SEDAR Interim Financial Statements

[
  {
    "companyName": "Eat Well Investment Group Inc.",
    "reportingPeriodEnd": "2024-03-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 2483263,
      "accountsReceivable": 8124637,
      "inventory": 5714886,
      "prepaidExpensesAndOtherCurrentAssets": 754705,
      "debenture": 1,
      "totalCurrentAssets": 17077492,
      "propertyPlantAndEquipmentNet": 11804008,
      "intangibleAssetsNet": 17157459,
      "goodwill": 13875298,
      "privateInvestmentsAtFairValueThroughProfitOrLoss": 1166663,
      "investmentsInMarketableSecurities": 1,
      "totalAssets": 61080921,
      "accountsPayable": 4171387,
      "accruedLiabilities": 2577651,
      "interestPayable": 624785,
      "loansPayableCurrentPortion": 11176045,
      "totalCurrentLiabilities": 18549868,
      "futureIncomeTaxLiability": 5875509,
      "loansPayableLongTermPortion": 22461690,
      "totalLiabilities": 46887067,
      "shareCapital": 57763690,
      "commitmentToIssueShares": 41620369,
      "contributedSurplus": 9350265,
      "accumulatedOtherComprehensiveIncome": 226682,
      "deficit": -95427262,
      "nonControllingInterestInSubsidiary": 660110,
      "totalShareholdersEquity": 14193854,
      "cashPerShare": 0.0146,
      "workingCapitalPerShare": -0.0087
    },
    "incomeStatement": {
      "sales": 12064244,
      "costOfSales": 11103580,
      "grossProfit": 960664,
      "generalAndAdministrative": 174892,
      "wagesAndSalaries": 944621,
      "employeeBenefits": 119580,
      "professionalFees": -34223,
      "salesAndMarketingExpenses": 78566,
      "corporateInsurance": 162457,
      "corporateDevelopment": 0,
      "shareholderCosts": 0,
      "shareBasedCompensation": 0,
      "depreciationExpense": 107902,
      "amortizationExpense": 864321,
      "totalOperatingExpenses": 2418116,
      "netOperatingLoss": -1457452,
      "lossGainOnForeignExchange": -133281,
      "interestIncomeAndOtherIncome": 2582,
      "interestExpense": -730584,
      "financingAndTransactionCosts": 0,
      "otherExpense": -861283,
      "lossBeforeTaxes": -2318735,
      "provisionForIncomeTaxes": 129825,
      "lossFromContinuingOperations": -2188910,
      "lossFromDiscontinuedOperations": 0,
      "netLoss": -2188910,
      "otherComprehensiveLoss": 156406,
      "comprehensiveLoss": -2032504,
      "lossPerShareBasic": 0.01,
      "lossPerShareDiluted": 0.01,
      "weightedAverageNumberOfSharesOutstandingBasic": 169661148,
      "weightedAverageNumberOfSharesOutstandingDiluted": 169661148
    },
    "cashFlowStatement": {
      "netLossForThePeriod": -2188910,
      "shareBasedCompensation": 0,
      "depreciationAndAmortization": 1103685,
      "financeAndTransactionCosts": 0,
      "unrealizedFX": 0,
      "changesInNonCashWorkingCapital": {
        "accountsReceivableNet": 1129651,
        "inventory": 249857,
        "prepaidExpensesAndOtherCurrentAssets": 165619,
        "deferredTaxLiability": -244640,
        "accountsPayable": -2611816,
        "accruedExpenses": 452129,
        "interestPayable": 376870
      },
      "cashFlowsUsedInOperatingActivitiesOfContinuingOperations": -1567555,
      "cashFlowsUsedInOperatingActivitiesOfDiscontinuingOperations": 0,
      "cashFlowsUsedInOperatingActivities": -1567555,
      "purchasesOfPropertyPlantAndEquipment": -17614,
      "disposalOfPropertyPlantAndEquipment": 0,
      "cashFlowsUsedInInvestingActivities": -17614,
      "principalRepaymentsOnLoans": -385097,
      "proceedsFromLoans": 20234,
      "feesFromLoans": 0,
      "proceedsFromExerciseOfWarrants": 0,
      "repurchaseOfCommonShares": 0,
      "cashFlowsUsedInProvidedByFinancingActivitiesOfContinuingOperations": -364863,
      "cashFlowsProvidedByFinancingActivitiesOfDiscontinuingOperations": 0,
      "cashFlowsUsedInProvidedByFinancingActivities": -364863,
      "effectsOfChangesInForeignExchangeRatesOnCash": 156407,
      "netChangeInCash": -1793625,
      "cashBeginningOfThePeriod": 4276888,
      "cashEndOfThePeriod": 2483263
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Private Investment",
        "description": "Private investments at fair value through profit or loss",
        "ownershipPercentage": null,
        "value": 1166663,
        "notes": "Includes investment in Amara (Pata Foods, Inc.) - 28% ownership on fully diluted as-converted basis as of March 31, 2024 after reversion."
      },
      {
        "type": "Marketable Securities",
        "description": "Investments in marketable securities (TRxADE/Scienture Holdings preferred shares)",
        "ownershipPercentage": null,
        "value": 1,
        "notes": "Nominal value after impairment; legal proceedings initiated."
      },
      {
        "type": "Debenture",
        "description": "Secured debenture from purchaser (TRxADE/Superlatus)",
        "ownershipPercentage": null,
        "value": 1,
        "notes": "Impaired; full allowance for expected credit losses; legal actions ongoing."
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 169661148,
      "classesOfShares": ["Common shares"],
      "warrants": [
        {
          "number": 1000000,
          "exercisePrice": 0.58,
          "expiryDate": "2026-07-30"
        },
        {
          "number": 3345333,
          "exercisePrice": 1.00,
          "expiryDate": "2025-02-15"
        },
        {
          "number": 5201995,
          "exercisePrice": 0.75,
          "expiryDate": "2024-12-23"
        },
        {
          "number": 558847,
          "exercisePrice": 0.55,
          "expiryDate": "2024-12-23"
        }
      ],
      "options": [
        {
          "number": 4100000,
          "exercisePrice": 0.56,
          "expiryDate": "2026-02-26"
        }
      ],
      "rightsConvertibleInstruments": "Commitment to issue net profits interest shares (up to 65,031,826 common shares) valued at $41,620,369, convertible at holder’s option with no set expiry."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2024-01-01 to 2024-03-31": {
          "salaries": 288127,
          "benefits": 3434,
          "professionalFees": 56855,
          "legalFees": 14750,
          "rentExpense": 5058,
          "shareBasedCompensationOnRSUs": 0,
          "shareBasedCompensationOnStockOptions": 0,
          "total": 368224
        },
        "2023-01-01 to 2023-03-31": {
          "salaries": 288837,
          "benefits": 18410,
          "professionalFees": 208921,
          "legalFees": 358189,
          "rentExpense": 4867,
          "shareBasedCompensationOnRSUs": 83988,
          "shareBasedCompensationOnStockOptions": 15812,
          "total": 979024
        }
      },
      "namedIndividuals": [
        {
          "name": "Marc Aneed",
          "title": "Former CEO",
          "period": "2024-01-01 to 2024-03-31",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 142307
          }
        },
        {
          "name": "Daniel Brody",
          "title": "CEO and Director",
          "period": "2024-01-01 to 2024-03-31",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 61913
          }
        },
        {
          "name": "Nick Grafton",
          "title": "Director",
          "period": "2024-01-01 to 2024-03-31",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 48750
          }
        },
        {
          "name": "Pat Dunn",
          "title": "CFO (via Dunn, Pariser & Peyrot)",
          "period": "2024-01-01 to 2024-03-31",
          "components": {
            "salary": null,
            "bonus": null,
            "total": 104296
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Dunn, Pariser & Peyrot (Dunn)",
          "description": "Accounting and administration services, CFO salary and benefits",
          "amount": 104296,
          "period": "2024-01-01 to 2024-03-31"
        },
        {
          "counterparty": "McMillan LLP",
          "description": "Legal services",
          "amount": 14750,
          "period": "2024-01-01 to 2024-03-31"
        },
        {
          "counterparty": "Daniel Brody (Director Loan)",
          "description": "Loan from Director – US$330,000 principal plus interest",
          "amount": 0,
          "period": "2024-01-01 to 2024-03-31"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2024-10-18",
        "description": "Cortland Credit Facility amendment – maximum principal reduced to $11,802,529, maturity extended to December 15, 2024.",
        "impactValue": null
      },
      {
        "eventDate": "2025-02-11",
        "description": "BDC Loan #1 maturity extended to March 25, 2044; BDC Loan #2 maturity extended to June 25, 2030.",
        "impactValue": null
      },
      {
        "eventDate": "2025-06-01",
        "description": "New loan agreement with Daniel Brody (CEO) for US$364,898 consolidating prior loans; interest 15% per annum.",
        "impactValue": null
      },
      {
        "eventDate": "2025-03",
        "description": "Sale of remaining 158,855 Amara shares for gross proceeds of US$1,250,189 ($1,788,145).",
        "impactValue": 1788145
      },
      {
        "eventDate": "2025-01-06",
        "description": "Lawsuit filed against TRxADE Health, Inc., Superlatus Inc. and directors to recover proceeds from Sapientia sale.",
        "impactValue": null
      },
      {
        "eventDate": "2025-06-24",
        "description": "Completed non-brokered private placement of 9,000,000 units at $0.10 per unit for gross proceeds of $900,000.",
        "impactValue": 900000
      }
    ]
  }
]