Better PLT Sciences Inc (VEGGD)

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http://www.globenewswire.com/news-release/2019/03/22/1759139/0/en/Yield-Growth-Achieves-Revenue-of-3-1-Million-for-Its-Fiscal-Year-Ended-November-30-2018.html

March 22, 2019 04:00 ET | Source: The Yield Growth Corp.
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Yield Growth Corp. FISCAL YEAR ENDED NOVEMBER 30, 2018
PR-web_Financials (1)
FISCAL YEAR ENDED NOVEMBER 30, 2018
The Yield Growth Corp.
VANCOUVER, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- The Yield Growth Corp. (CSE:BOSS) (OTC:BOSQF) (Frankfurt: YG3) on a consolidated basis (the “Company”) has released its financial and operational results for the year ended November 30, 2018. These filings are available for review on the Company’s SEDAR profile at www.sedar.com.

UPDATE ON CASH POSITION

The Company received warrant and stock options exercises during the first quarter of 2019 for total proceeds in excess of $3.7 million. As at February 28, 2019, the Company had a cash balance of approximately $3.7 million.

FINANCIAL PERFORMANCE

The Company realized revenue of $3,055,442 for the twelve months ended November 30, 2018 as compared to nil for the prior year. The revenue included consulting revenue of $1,098,364 under Thrive Activations Inc. (“Thrive”) and licensing revenue of $1,957,078 under Urban Juve Provisions Inc. (“Urban Juve”) for manufacturing and distribution rights licensed to third parties for the Canadian, US and certain European markets.

The Company incurred net loss of $9,708,037 for the twelve months ended November 30, 2018 as compared to $1,229,685 for the prior year. However, many of the expenses incurred in 2018 were one-time and non-recurring expenses or were non-cash expenses not affecting cash flow. The adjusted earnings before interest, taxes, depreciation and amortization, excluding certain non-operating amounts as shown below (the “Adjusted EBITDA”) was negative $2,504,577 for the twelve months ended November 30, 2018.

The increase in loss was primarily driven by increased stock-based compensation for stock options granted to directors, officers, employees, consultants, and advisors, and consulting fees and wages for development activities and to build up internal capacity to launch Urban Juve and other product lines.

The Company was at the final stage of its initial public offering as at November 30, 2018 and incurred material amount of expenses during the year in professional fees, share-based compensation, office expenses, and other fees that are one-time and non-recurring in nature. The Company also incurred loss from investments in joint venture of $2,367,766 and loss from termination and amendment of licensing agreements of $1,447,572, and neither of these losses are expected to occur in the future.