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PlantX Life Inc. the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced unaudited monthly financial metrics for July 2022.
PlantX generated monthly gross revenue of $1.2 million in July 2022, an increase of 35% compared to $910,000 in July 2021. The increase was driven primarily by the Little West cold-pressed juice brand, which is experiencing strong sell-through across its retail distribution partners as consumers increasingly return to corporate offices, coffee shops, and other places where its products are readily available. Gross profit for July 2022 was $468,000, or 39% gross margin, compared to gross profit of $318,000, or 35% gross margin in July 2021.
“As we see continued strong topline growth that, we are sharply focused on accelerating our path to profitability,” said PlantX CEO, Lorne Rapkin. “We have refined our operations especially when it comes to staffing, optimizing our marketing activities, and securing more favorable terms with suppliers. We are highly confident that these initiatives will translate into near-term further improvement in gross margins and a reduction in our net loss as our business continues to grow.”
PlantX also provided an update with respect to its previously announced management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission on August 2, 2022. The MCTO was issued in connection with the delay by the Company in filing its audited annual financial statements, management’s discussion and analysis and related officer certifications for the fiscal year ended March 31, 2022 (collectively, the “Required Filings”) before the prescribed deadline of July 29, 2022.
The MCTO was granted pursuant to the Company’s application made under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company requested and received an extension relating to the Required Filings due to additional time needed to complete the Company’s previously announced restatement of its annual audited comparative financial statements for the fiscal year ended March 31, 2021 and to implement internal control procedures as a result of the restatement process.
The Company is working diligently with its auditors expects to have the audit of the Required Filings completed, and the Required Filings filed within 30 days, and in any event, no later than September 27, 2022.
The Company is providing this status update in accordance with NP 12-203. The Company reports that: (i) there are no changes to the information contained in its default announcement on July 11, 2022, that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203 and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
The financial metrics disclosed in this press release are management prepared and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.
As the digital face of the plant-based community, PlantX’s platform is a one-stop shop for plant-based products. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering delivery service for meals and indoor plants, the Company currently has plans underway to expand its product lines to include a juice and coffee company. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs, and brands. The Company’s digital presence works to eliminate the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
