None
SEDAR Interim Financial Statements
BRED · Price
[
{
"companyName": "Purebread Brands Inc. (formerly Coho Collective Kitchens Inc.)",
"reportingPeriodEnd": "2025-12-31",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"receivables": 52095,
"inventory": 204653,
"prepaidExpensesCurrent": 144331,
"totalCurrentAssets": 401079,
"prepaidExpensesNonCurrent": 115976,
"propertyAndEquipment": 1335063,
"rightOfUseAssets": 4630730,
"goodwill": 6987016,
"intangibleAssets": 4602091,
"totalAssets": 18071955,
"bankIndebtedness": 112543,
"tradePayablesAndAccruedLiabilities": 8921449,
"customerDeposits": 302625,
"equipmentDeposit": 399908,
"deferredRevenue": 82171,
"leaseObligationCurrent": 1054833,
"loansFromShareholders": 374761,
"otherLoansCurrent": 2615202,
"promissoryNotes": 96350,
"derivativeLiability": 64578,
"vendorTakeBackNote": 1500000,
"termFacility": 4908493,
"acquisitionEarnOutCurrent": 241646,
"totalCurrentLiabilities": 22840135,
"leaseObligationNonCurrent": 7907753,
"otherLoansNonCurrent": 0,
"acquisitionEarnOutNonCurrent": 0,
"deferredIncomeTaxLiability": 348336,
"totalLiabilities": 32075244,
"shareCapital": 19730597,
"otherReserves": 2493703,
"obligationToIssueShares": 207080,
"subscriptionsReceivedInAdvance": 25000,
"deficit": -36459669,
"totalShareholdersDeficit": -14003289,
"totalLiabilitiesAndShareholdersDeficit": 18071955,
"cashPerShare": -0.0041,
"workingCapitalPerShare": -0.8125
},
"incomeStatement": {
"rentalRevenue": 11300775,
"retailRevenue": 10063131,
"totalRevenue": 11300775,
"costOfSalesRetail": 4015852,
"grossProfit": 7284923,
"advertisingAndPromotion": 52248,
"amortization": 798538,
"accretion": 313534,
"interest": 1935180,
"occupancyCost": 1085063,
"officeAndMiscellaneous": 395403,
"professionalFees": 817149,
"salariesAndBenefits": 2626760,
"shareBasedCompensation": 27890,
"subcontractor": 88761,
"supplies": 422649,
"totalOperatingExpenses": 8563175,
"netOperatingLoss": -1278252,
"lossOnProvisionForFacilityRelatedObligations": 0,
"gainOnDebtToEquitySettlement": 4514178,
"netIncome": 3235926,
"netIncomePerShareBasic": 0.13,
"netIncomePerShareDiluted": 0.13,
"weightedAverageSharesOutstanding": 24527623
},
"cashFlowStatement": {
"netIncomeLoss": 3235926,
"amortizationOfPropertyAndEquipment": 237523,
"amortizationOfRightOfUseAssets": 671320,
"amortizationOfIntangibleAssets": 7233,
"accretionOfNonInterestBearingLoansAndConvertibleDebentures": 313534,
"interest": 1766421,
"shareBasedCompensation": 27890,
"gainOnDebtToEquitySettlement": -4514178,
"changesInReceivables": 13316,
"changesInInventory": 0,
"changesInPrepaidExpenses": -4436,
"changesInTradePayablesAndAccruedLiabilities": 170293,
"changesInDeferredRevenue": 32333,
"changesInCustomerDeposits": -5485,
"changesInAcquisitionEarnOut": -24914,
"netCashProvidedByOperatingActivities": 1819806,
"purchaseOfPropertyAndEquipment": 0,
"payablesRelatedToCapitalExpenditures": 0,
"netCashUsedInInvestingActivities": 0,
"loanAdvances": 1095000,
"loanRepayments": -1374762,
"promissoryNoteAdvances": 0,
"promissoryNoteRepayments": 0,
"termFacilityRepayments": -100000,
"leaseObligation": -1264902,
"shareholderRepayments": -2893,
"netCashUsedInFinancingActivities": -1647557,
"effectOfForeignExchangeOnCash": -25742,
"increaseDecreaseInCashBankIndebtedness": 146507,
"cashBankIndebtednessBeginning": -259050,
"cashBankIndebtednessEnd": -112543
},
"investmentsAndOtherAssets": [
{
"type": "Goodwill",
"description": "Goodwill from acquisition of Purebread Bakery (retail bakery CGU)",
"ownershipPercentage": null,
"value": 6987016,
"notes": "Subject to annual impairment testing. Recoverable amount determined using FVLCD (DCF method)."
},
{
"type": "Intangible Assets",
"description": "Brand and customer relationship from Purebread Bakery acquisition",
"ownershipPercentage": null,
"value": 4602091,
"notes": "Brand has indefinite life. Part of retail bakery CGU. Subject to impairment testing."
},
{
"type": "Property and Equipment",
"description": "Furniture, equipment, leasehold improvements",
"ownershipPercentage": null,
"value": 1335063,
"notes": "Includes leased equipment and vehicles. Some derecognized due to lease terminations."
},
{
"type": "Right-of-Use Assets",
"description": "Leased premises for commercial kitchens and bakery locations",
"ownershipPercentage": null,
"value": 4630730,
"notes": "Determined by discounting future lease payments at incremental borrowing rates."
}
],
"shareStructure": {
"authorizedShares": "Unlimited common voting shares without par value",
"issuedShares": 27566259,
"classesOfShares": ["Common shares"],
"warrants": [
{
"number": 1869581,
"exercisePrice": 2.5,
"expiryDate": "2028-09-26"
},
{
"number": 320000,
"exercisePrice": 2.5,
"expiryDate": "2028-12-12"
},
{
"number": 123930,
"exercisePrice": 1.25,
"expiryDate": "2026-09-20"
},
{
"number": 2644518,
"exercisePrice": 1.25,
"expiryDate": "2026-09-20"
},
{
"number": 500000,
"exercisePrice": 2,
"expiryDate": "2026-09-20"
},
{
"number": 329005,
"exercisePrice": 0.85,
"expiryDate": "2026-09-20"
}
],
"options": [
{
"number": 255000,
"exercisePrice": 1.5,
"expiryDate": "2026-03-25"
},
{
"number": 30000,
"exercisePrice": 1.5,
"expiryDate": "2026-08-11"
},
{
"number": 55000,
"exercisePrice": 2,
"expiryDate": "2027-01-01"
},
{
"number": 40000,
"exercisePrice": 2,
"expiryDate": "2027-03-11"
},
{
"number": 80000,
"exercisePrice": 1.05,
"expiryDate": "2027-08-15"
},
{
"number": 50000,
"exercisePrice": 0.55,
"expiryDate": "2028-02-06"
},
{
"number": 174500,
"exercisePrice": 0.85,
"expiryDate": "2028-12-07"
}
],
"rightsConvertibleInstruments": "Convertible debentures (CAD and USD) with conversion features"
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"nineMonthsEndedDec312025": {
"keyManagementCompensation": 98250,
"shareBasedCompensation": 15170
},
"nineMonthsEndedDec312024": {
"keyManagementCompensation": 368125,
"shareBasedCompensation": 33075
}
},
"namedIndividuals": [
{
"name": "Former CEO",
"title": "Former Chief Executive Officer",
"period": "Nine months ended Dec 31, 2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
},
{
"name": "Interim CEO/COO",
"title": "Interim Chief Executive Officer/Chief Operating Officer",
"period": "Nine months ended Dec 31, 2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
},
{
"name": "Former CFO",
"title": "Former Chief Financial Officer",
"period": "Nine months ended Dec 31, 2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
},
{
"name": "Current CFO",
"title": "Chief Financial Officer",
"period": "Nine months ended Dec 31, 2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
},
{
"name": "Former CMO",
"title": "Former Chief Marketing Officer",
"period": "Nine months ended Dec 31, 2025",
"components": {
"salary": null,
"bonus": null,
"total": null
}
}
],
"otherRelatedPartyTransactions": [
{
"counterparty": "Former CEO",
"description": "Loans from shareholder and unpaid salaries",
"amount": 80967,
"period": "As at Dec 31, 2025"
},
{
"counterparty": "Interim CEO/COO and company controlled by interim CEO/COO",
"description": "Loans from shareholder and unpaid salaries",
"amount": 499436,
"period": "As at Dec 31, 2025"
},
{
"counterparty": "Former CMO",
"description": "Loans from shareholder and unpaid salaries",
"amount": 89889,
"period": "As at Dec 31, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "After Dec 31, 2025",
"description": "BMO demand for repayment of Term Facility assigned to third-party investor; terms remained the same",
"impactValue": null
},
{
"eventDate": "2026-01-12",
"description": "Debt-to-equity conversion: issued 532,322 common shares to settle USD Convertible Debentures in full",
"impactValue": null
},
{
"eventDate": "After Dec 31, 2025",
"description": "Issued 234,000 common shares upon vesting of RSUs",
"impactValue": null
},
{
"eventDate": "2026-02-24",
"description": "Third tranche debt-to-equity conversion: issued 592,894 common shares and 261,447 warrants to settle $392,048 of outstanding debt",
"impactValue": null
}
]
}
]
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