,458	8,299	7,714	6,094	2,213	1,771	1,545
EBITDA	246	(2,621)	7,868	(1,838)	(7,461)	1,297	8,370	(676)
Foreign exchange loss (gain)	97	473	(28)	5	89	(64)	4	(17)
Transaction and acquisition costs	909	483	1,939	889	1,581	1,729	193	173
Debt restructuring gain	—	—	—	—	(1,145)	—	—	—
Inventory write- off	—	—	—	—	—	252	—	—
(Gain) loss revaluation of derivative liability	(525)	(1,564)	(5,919)	3,988	10,484	706	67	125
Loss on settlement of convertible debenture	18	—	—	—	—	142	—	—
Loss (gain) on extinguishment of debenture	—	73	—	—	515	(418)	(3,576)	186
Impairment loss	89	2,676	57	—	—	458	—	247
Share-based compensation	1,902	2,301	508	1,517	553	28	2	72
Loss (gain) on revaluation of marketable securities	219	291	112	159	(15)	—	(1,663)	1,663
Gain on extinguishment of financial liability	—	(161)	—	—	—	(505)	—	—
Gain on disposal of property and equipment	—	(309)	(2,997)	—	—	—	—	—
Adjusted EBITDA	2,955	1,642	1,540	4,720	4,601	3,625	3,397	1,773


Securities ⁽ⁱ⁾		Units Outstanding ⁽ⁱⁱ⁾
Issued and outstanding common shares		60,806,988
Warrants ⁽ⁱⁱⁱ⁾		5,294,345
Stock options and RSUs		2,151,270
Convertible debentures		1,612,343