Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Consolidated Statements of Operations

v3.22.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Consolidated Statements of Operations    
Revenues, net of discounts $ 357,608,311 $ 155,114,454
Cost of goods sold excluding fair value items 175,646,346 66,355,014
Incremental costs to acquire cannabis inventory in a business combination 43,863,688  
Cost of goods sold 219,510,034 66,355,014
Gross profit 138,098,277 88,759,440
Operating expenses    
General and administrative 136,744,916 69,583,293
Sales and marketing 7,699,986 2,150,536
Depreciation and amortization 1,997,185 829,745
Amortization on intangible assets 38,661,734 12,024,715
Acquisition expense 9,001,683 2,945,194
Total operating expenses 194,105,504 87,533,483
(Loss) income from operations (56,007,227) 1,225,957
Share of loss on equity investments (31,670) (33,591)
Foreign exchange (62,714) (7,783)
Fair value gain (loss) on financial liabilities 83,759,057 (529,555)
Interest expense, net (16,549,836) (3,203,097)
Interest income 203,587 10,112
Other, net 997,263 19,971
Total other income (expense) 68,315,687 (3,743,943)
Income (Loss) before taxes 12,308,460 (2,517,986)
Income Taxes    
Current tax provision (45,820,250) (21,770,590)
Deferred tax benefit (provision) 16,559,339 (316,873)
Total income taxes (29,260,911) (22,087,463)
Net loss $ (16,952,451) $ (24,605,449)
Basic earnings (loss) per share $ (0.30) $ (0.88)
Diluted earnings (loss) per share $ (0.30) $ (0.88)
Weighted average number of shares outstanding (basic) 57,329,350 27,892,441
Weighted average number of shares outstanding (diluted) 57,329,350 27,892,441