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The company has executed brilliantly over that time. Blaming management is ridiculous. The shorts suppressing it and the global situation is the problem and those factors will be turning around very soon. Hold and buy more and thank the management for their foresight. Don’t bash them. They are about to make us all a whole bunch of money.
I agree! The thing Bruce was very good at was capturing people’s imagination and keeping the company’s name on everyone’s mind. A very good asset to have when you are in a business that can not advertise. The burn would have been the same but we would have sold a lot more Canopy products with the “Drummer Boy” in charge lol! He gave the hype, and excitement. All we got when Klein took over is crickets.
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2022) - WonderFi Technologies Inc. (NEO: WNDR) (OTC Pink: WONDF) (WKN: A3C166) (FTX: WNDR) (the "Company" or "WonderFi") today announced its second quarter 2022 financial results for the period ended March 31, 2022. All financial references are in Canadian dollars unless otherwise noted.
Financial Highlights:
-- WonderFi has commenced revenue generation through its acquisition of
Bitbuy on March 25, 2022
-- Total assets as of March 31, 2022 were $598 million, including $18.8
million in cash and $20.6 million in crypto assets, as well as $412
million of AUC for customers
-- Cash used in operating activities, excluding one-time transaction costs
related to the Bitbuy acquisition, of $4.1 million for the quarter ended
March 31, 2022
-- Total loss and comprehensive loss of $14 million for the quarter ended
March 31, 2022
Operating Highlights:
-- Closed acquisition of Bitbuy on March 25, 2022
-- Completed "bought deal" public offering for aggregate gross proceeds of
$45 million
Subsequent to March 31, 2022
-- Signed definitive agreement to acquire Coinberry Limited ("Coinberry") on
April 18, 2022
-- On closing of the acquisition, WonderFi will house one of the largest
communities of Web3 users in Canada with over 750,000 users
"WonderFi's second quarter was marked by the transformative acquisition of Bitbuy, which immediately positions the company as one the leading regulated crypto exchange businesses in Canada. The signing of the definitive agreement to acquire Coinberry so soon after the closing of the Bitbuy transaction will further add to the company's leadership position within the industry and we are excited for what the future holds as we integrate all of our businesses to continue our rapid user acquisition growth and explore ways to unlock cost synergy opportunities, " said Ben Samaroo, CEO of WonderFi.
Summary of Financial Results for the Quarter ended March 31, 2022
Revenues were $254K for the three and six months ended March 31, 2022, compared to $nil for the same three and six month ended period in 2021. The increase in revenue was due to the acquisition of Bitbuy and represents the activity of Bitbuy from March 25, 2022, to March 31, 2022.
The Company's operating expenses were $14.1 million and $19.4 million for the three and six months ended March 31, 2022, respectively, compared to $439K for the period from January 30, 2021, the Company's incorporation date, to March 31, 2021. The operating expenses increased for the three and six months ended March 31, 2022, compared to the respective prior periods as spending on labour, marketing and software development increased to support the Company's business expansion.
Of total operating costs, one-time expenses of $7.9 million and $10.2 million for professional and consulting fees were incurred for the three and six months ended March 31, 2022, respectively, related to the acquisition of Bitbuy and the $45 million "bought deal" financing. Out of the one-time costs for the Bitbuy acquisition, $5.5 million was paid through shares. Finally, non-cash share-based payments of $2.6 million and $3.5 million, respectively, for the three and six months ended March 31, 2022, were related to the issuance of stock options and RSUs to employees, directors, and external consultants.
Access to Financial Statements and Management Discussion and Analysis
Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval (SEDAR), the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.
Additional Information
For additional information, please contact:
WonderFi Technologies Inc.
Ben Samaroo, CEO
ben@wonder.fi
(778) 843-9637
Investor Relations Contact: invest@wonder.fi
Media Contact: press@wonder.fi
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms. WonderFi provides unified access to digital assets including crypto, DeFi, gaming and NFTs, in a compliant and regulated environment. WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
And yet, my little canadian LP is moving up through the ranks, from 13 place to 10th and it is pennies a share. I am buying as much as I can right now since the cannabis industry is dead and crypto is where its at. 8 cents to buy a stock that is going in the right direction. Such a good secret it is not on anybody’s list. That is good for me. It can stay that way till I get to buy more. This is another way those who started the business can get involved. Without having to grow or sell or get licensed or buy a store….. just buy little shares and let them grow. Yes I am aware I could lose my money. My 8 cents could go away but it is more likely it will go up imo. They have held on through the storms so far.
We are very well positioned here. The green energy “fad” is about to start and IDEX is perfectly positioned. I wish I could buy more shares. So much opportunity so little cash
Shared the link on twitter. I completely agree it is time to care for those who made the industry. They have been abused and now we know how benign cannabis really it its far past time for the nonsense to stop
That is your reason. There is more to life than short term gains. Like I said you have different expectations than I do. I will be making plenty of money. I already have :) and there is lots more to come.
Great article! Thank you for sharing
I am not a trader. I am investing in the future. Much different focus. You do not seem to get it. Big picture vs little picture. Wide scope vs narrow vision. Your understanding of the stock market is like your ideas about cannabis consumers. Very narrow. No imagination for what is coming just see what is here. I am sure there were people proud of themselves for shorting Amazon at $50 in 1999. Imagine what they would have had if they had just bought and held? How many shares of Canopy/Khiron/Tinley/Lowell/columbiacare that $50 would buy? Only one has to stick. To be enormously effective. That is just in the cannabis space. There are so many opportunities! Why would I play games with shorting? I do appreciate your help in getting me good prices tho! And no, I am not buying Canopy now. Not sure if I ever will again. It depends on how Klein and co handle it from here on.
It is unusual for the share price to be cheaper for retailers than a private offering. Very good opportunity in my opinion. Even with a bit of dilution. It gives them a cushion till the revenues start getting stronger. Averaging in as I can.
You are out of rationale so you resort to childish taunts? Not a good look. I respond to your points because I am putting my thoughts on record real time as things happen in the industry. It makes a timeline of events. This way I can share my experience the way those in the early days helped me. Some of your research is very deep. It helps to add dimension to the evolution of the industry. I like to keep things in one place and this is a good spot since this is where it all began. It is such an exciting time! I can not believe it has all happened so quickly. With covid thrown in no less! Such an amazing time to be alive!
I have not owned a share in this company since around $30. I have used the proceeds from Canopy to invest in a company that is substituting cannabis for opioids and sleeping pills and having the insurance companies of Columbia and Germany pay for it. It works great. The more people who have access to this medicine the better.
That is your blind spot. You think everyone wants 100 mg. They are rolling it out properly to actually get customers. Not scare them away.
Here is the investor’s presentation from yesterday Q1 results.
https://seekingalpha.com/article/4515567-khiron-life-sciences-corp-khrnf-ceo-alvaro-torres-on-q1-2022-results-earnings-call-transcript
Strange this is running counter to the market today. Just going to hold here, don't want to miss a squeeze.
It is incredible what they are able to do. There are so many beneficial compounds in cannabis and many of them are in very small amounts so it saves a lot of resources to get the individual molecule. I have shares in a company that does something like this. Not sure if they use yeast but they get bio identical trichomes through their process depending on the mother they use. By all means, grow your own for you and your friends but unless you grow stellar, consistent and pretty buds, your money making days ahead will be in investing. Investing in companies that are innovative, with goid cannabis, good brands and good CPG products. Cannabis is a commodity. The ingenuity of the businesses will take it places we have not imagined :) Very happy more people on the planet will have access to this marvellous medicine!
You are funny :) I am not a trader. I am an investor. I do swing trade occasionally. There may be a very good opportunity here. Time will tell
I bopped in a d out on the way down. Took my swings held my core. Things are poised to go quickly from here tho, I am not good at timing the bottom so I am just going to hold from here. When it goes up I will tho.
The wallet belongs to Constellation. Was it you or Dogger that predicted Constellation would crush the stock price so they would be able to take it over on the cheap? It looks like that is the angle they are taking at the moment. Let the lawsuit and crappy earnings tank the stock, keep it on life support until the US situation lets them buy the US assets (Acreage looks like it will be cheaper soon due to the lawsuit too) pick the timing, swoop in and voila! Constellation has a North American powerhouse of CPG brands. Or it will go up in flames. Only time will tell. Enjoying watching it all unfold. I do not think there will be flames and I think the next canopy purchasing opportunity will be when STZ share price drops on the takeover. Just my opinion.
Exactly. They have the intent to sell a commodity within the legacy ecosystem. It will right size itself and only the best growers will command any price at all. I would not be surprised to see supply in the legacy mkt dry up pretty quickly. The people who have been making bank selling will find something else to do now that the price does not include the premium for it being illegal. Only those who love the plant and are good at it will stick around. Meanwhile the legal market making CPG products in standard formats and consistent quality are just getting started. I am so glad more people have access to this wonderful medicine/entertainment all the time! Sunny skies ahead for the industry. Canopy? That is up to management, so far its underwhelming.
I believe it. They are executing with laser focus and pivoting brilliantly. Raj has been following the plan and buying accretive assets. I may jump back in here soon. Been watching from a distance. People seem to be clueless to the opportunity of this industry.
My whole family (except me lol) have them as their medical provider and their products have allowed one to get off of sleep meds all together! I am a great fan of their products! Particularly the cbd 100 my Dad notices a huge difference. I am watching him age backwards. So I am not surprised if others are getting the same results. I really like the rollon! Smells great and relives achey knees :)
Nothing is certain, I am just assuming everyone here is interested in this company succeeding. I know the shorts are happy to see a company go down. I am an investor tho so I see the glass as half full and ready to fill up the rest of the way :) Of course the market is in a funny mood and folks are understandably clanky. I still think my money has a better chance of growing here than anywhere else or I would not be here. I guess I should have said we are near the bottom. It can always go down further. I think these guys have the blessing of a big backer and they have a great management team. They say they are going to do something and they do it. I believe my investment is more likely to double here than it would in tesla or apple. I tend to be an all or nothing sort of person and the cannabis market has taught me to take some profits.
I have not bought Canopy since 2017 and I sold the last of my shares here between $20&$30 on the way down. They are adjusting their operations toward beverages and edibles it seems and CPG is the future if the industry. I just keep tabs on their activities while I wait and see how things evolve. My next buy on this company will likely be if/when constellation takes everything over
Don’t panic. We are at the bottom. The next few months will show us things are ready to turn around and we are well positioned. Even Halo might pull a rabbit out of the hat. We will know soon if the issues there are the industry or the management. Im not buying more here at the moment but holding and happy :) the only position I am adding to is Khiron right now.
Excellent news as usual :) Thank you for sharing!
I have no bias against the company. I look at what they do and what they say. I read their financials and see every interview. I am in the long game because cannabis is a medicine that everyone should have access to in the form they prefer. I have taken a different angle than others but we are all moving in the same direction. I will probably buy back in to this company in the future. If these folks are still holding since I met them they are still up 3x on their original investment and they know what they own. I am using the funds Tweed gave me to spring board in other forward looking companies. It is not a one size fits all world and I wish everyone here every success.
If they are investors who got in early they are just biding their time. There are many ways to make money and Canopy/Constellation have actually been making some interesting moves with an eye toward legalization in the US. They will be just fine.
No, I am seeing what is and where it is going. You are lost in a fantasy that has cannabis only used by stoners grinding bud and packing bongs. They will be around for the foreseeable future. The opportunity here is all of the future stoners who do not yet even know they like weed and will never ever roll a joint or grind a bud. Times they are a changing…. Either change with them or be left behind. I do not trade, I invest. So your shorting strategies are not useful for me. I do live the info you bring here tho! All perspectives teach me something :) you are good at what you do, I do not like trading
Vote for better representatives or move. It is better now than it was in 2016. The best is yet to come
This is an excellent move! To serve markets that do not allow cbd or thc but want their citizens to have an alternative to ciggies. Zero means no tobacco and no cannabis but they are using their understanding of the benefits of terpines. Good move TAAT. Get the brand around the globe and offer other products as the govts come to their senses.
https://finance.yahoo.com/news/taat-files-patent-application-inclusion-200100750.html
Anyone in canada can grow 4 plants. There are backward provinces but that requires the people who live there to pick better representatives. We CAN grow our own. Just like we can brew our own beer and make our own wine. Have you had home made beer and wine? It is usually nasty and even tho we can all make our own we still buy from the store because people like variety and there are not that many people with the talent to make it good. That is what is happening in the cannabis industry. It is early days and I have a brown thumb so I invest in people who know how to grow it well. $550 a pound is much cheaper than it was before legal came about so… like I said, things are normalizing. They will settle in to the proper place in a few years. Meanwhile, there is tremendous opportunity right now not in Canopy yet but it is coming.
I agree with you. It should not be illegal. It should be sold by the pound or the ton. It is a crop that has never caused a death. It should be widely available. It is still not worth what balck market charges. Things are normalizing. Why are you surprised?
Greed is where the illegal market charges high prices for an herb that should sell by the pound rather than the gram. The market is just becoming what it should be. Minimum wages, job safety standards… things everyone should have. The cannabis industry uses the public roads to deliver their products so they can help pay for them.
Here is the transcript of the investor presentation for year end 2021. They are focusing on medical cannabis and clinics. I am sad to see Kuida be put on the back burner but the CBD space is so saturated I think it is a very good move.
https://seekingalpha.com/article/4505892-khiron-life-sciences-khrnf-ceo-alvaro-torres-on-q4-2021-results-earnings-call-transcript
What do you think about this turn of events? I read it as the only option they really had to stay in business. It seems to be reasonable considering. It will give them some breathing room, hopefully it is enough
You are welcome :) Many people are unaware of that fact. And that all the party platforms are on line so you can easily see what each one will attempt to do while in office. Very convenient now to make an informed decision
Your vote matters…. Use it while you can…. Rebels tend to not vote… that is what they count on…..
Because cannabis is a commodity. All but the most premium will be sold by the bushel. Dogger had a really good observation years ago…. He calculated the number of kilos of coffee sold globally and compared it to cannabis. Which is also an ingredient. It was very timely and he helped me understand how this industry was going to evolve. I am very grateful to you contrarians :) You give information I would not have had access to if not for you :) much appreciated!
The fact this plant in on the schedule at all shows how broken the american govt is. There has never been a death caused by cannabis. The war on drugs implemented by racists has caused horror around the world. Vote for people who understand this and your portfolio will be green over night. Put the people who tried to over throw the government on Jan 6 in jail and let the gardeners be free and we will all be better off! Cannabis cures cancer and IBS. And many other things. Amazing what you find out when you actually study something instead of lying and making arbitrary and malicious laws so your buddies (dupont/hurst) can avoid healthy competition from a better commodity…..