FinCanna Capital (FNNZF) just released their financials and they are finally profitable!
FinCanna’s financials statements can be found here: SEDAR (hyperlink)
FY2019 Financial Highlights:
YoY revenues increased by ~125%
YoY total expenses decreased by ~40%
The company earned an accounting Net Income of $210,179 (Basic and diluted EPS of 0.002)
While the company only recorded a small net income, in my view a small profit is preferable to losses like those recorded in 2018. As of April 30, 2019 the company has ~$7.8m in cash on hand and are there is $381,155 in profit sharing income in receivables (note 5).
Financial Health
The company remains very liquid as represented by a high current ratio (~10x) meaning they have more than enough liquid assets to cover their short-term liabilities. The company also uses limited leverage as represented by a Debt/Assets ratio far below 1.
Current Ratio: (8,902,811/891,110) = ~9.99
Total Debt/ Total Assets: (526,573 + 3,746,701)/24,409,269 = ~0.175
Per Share Metrics - Basic (Diluted):
Cash Per Share: 0.08 (0.07)
Book-Value (Shareholders’ Equity) Per Share: 0.21 (0.17)
At a share price of 0.13 the company currently trades at a price-book of 0.62 (0.78 diluted).
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