EX-99.49 50 a18-26052_1ex99d49.htm EX-99.49

Exhibit 99.49

 

 

Aphria Inc.

 

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS AND SIX MONTHS ENDED NOVEMBER 30, 2017 AND NOVEMBER 30, 2016

 

(Unaudited, expressed in Canadian Dollars, unless otherwise noted)

 



 

Aphria Inc.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited — In thousands of Canadian dollars)

 

 

 

Note

 

November 30,
2017

 

May 31, 2017

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

116,087

 

$

79,910

 

Marketable securities

 

4

 

55,855

 

87,347

 

Accounts receivable

 

 

 

2,666

 

826

 

Other current assets

 

5

 

8,783

 

5,571

 

Inventory

 

6

 

8,706

 

3,887

 

Biological assets

 

7

 

1,398

 

1,363

 

Due from related parties

 

8

 

 

464

 

Land available for sale

 

9

 

3,160

 

 

Current portion of convertible notes receivable

 

11

 

2,578

 

 

 

 

 

 

199,233

 

179,368

 

Capital assets

 

9

 

134,251

 

72,500

 

Intangible assets

 

10

 

1,579

 

1,891

 

Convertible notes receivable

 

11

 

8,996

 

1,361

 

Embedded derivatives

 

11

 

5,251

 

173

 

Interest in equity investee

 

12

 

27,493

 

28,376

 

Long-term investments

 

13

 

60,088

 

27,788

 

Deferred tax asset

 

14

 

1,511

 

3,315

 

Goodwill

 

 

 

1,200

 

1,200

 

 

 

 

 

$

439,602

 

$

315,972

 

Liabilities

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

$

15,709

 

$

5,874

 

Income taxes payable

 

14

 

851

 

 

Deferred gain on sale of intellectual property

 

 

 

2,333

 

2,800

 

Current portion of promissory note payable

 

16

 

768

 

878

 

Current portion of long-term debt

 

17

 

790

 

765

 

 

 

 

 

20,451

 

10,317

 

Long-term liabilities

 

 

 

 

 

 

 

Promissory note payable

 

16

 

 

366

 

Long-term debt

 

17

 

31,022

 

31,420

 

Shareholders’ equity

 

 

 

51,473

 

42,103

 

Share capital

 

18

 

363,479

 

274,317

 

Warrants

 

19

 

445

 

445

 

Share-based payment reserve

 

 

 

7,633

 

3,230

 

Accumulated other comprehensive loss

 

 

 

(801

)

 

Retained earnings (deficit)

 

 

 

17,373

 

(4,123

)

 

 

 

 

388,129

 

273,869

 

 

 

 

 

$

439,602

 

$

315,972

 

 

Nature of operations (Note 1)

Commitments (Note 28)

Subsequent events (Note 29)

 

Approved on behalf of the Board:

 

”John Cervini”

 

“Cole Cacciavillani”

Signed: Director

 

Signed: Director

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements

 

2



 

Aphria Inc.

Condensed Interim Consolidated Statements of Income and Comprehensive Income

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

 

 

 

November 30,

 

November 30,

 

 

 

Note

 

2017

 

2016

 

2017

 

2016

 

Revenue

 

 

 

$

8,504

 

$

5,227

 

$

14,624

 

$

9,602

 

 

 

 

 

 

 

 

 

 

 

 

 

Production costs

 

6

 

2,746

 

1,180

 

4,092

 

2,234

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit before fair value adjustments

 

 

 

5,758

 

4,047

 

10,532

 

7,368

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustment on sale of inventory

 

6

 

2,671

 

1,233

 

3,807

 

2,572

 

Fair value adjustment on growth of biological assets

 

7

 

(3,115

)

(1,307

)

(7,380

)

(3,107

)

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

6,202

 

4,121

 

14,105

 

7,903

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

21

 

1,973

 

1,225

 

3,708

 

2,184

 

Share-based compensation

 

22

 

2,200

 

251

 

4,709

 

455

 

Selling, marketing and promotion

 

 

 

2,819

 

1,819

 

4,767

 

3,200

 

Amortization

 

 

 

276

 

251

 

515

 

452

 

Research and development

 

 

 

80

 

89

 

170

 

338

 

 

 

 

 

7,348

 

3,635

 

13,869

 

6,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,146

)

486

 

236

 

1,274

 

Non-operating items:

 

 

 

 

 

 

 

 

 

 

 

Consulting revenue

 

 

 

183

 

 

476

 

 

Foreign exchange gain

 

 

 

282

 

 

131

 

 

Gain (loss) on marketable securities

 

4

 

55

 

 

(1,691

)

 

(Loss) gain on sale of capital assets

 

9

 

 

 

(7

)

11

 

(Loss) gain on dilution of ownership in equity investee

 

12

 

(16

)

 

7,535

 

 

Loss from equity investee

 

12

 

(441

)

 

(9,281

)

 

Deferred gain on sale of intellectual property recognized

 

 

 

233

 

 

467

 

 

Finance income, net

 

23

 

1,432

 

196

 

1,912

 

292

 

Unrealized gain on embedded derivatives

 

11

 

95

 

 

628

 

 

Gain on long-term investments

 

24

 

6,075

 

263

 

25,157

 

263

 

 

 

 

 

7,898

 

459

 

25,327

 

566

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

6,752

 

945

 

25,563

 

1,840

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

14

 

297

 

 

4,067

 

 

Net income

 

 

 

6,455

 

945

 

21,496

 

1,840

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) from equity investee

 

12

 

520

 

 

(801

)

 

Net comprehensive income

 

 

 

$

6,975

 

$

945

 

$

20,695

 

$

1,840

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

 

 

138,839,530

 

95,624,114

 

138,775,253

 

84,644,788

 

Weighted average number of common shares - diluted

 

 

 

145,878,443

 

101,606,150

 

146,075,449

 

90,626,824

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

25

 

$

0.05

 

$

0.01

 

$

0.15

 

$

0.02

 

Earnings per share - diluted

 

25

 

$

0.04

 

$

0.01

 

$

0.15

 

$

0.02

 

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements

 

3



 

Aphria Inc.

Condensed Interim Consolidated Statements of Changes in Equity

(Unaudited — In thousands of Canadian dollars, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Share-based

 

other

 

Retained

 

 

 

 

 

common

 

Share capital

 

Warrants

 

payment

 

comprehensive

 

earnings

 

 

 

 

 

shares

 

(Note 18)

 

(Note 19)

 

reserve

 

loss

 

(deficit)

 

Total

 

Balance at May 31, 2016

 

70,053,933

 

$

40,917

 

$

694

 

$

1,724

 

$

 

$

(8,321

)

$

35,014

 

Share issuance - August 2016 bought deal

 

17,250,000

 

31,959

 

 

 

 

 

31,959

 

Share issuance - November 2016 bought deal

 

10,062,500

 

37,263

 

 

 

 

 

37,263

 

Share issuance - warrants exercised

 

13,769,966

 

21,132

 

(480

)

 

 

 

20,652

 

Share issuance - options exercised

 

435,815

 

598

 

 

(233

)

 

 

365

 

Share issuance - intangible asset acquisition

 

38,759

 

100

 

359

 

 

 

 

459

 

Share-based payments

 

 

 

 

455

 

 

 

455

 

Net comprehensive income for the period

 

 

 

 

 

 

1,840

 

1,840

 

Balance at November 30, 2016

 

111,610,973

 

$

131,969

 

$

573

 

$

1,946

 

$

 

$

(6,481

)

$

128,007

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Share-based

 

other

 

Retained

 

 

 

 

 

common

 

Share capital

 

Warrants

 

payment

 

comprehensive

 

earnings

 

 

 

 

 

shares

 

(Note 18)

 

(Note 19)

 

reserve

 

loss

 

(deficit)

 

Total

 

Balance at May 31, 2017

 

138,628,704

 

$

274,317

 

$

445

 

$

3,230

 

$

 

$

(4,123

)

$

273,869

 

Share issuance - November 2017 bought deal

 

12,689,675

 

86,661

 

 

 

 

 

86,661

 

Share issuance - warrants exercised

 

417,855

 

638

 

 

 

 

 

638

 

Share issuance - options exercised

 

132,488

 

249

 

 

(92

)

 

 

157

 

Share issuance - deferred share units

 

2,525

 

15

 

 

 

 

 

15

 

Income tax recovery on share issuance costs

 

 

1,412

 

 

 

 

 

1,412

 

Share-based payments

 

 

 

 

4,495

 

 

 

4,495

 

Shares held in escrow earned in exchange for services

 

 

187

 

 

 

 

 

187

 

Net comprehensive income for the period

 

 

 

 

 

(801

)

21,496

 

20,695

 

Balance at November 30, 2017

 

151,871,247

 

$

363,479

 

$

445

 

$

7,633

 

$

(801

)

$

17,373

 

$

388,129

 

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements

 

4



 

Aphria Inc.

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited — In thousands of Canadian dollars)

 

 

 

 

 

For the six months ended

 

 

 

 

 

November 30,

 

 

 

Note

 

2017

 

2016

 

Cash generated from (used in) operating activities:

 

 

 

 

 

 

 

Net income for the period

 

 

 

$

21,496

 

$

1,840

 

Adjustments for:

 

 

 

 

 

 

 

Income taxes

 

14

 

4,067

 

 

Fair value adjustment on sale of inventory

 

6

 

3,807

 

2,572

 

Fair value adjustment on growth of biological assets

 

7

 

(7,380

)

(3,107

)

Loss on marketable securities

 

4

 

1,691

 

 

Unrealized foreign exchange gain on convertible notes receivable

 

11

 

(77

)

 

Amortization

 

9,10

 

1,404

 

934

 

Loss (gain) on sale of capital assets

 

9

 

7

 

(11

)

Disposition and usage of bearer plants

 

9

 

3

 

47

 

Accretion interest on convertible note receivable

 

11

 

(585

)

 

Unrealized gain on embedded derivatives

 

11

 

(628

)

 

Loss from equity investee

 

12

 

9,281

 

 

Gain on dilution of ownership in equity investee

 

12

 

(7,535

)

 

Deferred gain on sale of intellectual property recognized

 

12

 

(467

)

 

Consulting revenue

 

16

 

(476

)

 

Amortization of finance fees on long-term debt

 

 

 

2

 

2

 

Share-based compensation

 

22

 

4,709

 

455

 

Gain on long-term investments

 

24

 

(25,157

)

(256

)

Change in non-cash working capital

 

26

 

(3,747

)

(318

)

 

 

 

 

415

 

2,158

 

Cash provided by financing activities:

 

 

 

 

 

 

 

Share capital issued, net of cash issuance costs

 

 

 

86,661

 

69,222

 

Share capital issued on warrants exercised

 

 

 

638

 

20,652

 

Share capital issued on share-based compensation exercised

 

 

 

172

 

365

 

Advances from related parties

 

8

 

2,823

 

267

 

Repayment of amounts due to related parties

 

8

 

(2,327

)

(267

)

Proceeds from long-term debt

 

17

 

 

7,825

 

Repayment of long-term debt

 

17

 

(375

)

(277

)

 

 

 

 

87,592

 

97,787

 

Cash used in investing activities:

 

 

 

 

 

 

 

Repayment of promissory notes receivable

 

 

 

 

440

 

Investment in capital assets

 

9

 

(59,014

)

(11,153

)

Proceeds from disposal of capital asssets

 

9

 

200

 

33

 

Investment in intangible assets, net of shares issued

 

10

 

(9

)

(1,306

)

Convertible notes advances

 

11

 

(14,001

)

 

Investment in marketable securities

 

4

 

(5,000

)

 

Proceeds from disposal of marketable securities

 

4

 

34,801

 

 

Investment in long-term investments

 

13

 

(10,897

)

(6,418

)

Proceeds from disposal of long-term investments

 

13

 

2,090

 

601

 

 

 

 

 

(51,830

)

(17,803

)

Net increase in cash and cash equivalents

 

 

 

36,177

 

82,142

 

Cash and cash equivalents, beginning of period

 

 

 

79,910

 

16,473

 

Cash and cash equivalents, end of period

 

 

 

$

116,087

 

$

98,615

 

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements

 

5



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

1.              Nature of operations

 

Aphria Inc. (the “Company” or “Aphria”) was continued in Ontario.

 

Pure Natures Wellness Inc. (o/a Aphria) (“PNW”), a wholly-owned subsidiary of the Company, is licensed to produce and sell medical marijuana under the provisions of the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The registered office is located at 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario.

 

The Company’s common shares are listed under the symbol “APH” on the Toronto Stock Exchange (“TSX”) and under the symbol “APHQF” on the United States OTCQB Venture Market exchange.

 

These condensed interim consolidated financial statements were approved by the Company’s Board of Directors on January 9, 2018.

 

2.              Basis of preparation

 

(a)                 Statement of compliance

 

The Company’s condensed interim consolidated financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. These condensed interim consolidated financial statements do not include all notes of the type normally included within the annual financial report and should be read in conjunction with the audited financial statements of the Company for the year ended May 31, 2017, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and Interpretations of the IFRS Interpretations Committee.

 

(b)                         Basis of measurement

 

These condensed interim consolidated financial statements have been prepared on the going concern basis, under the historical cost convention except for certain financial instruments that are measured at fair value and biological assets that are measured at fair value less costs to sell, as detailed in the Company’s accounting policies.

 

(c)                          Functional currency

 

The Company and its subsidiaries’ functional currency, as determined by management is Canadian dollars. These condensed interim consolidated financial statements are presented in Canadian dollars.

 

(d)                         Basis of consolidation

 

Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly and indirectly, to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in the condensed interim consolidated financial statements from the date that control commences until the date that control ceases.

 

Wholly owned subsidiaries

 

Jurisdiction of incorporation

Pure Natures Wellness Inc. (o/a Aphria)

 

Ontario

1974568 Ontario Ltd.

 

Ontario

Aphria (Arizona) Inc.

 

Arizona

 

Intragroup balances, and any unrealized gains and losses or income and expenses arising from transactions with jointly controlled entities are eliminated to the extent of the Company’s interest in the entity.

 

6



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

The Company treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Company. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners of the Company.

 

(e)                          Amalgamation

 

Effective June 1, 2017, CannWay Pharmaceuticals Ltd. (“CannWay”), a wholly-owned subsidiary of the Company, was amalgamated with Pure Natures Wellness Inc. (o/a Aphria). The Company has historically presented all balances and activities of CannWay as a fully consolidated entity for financial statement presentation purposes. As of the date of amalgamation, CannWay did not have any assets or outstanding liabilities. There are no material changes to be considered prospectively or to the comparative consolidated statements as a result of the amalgamation.

 

(f)                           Interest in equity investees

 

The Company’s interest in equity investees is comprised of its interest in associates.

 

Equity investee

 

Jurisdiction of incorporation

Liberty Health Sciences Inc.

 

British Columbia

(formerly DFMMJ Investments, Ltd.)

 

 

In accordance with IFRS 10, associates are those in which the Company has significant influence, but not control or joint control over the financial and accounting policies.

 

Interests in associates are accounted for using the equity method in accordance with IAS 28. They are recognized initially at cost, which includes transaction costs. After initial recognition, the condensed interim consolidated financial statements include the Company’s share of the profit or loss and other comprehensive income (“OCI”) of equity investees until the date on which significant influence ceases.

 

If the Company’s share of losses in an equity investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

 

Unrealized gains on transactions between the Company and its associates are eliminated to the extent of the Company’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

The carrying amount of equity investments is tested for impairment in accordance with the policy described in the annual audited financial statements.

 

3.              Significant accounting policies

 

These condensed interim consolidated financial statements have been prepared following the same accounting policies used in the preparation of the audited financial statements of the Company for the year ended May 31, 2017.

 

New standards applicable during the reporting period

 

IFRS 5 — Non-current Assets Held for Sale; Assets and liabilities held for disposal are no longer depreciated and are presented separately in the statement of financial position at the lower of their carrying amount and fair value less costs to sell. An asset is regarded as held for sale if its carrying amount will be recovered principally through a sale transaction,

 

7



 

Aphria Inc.

 

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

rather than through continuing use. For this to be the case, the asset must be available for immediate sale and its sale must be highly probable.

 

New standards and interpretations issued but not yet adopted:

 

IFRS 9 - Financial Instruments; Classification and Measurement, effective for annual periods beginning on or after January 1, 2018, with early adoption permitted, introduces new requirements for the classification, measurement and derecognition of financial instruments and introduces a new impairment model for financial assets. The Company is assessing the impact of the standard on its convertible notes receivable and its investments where it holds less than significant influence. The Company has determined that no significant impact is anticipated from the new standard.

 

The new standard also introduces expanded disclosure requirements and changes in presentation. These are expected to change the nature and extent of the Company’s disclosures about its financial instruments particularly in the period of the adoption of the new standard.

 

The Company will apply the new rules retrospectively from June 1, 2018 with the practical expedients permitted under the standards. Comparatives will not be restated.

 

IFRS 15 - Revenue from Contracts with Customers; effective for annual periods beginning on or after January 1, 2018, with early adoption permitted, specifies how and when to recognize revenue and enhances relevant disclosures to be applied to all contracts with customers. The Company continues to assess the impact of the standard, with a focus on consulting contracts and royalty fees.

 

The Company is still considering the impact on its customer loyalty programme, which is currently under reconsideration. The new standard will require that the total consideration received be allocated to the points and goods based on relative stand-alone selling prices rather than based on the residual method.

 

The Company intends to adopt the standard using the modified retrospective approach which means that the cumulative impact of adoption will be recognized in retained earnings as of June 1, 2018 and that comparatives will not be restated.

 

IFRS 16 — Leases; in January 2016, the IASB issued IFRS 16, which specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, and a lessee shall either apply IFRS 16 with full retrospective effect or alternatively not restate comparative information but recognise the cumulative effect of initially applying IFRS 16 as an adjustment to opening equity at the date of initial application. Early adoption is permitted if IFRS 15 has also been adopted. Based on its current assets, interests and investments, no significant impact is anticipated from the new standard.

 

There are no other standards that are not yet effective and that would be expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.

 

The Company has reclassified certain immaterial items on the comparative consolidated statements of income and comprehensive income to improve clarity.

 

8



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

4.              Marketable securities

 

Marketable securities are classified as fair value through profit or loss, and are comprised of:

 

 

 

S&P rating

 

Interest

 

Maturity

 

November 30,

 

 

 

 

 

at purchase

 

rate

 

date

 

2017

 

May 31, 2017

 

Fixed Income:

 

 

 

 

 

 

 

 

 

 

 

Molson Coors Brewing Company

 

BBB-

 

3.950

%

10/06/17

 

 

1,116

 

Ford Motor Credit Co. LLC

 

BBB

 

3.320

%

12/19/17

 

2,032

 

1,988

 

Goldman Sachs & Co. LLC

 

A+

 

3.375

%

2/01/18

 

 

5,078

 

The Manufacturer’s Life Insurance Company

 

AA-

 

2.819

%

2/26/18

 

1,465

 

1,472

 

Canadian Western Bank

 

A-

 

2.531

%

3/22/18

 

3,023

 

3,039

 

Ford Motor Credit Co. LLC

 

BBB

 

3.700

%

8/02/18

 

1,024

 

1,037

 

Sobeys Inc.

 

BB+

 

3.520

%

8/08/18

 

3,055

 

3,078

 

Royal Bank of Canada

 

AA-

 

2.770

%

12/11/18

 

 

5,180

 

Canadian Western Bank

 

A-

 

3.077

%

1/14/19

 

1,536

 

1,535

 

Sun Life Financial Inc.

 

A

 

2.770

%

5/13/19

 

3,029

 

3,064

 

Ford Motor Credit Co. LLC

 

BBB

 

3.140

%

6/14/19

 

5,145

 

5,207

 

Canadian Natural Resources Ltd.

 

BBB+

 

3.050

%

6/19/19

 

 

2,054

 

Canadian Western Bank

 

A-

 

3.463

%

12/17/19

 

1,028

 

1,028

 

Laurentian Bank of Canada

 

BBB

 

2.500

%

1/23/20

 

3,038

 

6,099

 

Enercare Solutions Inc.

 

BBB

 

4.600

%

2/03/20

 

4,007

 

4,008

 

Enbridge Inc.

 

BBB+

 

4.530

%

3/09/20

 

5,290

 

5,395

 

Central 1 Credit Union

 

A

 

1.870

%

3/16/20

 

 

5,020

 

Choice Properties REIT

 

BBB

 

3.600

%

4/20/20

 

5,163

 

5,237

 

Penske Truck Leasing Co., L.P.

 

BBB

 

2.950

%

6/12/20

 

 

5,145

 

Westcoast Energy Inc.

 

BBB+

 

4.570

%

7/02/20

 

5,387

 

5,430

 

Bank of Montreal (USD)

 

A+

 

1.400

%

4/10/18

 

3,874

 

4,052

 

Citigroup Inc. (USD)

 

BBB+

 

2.050

%

12/17/18

 

3,904

 

4,081

 

Royal Bank of Canada (USD)

 

AA-

 

1.625

%

4/15/19

 

3,855

 

4,040

 

Wells Fargo & Company (USD)

 

A

 

2.150

%

1/30/20

 

 

3,964

 

 

 

 

 

 

 

 

 

$

55,855

 

$

87,347

 

 

The cost of marketable securities as at November 30, 2017 was $56,276 (May 31, 2017 — $87,138). During the three and six months ended November 30, 2017, the company divested of certain marketable securities in its Canadian portfolio for proceeds of $24,702 and $34,801, resulting in a loss on disposal of $256 and $387 (2016 - $nil and $nil), and re-invested $nil and $5,000 (2016 - $nil and $nil). During the three and six months ended November 30, 2017, the Company recognized a gain (loss) of $55 and ($1,691) on its marketable securities portfolio, of which $311 and ($1,304) (2016 - $nil and $nil) represented unrealized fair value adjustments.

 

9



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

5.              Other current assets

 

Other current assets are comprised of:

 

 

 

November 30,
2017

 

May 31, 2017

 

HST receivable

 

$

5,970

 

$

3,675

 

Accrued interest

 

1,088

 

701

 

Credit card receivable

 

188

 

103

 

Prepaid assets

 

605

 

1,060

 

Other

 

932

 

32

 

 

 

$

8,783

 

$

5,571

 

 

6.              Inventory

 

Inventory is comprised of:

 

 

 

Capitalized
cost

 

Fair value
adjustment

 

 

November 30,
2017

 

May 31, 2017

 

Harvested cannabis

 

$

1,712

 

$

3,472

 

 

$

5,184

 

$

2,507

 

Harvested cannabis trim

 

651

 

1,416

 

 

2,067

 

421

 

Cannabis oil

 

518

 

511

 

 

1,029

 

682

 

Packaging and supplies

 

426

 

 

 

426

 

277

 

 

 

$

3,307

 

$

5,399

 

 

$

8,706

 

$

3,887

 

 

During the three and six months ended November 30, 2017, the Company recorded $2,746 and $4,092 (2016 - $1,180 and $2,234) related to production costs. Included in production costs for the three and six months ended November 30, 2017 is $54 and $95 of cannabis oil conversion costs (2016 - $15 and $43) and $61 and $98 related to the cost of accessories (2016 - $nil and $nil). Included in cost of sales is amortization of $500 and $889 (2016 - $228 and $482) related to capital assets utilized in production. During the three and six months ended November 30, 2017, the Company expensed $2,671 and $3,807 (2016 — $1,233 and $2,572) of fair value adjustments on the sale of its biological assets included in inventory.

 

The Company holds 1,382.4 kilograms of harvested cannabis (May 31, 2017 — 668.5 kgs), 688.9 kilograms of harvested cannabis trim (May 31, 2017 — 140.1 kgs) and 1,646.6 litres of cannabis oils or 274.4 kilograms equivalent (May 31, 2017 — 1,091.3 litres or 181.9 kilograms equivalent) at November 30, 2017.

 

7.              Biological assets

 

Biological assets are comprised of:

 

 

 

Amount

 

Balance as at May 31, 2017

 

$

1,363

 

Changes in fair value less costs to sell due to biological transformation

 

7,380

 

Production costs capitalized

 

3,642

 

Transferred to inventory upon harvest

 

(10,956

)

Transferred to capital assets

 

(31

)

Balance as at November 30, 2017

 

$

1,398

 

 

The Company values medical cannabis plants at cost from the date of initial clipping from mother plants until the end of the twelfth week of its growing cycle. Measurement of the biological asset at fair value less costs to sell and costs to complete begins at the thirteenth week until harvest. The Company has determined the fair value less costs to sell of harvested cannabis

 

10



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

to be $3.75 per gram. The Company has determined the fair value less costs to sell of its harvested cannabis trim to be $3.00 per gram, upon harvest.

 

The net effect of the fair value less cost to sell over and above historical cost was an increase in non-cash value of biological assets and inventory of $3,115 and $7,380 during the three and six months ended November 30, 2017 (2016 — increase of $1,307 and $3,107). In determining the fair value of biological assets, management is required to make several estimates, including: the expected cost required to grow the cannabis up to the point of harvest; harvesting costs; selling costs; sales price; and, expected yields for the cannabis plant. All of which represent Level 3 on the fair value hierarchy. These estimates are subject to volatility in market prices and several uncontrollable factors, which could significantly affect the fair value of biological assets in future periods.

 

8.     Related party transactions

 

Prior to going public, the Company funded operations through the support of related parties. Since going public, the Company has continued to leverage the purchasing power of these related parties for certain of its operating expenditures. The balance owing from related parties as at November 30, 2017 was $nil (May 31, 2017 - $464). These parties are related as they are corporations that are controlled by certain officers and directors of the Company.

 

During the three and six months ended November 30, 2017, related party corporations charged or incurred expenditures on behalf of the Company (including rent) totaling $54 and $93 (2016 - $72 and $267). Included in this amount was rent of $9 and $17 charged during the three and six months ended November 30, 2017 (2016 - $8 and $33).

 

The Company funded the start-up costs and operations of Liberty Health Sciences Inc. (formerly DFMMJ Investments, Ltd.), a related party through an equity investment.

 

 

 

Amount

 

Balance due to (from) related parties as at May 31, 2017

 

$

(464

)

Related party charges in the period

 

93

 

Payments to related parties in the period

 

(93

)

Non-cash payments made on behalf of related parties in the period

 

(32

)

Payments made on behalf of related parties in the period

 

(2,234

)

Repayments made by related parties in the period

 

2,730

 

Balance as at November 30, 2017

 

$

 

 

During the period, the Company purchased capital assets for $995 from a company controlled by a director. During the prior year, the Company purchased 36 acres of farm land, with 9 acres of greenhouses located thereon, from F.M. and Cacciavillani Farms Ltd., a company controlled by a director, for $6,100. The purchase price was allocated as follows: (i) $1,300 to land; (ii) $3,550 to greenhouse infrastructure; and, (iii) $1,250 to licenses and permits — intangible assets.

 

Key management personnel compensation was comprised of:

 

 

 

For the six months ended

 

 

 

November 30,

 

 

 

2017

 

2016

 

Salaries

 

$

660

 

$

417

 

Short-term employment benefits (included in office and general)

 

36

 

19

 

Share-based compensation

 

2,217

 

265

 

 

 

$

2,913

 

$

701

 

 

Directors and officers of the Company control 11.1% or 16,858,264 of the voting shares of the Company.

 

11



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

9. Capital assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

Greenhouse

 

 

 

 

 

Leasehold

 

Construction

 

capital

 

 

 

Land

 

infrastructure

 

Bearer plants

 

Equipment

 

improvements

 

in process

 

assets

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

 

$

 

$

 

$

3,499

 

$

4,812

 

$

65

 

$

8,376

 

Additions

 

10,725

 

4,018

 

112

 

1,700

 

16

 

49,958

 

66,529

 

Transfers

 

104

 

12,152

 

 

174

 

(4,566

)

(7,864

)

 

Disposals

 

 

 

(67

)

(33

)

 

 

(100

)

At May 31, 2017

 

10,829

 

16,170

 

45

 

5,340

 

262

 

42,159

 

74,805

 

Additions

 

1,550

 

 

31

 

2,330

 

 

62,293

 

66,204

 

Transfers

 

(3,160

)

6,990

 

 

697

 

 

(7,687

)

(3,160

)

Disposals

 

 

(207

)

(3

)

 

 

 

(210

)

At November 30, 2017

 

$

9,219

 

$

22,953

 

$

73

 

$

8,367

 

$

262

 

$

96,765

 

$

137,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

 

$

 

$

 

$

554

 

$

513

 

$

 

$

1,067

 

Amortization

 

 

458

 

 

717

 

74

 

 

1,249

 

Transfers

 

 

525

 

 

 

(525

)

 

 

Disposals

 

 

 

 

(11

)

 

 

(11

)

At May 31, 2017

 

 

983

 

 

1,260

 

62

 

 

2,305

 

Amortization

 

 

484

 

 

584

 

15

 

 

1,083

 

At November 30, 2017

 

$

 

$

1,467

 

$

 

$

1,844

 

$

77

 

$

 

$

3,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

 

$

 

$

 

$

2,945

 

$

4,299

 

$

65

 

$

7,309

 

At May 31, 2017

 

$

10,829

 

$

15,187

 

$

45

 

$

4,080

 

$

200

 

$

42,159

 

$

72,500

 

At November 30, 2017

 

$

9,219

 

$

21,486

 

$

73

 

$

6,523

 

$

185

 

$

96,765

 

$

134,251

 

 

During the three and six months ended November 30, 2017, the Company sold assets that were not yet in use prior to disposal with a cost of $nil and $207 (2016 - $nil and $33) and a net book value of $nil and $207 (2016 - $nil and $22), for proceeds of $nil and $200 (2016 - $nil and $33), resulting in a loss on sale of capital assets of $nil and $7 (2016 - $nil and $11).

 

As at November 30, 2017, there was approximately $7,190 (May 31, 2017 - $nil) in accounts payable and accrued liabilities relating to construction in progress.

 

On August 9, 2017, the Company entered into a series of agreements with Nuuvera Corp. (“Nuuvera”). Under the terms of one of the agreements, the Company agreed to sell 100 acres of land owned on Mersea Road 8 Leamington, Ontario in exchange for $4,000. The agreement is subject to standard closing conditions, including the severance of the 100 acres from the overall site owned by the Company on Mersea Road 8, Leamington, Ontario. The Company expects the transaction to close before the fiscal year-end. As a result of the agreement, the Company reclassified $3,160 of cost included in land to assets available for sale.

 

12



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

10. Intangible assets

 

 

 

 

 

 

 

 

 

Tokyo Smoke

 

 

 

Total

 

 

 

Corporate

 

Licenses &

 

Patents &

 

licensing

 

CannWay

 

intangible

 

 

 

website

 

permits

 

trademarks

 

agreement

 

brand

 

assets

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

162

 

$

 

$

 

$

 

$

4,428

 

$

4,590

 

Additions

 

56

 

1,250

 

 

459

 

 

1,765

 

At May 31, 2017

 

218

 

1,250

 

 

459

 

4,428

 

6,355

 

Additions

 

 

 

9

 

 

 

9

 

At November 30, 2017

 

$

218

 

$

1,250

 

$

9

 

$

459

 

$

4,428

 

$

6,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

88

 

$

 

$

 

$

 

$

184

 

$

272

 

Amortization

 

68

 

153

 

 

57

 

414

 

692

 

Impairment

 

 

 

 

 

3,500

 

3,500

 

At May 31, 2017

 

156

 

153

 

 

57

 

4,098

 

4,464

 

Amortization

 

27

 

83

 

1

 

46

 

164

 

321

 

At November 30, 2017

 

$

183

 

$

236

 

$

1

 

$

103

 

$

4,262

 

$

4,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

At May 31, 2016

 

$

74

 

$

 

$

 

$

 

$

4,244

 

$

4,318

 

At May 31, 2017

 

$

62

 

$

1,097

 

$

 

$

402

 

$

330

 

$

1,891

 

At November 30, 2017

 

$

35

 

$

1,014

 

$

8

 

$

356

 

$

166

 

$

1,579

 

 

11.      Convertible notes receivable

 

 

 

Notes receivable

 

Embedded derivatives

 

 

 

November 30,

 

 

 

November 30,

 

 

 

 

 

2017

 

May 31, 2017

 

2017

 

May 31, 2017

 

CannaRoyalty Corp.

 

$

1,390

 

$

1,361

 

$

1,105

 

$

173

 

Copperstate Farms Investors, LLC

 

2,578

 

 

 

 

HydRx Farms Ltd. (d/b/a Scientus Pharma)

 

7,606

 

 

4,146

 

 

 

 

11,574

 

1,361

 

5,251

 

173

 

Deduct - current portion

 

(2,578

)

 

 

 

 

 

$

8,996

 

$

1,361

 

$

5,251

 

$

173

 

 

CannaRoyalty Corp.

 

During the three and six month period, the Company’s note receivable from CannaRoyalty Corp. (“CR”) increased by $15 and $29 representing the recognition of accretion interest on the note and the embedded derivative increased by $399 and $932, representing the change in fair value of the conversion feature on the note.

 

As at November 30, 2017, the convertible note receivable totalled $2,495.

 

13



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

Copperstate Farms Investors, LLC

 

On August 31, 2017, the Company lent Copperstate Farms Investors, LLC (“CSF”) $2,000 USD ($2,501 CAD) in exchange for a senior secured convertible loan. The convertible debenture bears interest at 9%, is due on May 15, 2018 (“Maturity Date”). The loan is pre-payable at any time by CSF, however no principal payments are due prior to the Maturity Date. If at least $500 USD of the outstanding loan balance is not repaid by February 28, 2018, then an automatic conversion would be triggered for $500 USD plus any accrued but unpaid interest, net of any repayments towards the principal, of the loan balance at $500 USD per unit. If the outstanding loan balance has not been repaid before the Maturity Date, an automatic conversion would be triggered for the remaining loan balance at $500 USD per unit. The convertible loan is secured by a first charge on CSF’s greenhouse assets and real property located in Snowflake, Arizona. Since the option to settle payments in membership units is solely at the discretion of CSF, no embedded derivative has been recognized.

 

As at November 30, 2017, the convertible note receivable totalled $2,000 USD ($2,578 CAD).

 

HydRx Farms Ltd. (d/b/a Scientus Pharma)

 

On August 14, 2017, Aphria lent $11,500 to Scientus Pharma (“SP”) as a convertible debenture. The convertible debenture bears interest at 8%, paid semi-annually, matures in two years and includes the right to convert the debenture into common shares of SP at $2.75 per common share at any time before maturity. SP maintains the option of forced conversion of the convertible debenture if the common shares of SP trade on a stock exchange at a value of $3.02 or more for 30 consecutive days.

 

The option to settle payments in common shares represents an embedded derivative in the form of a call option to the Company. The fair value of the derivative asset related to the convertible note is $4,146 at November 30, 2017.

 

During the three and six month period, the Company’s note receivable from SP increased by $556 and $556 representing the recognition of accretion interest on the note and the embedded derivative decreased by $304 and $304, representing the change in fair value of the conversion feature on the note.

 

As at November 30, 2017, the convertible note receivable totalled $11,752.

 

The fair value for the embedded derivatives was determined using the Black Scholes option pricing model using the following assumptions: the risk-free rate of 0.85-1.15%; expected life of the convertible note; volatility of 70% based on comparable companies; forfeiture rate of nil; dividend yield of nil; and, the exercise price of the respective conversion feature.

 

12.    Interest in equity investee

 

 

 

November 30,

 

 

 

 

 

2017

 

May 31, 2017

 

Associated company

 

 

 

 

 

Liberty Health Sciences Inc. (formerly DFMMJ Investments, Ltd.)

 

$

27,493

 

$

28,376

 

 

Liberty Health Sciences Inc.

 

As at May 31, 2017 the Company owned 312,592,308 common shares in DFMMJ Investments, Ltd. (“DFMMJ”), representing approximately 46.1% of DFMMJ’s issued and outstanding common shares.

 

On July 20, 2017, as part of the business combination DFMMJ received an investment from a third party of $9,150 for 43,990,370 subscription shares at $0.208 per share. As a result, the Company’s interest in DFMMJ was diluted from 46.1% to 43.3%, with the Company realizing a dilution gain of $1,961 from the change in equity interest.

 

14



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

Further on July 20, 2017, DFMMJ completed its business combination with SecureCom Mobile Inc. (“SecureCom”). After amalgamation, SecureCom changed its name to Liberty Health Sciences Inc. (“LHS”) and remained the resulting issuer. Management determined the Company should account for its investment in the newly consolidated LHS using the equity method as a continuation of the treatment previously applied to its investment in DFMMJ. Prior to the transaction, the Company held 8,000,000 shares directly in SecureCom, which have been historically treated as a Level 1 Long-Term Investment. As a result of the business combination, the 130,044,447 total outstanding common shares of SecureCom were added to the share base of LHS, and the fair value of the Company’s investment in SecureCom ($1,664) was added to the carrying value of its interest in the equity investee. Upon completion of the business combination, all 852,063,664 outstanding shares were consolidated for Consideration Shares in LHS. As a result, the Company held 320,592,308 (37.6%) of the total outstanding shares of LHS. Due to the dilution of ownership in the combined entity, the Company recognized a further unrealized gain on dilution with respect to the outstanding shares owned by third parties of $5,590 and a corresponding increase to the cost base of its investment by the same value.

 

Upon the completion of the transaction, LHS consolidated its issued and outstanding common shares, broker warrants and existing stock options on the basis of three pre-consolidation common shares held for one post-consolidation common share. As a result of the three-for-one exchange, Aphria now holds 106,864,102 common shares of LHS, representing a 37.6% ownership.

 

During the three months ended November 30, 2017, LHS issued an additional 521,833 shares to third parties. As a result, the Company’s interest in LHS was diluted and the Company realized a dilution loss of $16 from the change in equity interest.

 

For the three and six months ended November 30, 2017, the Company reported a total (loss) gain on dilution of ownership in equity investee of ($16) and $7,535 (2016 - $nil and $nil).

 

For the three months ended November 30, 2017 and for the period from May 1, 2017 to November 30, 2017 the investee, LHS, reported a net loss of $974 and $24,671, and a net comprehensive gain (loss) of $409 and ($26,798) on its financial statements. In accordance with the equity method, Aphria recorded a loss of $441 and $9,281 and an other comprehensive gain (loss) of $520 and ($801) for the three and six months ended November 30, 2017, from its investee relative to its ownership of the outstanding common shares at the time.

 

The following table summarizes, in aggregate, the financial information of the Company’s associate as included in their own financial statements. The table also reconciles the summarized financial information to the carrying amount of the Company’s interest as at November 30, 2017:

 

 

 

November 30,

 

 

 

 

 

2017

 

April 30, 2017

 

Current assets

 

$

24,306

 

$

5,724

 

Non-current assets

 

54,298

 

5,000

 

Current liabilities

 

(627

)

 

Non-current liabilities

 

(13,890

)

 

Net assets

 

$

64,087

 

$

10,724

 

 

15



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

 

 

November 30,

 

 

 

 

 

2017

 

May 31, 2017

 

Reconciliation to carrying amount:

 

 

 

 

 

Opening net assets

 

$

56,438

 

$

 

Intangible asset contributed

 

 

5,000

 

Cash contributions, net of share issuance costs

 

6,008

 

50,960

 

Share-based payments

 

1,373

 

 

Contributions on business combination

 

27,066

 

 

Net comprehensive (loss) income for the reporting period

 

(26,798

)

478

 

Closing net assets

 

$

64,087

 

$

56,438

 

 

 

 

 

 

 

Company’s share in %

 

37.6

%

46.1

%

Company’s share of net assets

 

$

24,097

 

$

26,018

 

Fair value adjustment due to profit elimination

 

 

(2,200

)

Goodwill

 

3,396

 

4,558

 

Carrying amount of interest in associate

 

$

27,493

 

$

28,376

 

 

Based on its closing share price of $1.71 as at November 30, 2017, the LHS shares held by Aphria have a fair value of approximately $182,738.

 

 

 

November 30,

 

 

 

 

 

2017

 

May 31, 2017

 

Reconciliation to carrying amount:

 

 

 

 

 

Opening balance

 

$

28,376

 

$

 

Investment

 

 

28,166

 

Transfer of fair value of SecureCom shares on reverse takeover

 

1,664

 

 

Gain on account of dilution of ownership

 

7,535

 

 

Share of reported net (loss) income

 

(9,281

)

210

 

Share of reported comprehensive loss

 

(801

)

 

Closing balance

 

$

27,493

 

$

28,376

 

 

16



 

Aphria Inc.

Notes to the Condensed Interim Consolidated Financial Statements

For the three months and six months ended November 30, 2017 and November 30, 2016

(Unaudited — In thousands of Canadian dollars, except share and per share amounts)

 

13. Long-term investments

 

 

 

Cost

 

Fair value

 

 

 

 

 

Subtotal

 

 

 

Fair value

 

 

 

May 31,

 

May 31,

 

 

 

Divesture/

 

November 30,

 

Change in

 

November 30,

 

 

 

2017

 

2017

 

Investment

 

Transfer

 

2017

 

fair value

 

2017

 

Level 1 on fair value hierarchy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CannaRoyalty Corp.

 

$

1,380

 

$

1,793

 

$

 

$

 

$

1,793

 

$

1,441

 

$

3,234

 

Kalytera Therapeutics, Inc.

 

3,014

 

1,111

 

 

(1,111

)

 

 

 

MassRoots, Inc.

 

508

 

562

 

 

(232

)

330

 

(192

)

138

 

SecureCom Mobile Inc.

 

520

 

1,664

 

 

(1,664

)

 

 

 

Tetra Bio-Pharma Inc.

 

2,300

 

9,500

 

 

 

9,500

 

(2,600

)

6,900

 

Canabo Medical Inc.

 

1,160

 

316

 

 

 

316

 

204

 

520

 

 

 

8,882

 

14,946

 

 

(3,007

)

11,939

 

(1,147

)

10,792

 

Level 3 on fair value hierarchy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copperstate Farms, LLC

 

1,755

 

1,755

 

 

 

1,755

 

5,691

 

7,446

 

Copperstate Farms Investors, LLC

 

7,539

 

7,560

 

1,868

 

 

9,428

 

17,434

 

26,862

 

Resolve Digital Health Inc.

 

718

 

1,000

 

 

 

1,000

 

(282

)

718

 

Resolve Digital Health Inc.

 

282

 

242

 

 

 

242

 

(42

)

200