2019-Q3-FINANCIAL-STMNT-Final.-11.13.2019.pdf - Freshii Inc Condensed Consolidated Interim Financial Statements For the 13 and 39 weeks ended

2019-Q3-FINANCIAL-STMNT-Final.-11.13.2019.pdf - Freshii Inc...

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Freshii Inc. Condensed Consolidated Interim Financial Statements For the 13 and 39 weeks ended September 29, 2019 and September 30, 2018 (Expressed in thousands of US Dollars)
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The accompanying notes form an integral part of these condensed consolidated interim financial statements 2 Condensed Consolidated Interim Balance Sheet (Expressed in thousands of US Dollars, unaudited) As at September 29, 2019 and December 30, 2018 Commitments, contingencies and guarantees - Note 24 Subsequent event – Note 14 Approved by the Directors November 12, 2019 (Signed) “Jeffrey Burchell” (Signed) “Adam Corrin” Jeffrey Burchell, Director Adam Corrin, Director As at September 29, 2019 As at December 30, 2018 Assets Current Cash $ 29,419 $ 26,650 Amounts receivable (Note 4) 2,550 2,037 Prepaid expenses and other assets (Note 5) 442 815 Current portion of loans receivable (Note 6) 134 127 Current portion of lease receivable (Note 3 & 7) 184 - Current portion of deferred charges (Note 16) 36 39 32,765 29,668 Non-current Loans receivable (Note 6) 391 157 Lease receivable (Note 3 & 7) 624 - Property and equipment (Note 9) 2,404 2,334 Right-of-use assets (Note 3 & 11) 6,911 - Intangible and other assets (Note 10) 3,749 4,782 Deferred charges (Note 16) 273 342 Deferred tax asset (Note 8) 4,355 3,991 Total assets $ 51,472 $ 41,274 Liabilities Current Accounts payable and accrued liabilities (Note 12) $ 1,994 $ 2,210 Current portion of lease liability (Note 3 & 13) 480 - Current portion of deferred revenue (Note 16) 2,339 2,126 Income taxes payable (Note 8) 1,274 880 6,087 5,216 Non-current Lease liability (Note 3 & 13) 7,590 - Deferred revenue (Note 16) 4,773 5,166 Total liabilities 18,450 10,382 Equity (Deficit) Capital stock (Note 14) 50,217 47,476 Contributed surplus (Note 15) 3,042 4,626 Accumulated other comprehensive loss (695 ) (1,555 ) Deficit (Note 3) (19,580 ) (19,672 ) 32,984 30,875 Non–controlling interest 38 17 $ 51,472 $ 41,274
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The accompanying notes form an integral part of these condensed consolidated interim financial statements 3 Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in thousands of US Dollars, except per share amounts, unaudited) For the 13 and 39 weeks ended September 29, 2019 and September 30, 2018 For the 13 weeks ended For the 39 weeks ended September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Revenue Franchise revenue (Note 16) $ 5,206 $ 4,752 $ 14,895 $ 13,794 Company-owned store revenue 679 850 1,952 2,205 Total revenue 5,885 5,602 16,847 15,999 Costs and expenses Cost of sales 599 719 1,743 1,909 Selling, general and administrative (Note 17) 3,589 3,463 10,804 9,774 Depreciation and amortization (Note 9, 10, 11) 1,243 566 2,182 988 Share based compensation expense (Note 15) 498 889 1,157 2,598 Total costs and expenses 5,929 5,637 15,886 15,269 Income before interest costs, foreign exchange & income taxes (44 ) (35 ) 961 730 Interest income, net (Note 20) (33 ) (125 ) (117 ) (341 ) Foreign exchange loss (gain) (71 ) 33 155 (73 ) Income before income tax expense 60 57 923 1,144 Income tax expense (Note 8) 475 503 802 861 Net income (loss) (415 ) (446 ) 121 283 Other comprehensive (loss) income Currency translation adjustment that may be reclassified to: net income (loss), net of tax (413 ) 476 860 (1,297 ) Comprehensive income (loss) $ (828 ) $ 30 $ 981 $ (1,014 ) Net income (loss) attributable to: Freshii Inc. $ (474 ) $ (459 ) $ 58 $ 266 Non–controlling interest $ 59 $ 13 $ 63 $ 17 Comprehensive income (loss) attributable to: Freshii Inc. $ (887 ) $ 17 $ 918 $ (1,031 ) Non–controlling interest $ 59 $ 13 $ 63 $ 17 Net income (loss) per share attributable to the
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