Schedule of Segment Reporting Information, by Segment |
For the periods presented, revenue by reportable segments are as follows:
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(in thousands) |
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(in thousands) |
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Total Revenue |
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% of Total Revenue |
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Total Revenue |
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% of Total Revenue |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
Segment |
2023 |
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2022 |
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2023 |
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2022 |
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2023 |
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2022 |
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2023 |
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2022 |
Cannabis Retail |
$ |
8,101 |
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$ |
9,252 |
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94.1 |
% |
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95.2 |
% |
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$ |
24,986 |
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$ |
32,905 |
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93.8 |
% |
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74.2 |
% |
Cannabis Cultivation & Distribution |
511 |
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469 |
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5.9 |
% |
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4.8 |
% |
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1,663 |
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11,466 |
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6.2 |
% |
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25.8 |
% |
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Total |
$ |
8,612
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$ |
9,721
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100.0
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% |
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100.0
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% |
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$ |
26,649
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$ |
44,371
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100.0
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% |
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100.0
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% |
For the periods presented, results of operations by reportable segments are as follows:
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(in thousands) |
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Three Months Ended September 30, 2023 |
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Three Months Ended September 30, 2022 |
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Cannabis Retail |
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Cannabis Cultivation & Distribution |
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Corporate & Other |
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Total |
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Cannabis Retail |
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Cannabis Cultivation & Distribution |
|
Corporate & Other |
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Total |
Total Revenues |
$ |
8,101 |
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$ |
511 |
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$ |
— |
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$ |
8,612 |
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$ |
9,252 |
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$ |
469 |
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$ |
— |
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$ |
9,721 |
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Cost of Goods Sold |
3,861 |
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|
757 |
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— |
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4,618 |
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3,861 |
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5,902 |
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— |
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9,763 |
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Gross Profit |
4,240 |
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(246) |
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— |
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3,994 |
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5,391 |
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(5,433) |
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— |
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(42) |
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Gross Profit % |
52.3 |
% |
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(48.1) |
% |
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58.3 |
% |
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(1158.4) |
% |
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Selling, General & Administrative Expenses |
4,118 |
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245 |
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3,166 |
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7,529 |
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3,840 |
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3,299 |
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5,613 |
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|
12,752 |
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Impairment Expense |
— |
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— |
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— |
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— |
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— |
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— |
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107,972 |
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107,972 |
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Loss (Gain) on Disposal of Assets |
1,541 |
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— |
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(1) |
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1,540 |
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|
169 |
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1,359 |
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1 |
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1,529 |
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Income (Loss) from Operations |
(1,419) |
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(491) |
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(3,165) |
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(5,075) |
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1,382 |
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(10,091) |
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(113,586) |
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(122,295) |
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Other Income (Expense): |
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Interest Expense |
— |
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— |
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(944) |
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(944) |
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— |
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(2) |
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(379) |
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(381) |
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Loss on Settlement of Liabilities |
(8) |
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— |
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(33) |
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(41) |
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— |
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— |
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— |
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— |
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Income from Employer Retention Credit |
— |
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— |
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1,232 |
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1,232 |
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— |
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— |
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— |
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— |
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Unrealized Gain (Loss) on Investments |
— |
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— |
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1,333 |
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1,333 |
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— |
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— |
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(493) |
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(493) |
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Other Income (Expense) |
327 |
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(261) |
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376 |
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|
442 |
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(485) |
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567 |
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(294) |
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(212) |
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Total Other Income (Expense), Net |
319 |
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(261) |
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1,964 |
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2,022 |
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(485) |
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565 |
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(1,166) |
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(1,086) |
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Income (Loss) Before Provision for Income Taxes |
$ |
(1,100) |
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$ |
(752) |
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$ |
(1,201) |
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$ |
(3,053) |
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$ |
897
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$ |
(9,526) |
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$ |
(114,752) |
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$ |
(123,381) |
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Total Assets (Liabilities) |
$ |
14,925
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$ |
4,252
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$ |
17,354
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$ |
36,531
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$ |
49,017
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$ |
(9,838) |
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$ |
14,671
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$ |
53,850
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(in thousands) |
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Nine Months Ended September 30, 2023 |
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Nine Months Ended September 30, 2022 |
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Cannabis Retail |
|
Cannabis Cultivation & Distribution |
|
Corporate & Other |
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Total |
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Cannabis Retail |
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Cannabis Cultivation & Distribution |
|
Corporate & Other |
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Total |
Total Revenues |
$ |
24,986 |
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$ |
1,663 |
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$ |
— |
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$ |
26,649 |
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$ |
32,905 |
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$ |
11,466 |
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$ |
— |
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$ |
44,371 |
|
Cost of Goods Sold |
11,629 |
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|
1,731 |
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— |
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|
13,360 |
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|
16,172 |
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|
14,041 |
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— |
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|
30,213 |
|
Gross Profit |
13,357 |
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(68) |
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— |
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|
13,289 |
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|
16,733 |
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(2,575) |
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— |
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|
14,158 |
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Gross Profit % |
53.5 |
% |
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(4.1) |
% |
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50.9 |
% |
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(22.5) |
% |
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Selling, General & Administrative Expenses |
9,428 |
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|
712 |
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11,057 |
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21,197 |
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15,292 |
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11,785 |
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21,766 |
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48,843 |
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Impairment Expense |
— |
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— |
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— |
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— |
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— |
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— |
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|
163,698 |
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163,698 |
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Loss (Gain) on Disposal of Assets |
1,541 |
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— |
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(1,740) |
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(199) |
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|
711 |
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1,359 |
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(198) |
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|
1,872 |
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Income (Loss) from Operations |
2,388 |
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(780) |
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(9,317) |
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(7,709) |
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|
730 |
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(15,719) |
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(185,266) |
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(200,255) |
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Other Income (Expense): |
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Interest Expense |
— |
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— |
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(2,155) |
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(2,155) |
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— |
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(178) |
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(2,408) |
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(2,586) |
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Gain on Extinguishment of Debt |
— |
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— |
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|
3,026 |
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|
3,026 |
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— |
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— |
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|
542 |
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|
542 |
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Gain (Loss) on Settlement of Liabilities |
102 |
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— |
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(33) |
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|
69 |
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— |
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— |
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— |
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— |
|
Income from Employer Retention Credit |
— |
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— |
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|
1,232 |
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1,232 |
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— |
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— |
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— |
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— |
|
Realized Loss on Investments |
— |
|
|
— |
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(61) |
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|
(61) |
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— |
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— |
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— |
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— |
|
Unrealized Gain on Investments |
— |
|
|
— |
|
|
1,333 |
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|
1,333 |
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|
— |
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|
— |
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|
470 |
|
|
470 |
|
Other Income (Expense) |
10 |
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|
63 |
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|
640 |
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|
713 |
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(882) |
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|
1,094 |
|
|
434 |
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|
646 |
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Total Other Income (Expense), Net |
112 |
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|
63 |
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|
3,982 |
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|
4,157 |
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|
(882) |
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|
916 |
|
|
(962) |
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|
(928) |
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Income (Loss) Before Provision for Income Taxes |
$ |
2,500
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|
$ |
(717) |
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$ |
(5,335) |
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|
$ |
(3,552) |
|
|
$ |
(152) |
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|
$ |
(14,803) |
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$ |
(186,228) |
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$ |
(201,183) |
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Total Assets (Liabilities) |
$ |
14,925
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$ |
4,252
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$ |
17,354
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$ |
36,531
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$ |
49,017
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$ |
(9,838) |
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$ |
14,671
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$ |
53,850
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