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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Juva Life Inc (QB) | USOTC:JUVAF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0024 | -7.52% | 0.0295 | 0.0213 | 0.035 | 0.032 | 0.0295 | 0.0307 | 4,783 | 21:07:03 |
For the six months ended June 30, 2021
|
For the six months ended June 30, 2020
|
|||||||
Sales
|
$
|
1,314,804
|
$
|
229,215
|
||||
Cost of goods sold
|
1,020,692
|
130,731
|
||||||
Gross profit
|
294,112
|
98,484
|
|
- |
Marketing and promotion increased to $1,766,657 (2020 - $101,289) due to the execution of the Company’s marketing program;
|
|
- |
Salaries and benefits increased to $1,252,564 (2020 - $826,044) as a result of new hires;
|
|
- |
Professional fees increased to $736,199 (2020 - $459,531) due to costs associated with the Company’s special warrant financing as well as costs associated with other regulatory filings; and
|
|
- |
Non-cash depreciation increased to $974,237 (2020 - $381,401) as the Company started taking deprecation on cultivation equipment and leasehold improvements now that facilities are ready for use.
|
For the six months ended June 30, 2021
|
For the six months ended June 30, 2020
|
|||||||
Expenses
|
||||||||
Rent
|
37,911
|
130,187
|
||||||
Professional fees
|
736,199
|
459,531
|
||||||
Salaries and benefits
|
1,252,564
|
826,044
|
||||||
Marketing and promotion
|
1,766,657
|
101,289
|
||||||
Interest expense on lease liabilities
|
136,182
|
199,388
|
||||||
Depreciation
|
974,237
|
381,401
|
||||||
Permits
|
143,179
|
50,443
|
||||||
Research and development
|
59,742
|
-
|
||||||
Share-based payments
|
1,267,001
|
1,576,810
|
||||||
Transfer agent fees
|
121,969
|
102,169
|
||||||
Office and administration
|
791,751
|
418,626
|
||||||
Operating expenses
|
7,287,392
|
4,245,888
|
|
Total
|
|||
Within one year
|
$
|
934,674
|
||
Between two and five years
|
842,384
|
|||
|
$
|
1,777,058
|
||
|
Page
|
|
|
|
|
Condensed Consolidated Interim Statements of Financial Position as of June 30, 2021 and December 31, 2020 (unaudited)
|
F-1
|
|
|
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss for the six months ended June 30, 2021 and 2020 (unaudited)
|
F-2
|
|
|
Condensed Consolidated Interim Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)
|
F-3
|
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2021 and 2020 (unaudited)
|
F- 4
|
|
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
F- 5
|
Note
|
June 30, 2021
|
December 31, 2020
|
||||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash
|
$
|
6,941,850
|
$
|
2,158,694
|
||||||||
Accounts receivable
|
9,453
|
13,760
|
||||||||||
Inventory
|
236,665
|
230,931
|
||||||||||
Biological assets
|
10
|
150,001
|
-
|
|||||||||
Other receivables
|
5,7
|
1,019,000
|
181,175
|
|||||||||
Prepaid expenses
|
395,409
|
218,544
|
||||||||||
Total current assets
|
8,752,378
|
2,803,104
|
||||||||||
Non-current assets
|
||||||||||||
Deposits
|
9
|
69,065
|
69,065
|
|||||||||
Right of use assets
|
14
|
1,399,425
|
1,705,205
|
|||||||||
Property and equipment
|
8
|
10,260,657
|
11,013,582
|
|||||||||
Total non-current assets
|
11,729,147
|
12,787,852
|
||||||||||
Total assets
|
20,481,525
|
15,590,956
|
||||||||||
LIABILITIES
|
||||||||||||
Accounts payable and accrued liabilities
|
9
|
769,961
|
1,883,222
|
|||||||||
Income taxes payable
|
95,000
|
60,000
|
||||||||||
Warrant liability
|
11
|
116,952
|
4,771,841
|
|||||||||
Current portion of lease liabilities
|
14
|
934,674
|
791,571
|
|||||||||
1,916,587
|
7,506,634
|
|||||||||||
Non-current liability
|
||||||||||||
Lease liabilities
|
14
|
913,537
|
1,380,968
|
|||||||||
2,830,124
|
8,887,602
|
|||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||
Share capital
|
6
|
50,458,942
|
30,208,234
|
|||||||||
Share proceeds receivable
|
6
|
(770,677
|
)
|
(770,677
|
)
|
|||||||
Share subscriptions received in advance
|
6
|
-
|
110,648
|
|||||||||
Reserves
|
6
|
4,860,928
|
5,758,510
|
|||||||||
Other comprehensive loss
|
-
|
(16,517
|
)
|
|||||||||
Deficit
|
(36,897,792
|
)
|
(28,586,844
|
)
|
||||||||
Total shareholders’ equity
|
17,651,401
|
6,703,354
|
||||||||||
Total liabilities and shareholders’ equity
|
$
|
20,481,525
|
$
|
15,590,956
|
Note
|
For the three months ended June 30, 2021
|
For the three months ended June 30, 2020
|
For the six months ended June 30, 2021
|
For the six months ended June 30, 2020
|
||||||||||||||||
Sales
|
$
|
729,321
|
$
|
187,609
|
$
|
1,314,804
|
$
|
229,215
|
||||||||||||
Cost of goods sold
|
649,264
|
110,830
|
1,020,692
|
130,731
|
||||||||||||||||
Gross profit before unrealized items
|
80,057
|
76,779
|
294,112
|
98,484
|
||||||||||||||||
Unrealized fair value gain on biological assets
|
10
|
6,091
|
-
|
91,813
|
-
|
|||||||||||||||
Gross profit
|
86,148
|
76,779
|
385,925
|
98,484
|
||||||||||||||||
Expenses
|
||||||||||||||||||||
Rent
|
9
|
702
|
101,050
|
37,911
|
130,187
|
|||||||||||||||
Professional fees
|
477,922
|
235,697
|
736,199
|
459,531
|
||||||||||||||||
Salaries and benefits
|
9
|
579,232
|
420,922
|
1,252,564
|
826,044
|
|||||||||||||||
Marketing and promotion
|
170,085
|
64,101
|
1,766,657
|
101,289
|
||||||||||||||||
Interest expense
|
14
|
63,391
|
97,211
|
136,182
|
199,388
|
|||||||||||||||
Depreciation
|
8,14
|
498,146
|
192,078
|
974,237
|
381,401
|
|||||||||||||||
Permits
|
52,504
|
9,198
|
143,179
|
50,443
|
||||||||||||||||
Research and development
|
59,742
|
-
|
59,742
|
-
|
||||||||||||||||
Share-based payments
|
6,9
|
586,891
|
1,070,249
|
1,267,001
|
1,576,810
|
|||||||||||||||
Transfer agent fees
|
77,255
|
27,406
|
121,969
|
102,169
|
||||||||||||||||
Office and administration
|
421,072
|
174,803
|
791,751
|
418,626
|
||||||||||||||||
Operating expenses
|
(2,986,942
|
)
|
(2,392,715
|
)
|
7,287,392
|
4,245,888
|
||||||||||||||
Other Items:
|
||||||||||||||||||||
Change in fair value of warrant liability
|
11
|
(467,336
|
)
|
641,663
|
1,255,163
|
530,861
|
||||||||||||||
Impairment of intangibles
|
-
|
-
|
-
|
67,014
|
||||||||||||||||
Gain in disposition
|
5
|
8,250
|
-
|
(687,130
|
)
|
-
|
||||||||||||||
Abandoned construction
|
-
|
7,221
|
-
|
7,221
|
||||||||||||||||
Foreign exchange loss
|
298,943
|
303,236
|
731,448
|
69,896
|
||||||||||||||||
Loss before taxes
|
(2,740,651
|
)
|
(3,268,056
|
)
|
1,299,481
|
674,992
|
||||||||||||||
Income tax expense
|
||||||||||||||||||||
Current income taxes
|
75,000
|
-
|
110,000
|
-
|
||||||||||||||||
Net loss for the period
|
$
|
(2,815,651
|
)
|
$
|
(3,268,056
|
)
|
$
|
(8,310,948
|
)
|
$
|
(4,822,396
|
)
|
||||||||
Other comprehensive gain
|
||||||||||||||||||||
Foreign currency translation adjustment
|
16,517
|
217,081
|
16,517
|
98,383
|
||||||||||||||||
Total comprehensive loss for the period
|
$
|
(2,832,168
|
)
|
$
|
(3,485,137
|
)
|
$
|
(8,294,431
|
)
|
$
|
(4,724,013
|
)
|
||||||||
Basic and diluted loss per common share
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
(0.06
|
)
|
$
|
(0.05
|
)
|
||||||||
Weighted average number of common shares outstanding
|
154,314,381
|
100,515,202
|
145,993,365
|
104,051,022
|
For the six months ended June 30, 2021
|
For the six months ended June 30, 2020
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Loss for the period
|
$
|
(8,310,948
|
)
|
$
|
(4,822,396
|
)
|
||
Items not involving cash:
|
||||||||
Change in fair value of warrant liability
|
1,255,163
|
530,861
|
||||||
Depreciation
|
974,237
|
358,412
|
||||||
Interest expense
|
128,780
|
199,473
|
||||||
Share-based payments
|
1,267,001
|
1,576,810
|
||||||
Impairment
|
-
|
67,014
|
||||||
Abandoned construction
|
-
|
-
|
||||||
Unrealized fair value gain on biological assets
|
(91,813
|
)
|
-
|
|||||
Gain in disposition
|
(687,130
|
)
|
-
|
|||||
Changes in non-cash working capital items:
|
||||||||
Accounts receivable
|
(146,388
|
)
|
(32,500
|
)
|
||||
Inventory
|
(5,734
|
)
|
(67,357
|
)
|
||||
Biological assets
|
(58,188
|
)
|
-
|
|||||
Prepaid expenses
|
(176,865
|
)
|
(100,895
|
)
|
||||
Deposits
|
-
|
(750
|
)
|
|||||
Accounts payable and accrued liabilities
|
(1,113,261
|
)
|
(181,161
|
)
|
||||
Taxes payable
|
35,000
|
-
|
||||||
Cash used in operating activities
|
(6,930,146
|
)
|
(2,472,489
|
)
|
||||
INVESTING ACTIVITIES
|
||||||||
Purchase of property and equipment
|
(306,462
|
)
|
(3,793,996
|
)
|
||||
Proceeds received on disposal of equipment
|
390,930
|
-
|
||||||
Cash provided by (used in) investing activities
|
84,468
|
(3,793,996
|
)
|
|||||
FINANCING ACTIVITIES
|
||||||||
Repayment of lease liability
|
(453,108
|
)
|
(461,348
|
)
|
||||
Proceeds from special warrant financing
|
8,075,718
|
14,402,899
|
||||||
Proceeds from exercise of warrants
|
4,632,231
|
-
|
||||||
Share issuance costs
|
(642,524
|
)
|
(227,233
|
)
|
||||
Cash provided by financing activities
|
11,612,317
|
13,714,318
|
||||||
Foreign exchange effect on cash
|
16,517
|
98,383
|
||||||
Increase in cash
|
4,783,156
|
7,546,216
|
||||||
Cash, beginning of the period
|
2,158,694
|
1,276,143
|
||||||
Cash, end of the period
|
$
|
6,941,850
|
$
|
8,822,359
|
Share Capital
|
||||||||||||||||||||||||||||||||||||
|
Note
|
Number
|
Amount
|
Share Proceeds Receivable
|
Share Subscriptions Received in Advance
|
Reserves
|
Other
Comprehensive Loss
|
Deficit
|
Total Shareholders’ Equity
|
|||||||||||||||||||||||||||
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
||||||||
December 31, 2019
|
89,887,379
|
6,433,175
|
(770,677
|
)
|
3,472,174
|
2,681,348
|
(82,894
|
)
|
(12,350,088
|
)
|
(616,962
|
)
|
||||||||||||||||||||||||
Private placement
|
36,198,782
|
18,099,391
|
-
|
(3,472,174
|
)
|
-
|
-
|
-
|
14,627,217
|
|||||||||||||||||||||||||||
Share issuance costs
|
-
|
(227,233
|
)
|
-
|
-
|
-
|
-
|
-
|
(227,233
|
)
|
||||||||||||||||||||||||||
Share subscriptions received in advance
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Share-based payments
|
-
|
-
|
-
|
-
|
1,576,810
|
-
|
-
|
1,576,810
|
||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
98,383
|
-
|
98,383
|
||||||||||||||||||||||||||||
Loss and comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,822,396
|
)
|
(4,822,396
|
)
|
||||||||||||||||||||||||||
June 30, 2020
|
126,086,161
|
24,305,333
|
(770,677
|
)
|
-
|
4,258,158
|
15,489
|
(17,172,484
|
)
|
10,635,819
|
||||||||||||||||||||||||||
December 31, 2020
|
134,673,018
|
30,208,234
|
(770,677
|
)
|
110,648
|
5,758,510
|
(16,517
|
)
|
(28,586,844
|
)
|
6,703,354
|
|||||||||||||||||||||||||
Special warrant financing
|
6
|
9,528,578
|
8,075,718
|
-
|
-
|
-
|
-
|
-
|
8,075,718
|
|||||||||||||||||||||||||||
Share issuance costs
|
6
|
-
|
(1,280,509
|
)
|
-
|
-
|
637,985
|
-
|
-
|
(642,524
|
)
|
|||||||||||||||||||||||||
Shares issued on exercise of warrants
|
6
|
9,221,110
|
4,742,879
|
-
|
(110,648
|
)
|
-
|
-
|
-
|
4,632,231
|
||||||||||||||||||||||||||
Reclassification of warrant liability
|
11
|
-
|
5,910,052
|
-
|
-
|
-
|
-
|
-
|
5,910,052
|
|||||||||||||||||||||||||||
Shares issued on vesting of restricted stock units
|
6
|
10,442,381
|
2,802,568
|
-
|
-
|
(2,802,568
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Share-based payments
|
6
|
-
|
.
|
-
|
-
|
1,267,001
|
-
|
-
|
1,267,001
|
|||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
16,517
|
-
|
16,517
|
||||||||||||||||||||||||||||
Loss and comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,310,948
|
)
|
(8,310,948
|
)
|
||||||||||||||||||||||||||
June 30, 2021
|
163,865,087
|
50,458,942
|
(770,677
|
)
|
-
|
4,860,928
|
-
|
(36,897,792
|
)
|
17,651,401
|
1. |
NATURE OF OPERATIONS
|
2. |
GOING CONCERN
|
3. |
BASIS OF PRESENTATION
|
|
3.1. |
Basis of measurement
|
|
3.2. |
Significant judgments, estimates and assumptions
|
|
3.3 |
Basis of consolidation
|
4. |
NEW ACCOUNTING POLICY
|
|
4.1 |
Biological assets
|
5. |
SALE OF SUBSIDIARY
|
6. |
EQUITY
|
|
i) |
Issued 9,221,110 common shares upon the exercise of 9,221,110 warrants for gross proceeds of $4,632,231. Upon exercise, the Company transferred $5,910,052 from warrant liability to share
capital;
|
|
ii) |
Issued 10,442,381 common shares upon the vesting of 10,442,381 restricted stock units (“RSUs”). The Company reallocated $2,802,568 from share-based payment reserve to share capital upon
vesting of the RSUs; and
|
|
iii) |
On February 18, 2021, the Company closed a private placement by issuing 9,528,578 Special Warrants at CAD$1.05 per Special Warrant for gross proceeds of CAD$10,005,007. Each Special
Warrant is automatically exercisable, for no additional consideration, into one unit of the Company (each, a “Unit”) on the date that is the earlier of: (i) as soon as reasonably practical, but in any event, no later than the date that is the
third business days following the date on which the Company obtains a receipt from the applicable securities regulatory authorities for a (final) prospectus qualifying distribution of the Units, and (ii) the date that is four months and one
day after the closing of the offering. Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant. Each full warrant (referred to as a “warrant”) is exercisable at CAD$1.35 and expires 24
months from the closing date. In connection with the private placement, the Company paid a cash commission of CAD$681,975, issued 666,999 broker warrants valued at CAD$637,985 using the black-scholes option pricing model, and incurred
CAD$133,644 in transaction costs.
|
|
i) |
Issued 36,198,782 units at a price of $0.50 per unit for gross proceeds of $18,099,391 in connection with its Regulation A offering. The units are comprised of one common share and
one-half common share purchase warrant. Each warrant is exercisable at $0.75 for a period of 18 months;
|
|
ii) |
Issued 8,094,913 common shares upon the exercise of 8,094,913 warrants for gross proceeds of $1,999,841. Upon exercise, the Company transferred $3,717,698 from warrant liability to share
capital;
|
|
iii) |
Issued 10,000 common shares upon the exercise of 10,000 stock options for gross proceeds of $5,000. Upon exercise, the Company transferred the fair value of $4,474 from share-based
payment reserves to share capital; and
|
|
iv) |
Issued 481,944 common shares upon the vesting of 481,944 restricted stock units (“RSUs”). The Company reallocated $236,500 from share-based payment reserve to share capital upon vesting
of the RSUs.
|
Number of options
|
Weighted average exercise price
|
|||||||
CAD $
|
||||||||
Balance, December 31, 2019
|
-
|
-
|
||||||
Granted*
|
3,500,000
|
0.67
|
||||||
Exercised
|
(10,000
|
)
|
0.70
|
|||||
Balance, December 31, 2020 and June 30, 2021
|
3,490,000
|
0.67
|
Outstanding
|
|
Exercisable
|
|
Exercise Price (US$)
|
|
Expiry Date
|
|
Weighted average remaining
life (in years)
|
$
|
||||||||
340,000
|
-
|
0.50
|
August 10, 2021
|
0.11
|
||||
450,000
|
84,375
|
0.50
|
March 1, 2030
|
8.67
|
||||
1,400,000
|
504,167
|
0.50
|
July 6, 2030
|
9.02
|
||||
1,300,000
|
-
|
0.50
|
November 2, 2030
|
9.35
|
||||
3,490,000
|
588,542
|
6.4 |
Share Purchase Warrants
|
Number of warrants
|
Weighted average exercise price
|
|||||||
CAD $
|
||||||||
Balance, December 31, 2019
|
16,561,545
|
0.40
|
||||||
Granted*
|
28,249,391
|
0.89
|
||||||
Exercised
|
(8,094,911
|
)
|
0.35
|
|||||
Balance, December 31, 2020
|
36,716,025
|
0.80
|
||||||
Granted
|
10,195,577
|
1.05
|
||||||
Exercised
|
(9,221,110
|
)
|
0.60
|
|||||
Expired
|
(771,381
|
)
|
0.53
|
|||||
Balance, June 30, 2021
|
36,919,111
|
0.89
|
||||||
Outstanding
|
|
Exercisable
|
|
|
Exercise Price
|
|
Expiry Date
|
305,002
|
305,002
|
CAD $
|
0.05
|
31-May-22
|
|||
186,708
|
186,708
|
CAD $
|
0.60
|
17-Oct-21
|
|||
2,602,455
|
2,602,455
|
US $
|
0.75
|
05-Dec-21
|
|||
13,479,369
|
13,479,369
|
US $
|
0.75
|
21-Aug-28
|
|||
10,000,000
|
2,500,000
|
US $
|
0.50
|
01-Mar-30
|
|||
150,000
|
150,000
|
US $
|
0.50
|
30-Jun-21
|
|||
10,195,577
|
10,195,577
|
CAD $
|
1.05
|
18-Feb-23
|
|||
36,919,111
|
29,419,111
|
||||||
2021
|
|
Risk-free interest rate
|
1.46%
|
Expected stock price volatility
|
100%
|
Expected dividend yield
|
0.0%
|
Expected option life in years
|
10.0
|
2021
|
|
Risk-free interest rate
|
0.25%
|
Expected stock price volatility
|
100%
|
Expected dividend yield
|
0.0%
|
Expected warrant life in years
|
2.0
|
Weighted average exercise price
|
CAD$1.05
|
Weighted average share price
|
CAD$1.86
|
7. |
OTHER RECEIVABLES
|
|
i) |
May 31, 2021 - $6,000
|
|
ii) |
July 5, 2021 - $6,000
|
|
iii) |
August 2, 2021 - $6,000
|
|
iv) |
September 6, 2021 - $6,000
|
|
v) |
October 4, 2021 - $6,000
|
|
vi) |
November 1, 2021 - $6,000
|
|
vii) |
December 6, 2021 - $6,000
|
|
viii) |
January 10, 2022 - $158,000
|
8. |
PROPERTY AND EQUIPMENT
|
Cost
|
Automotive
|
Equipment
|
Furniture and Office Equipment
|
Leasehold Improvements
|
Total
|
|||||||||||||||
Balance, December 31, 2019
|
$
|
56,274
|
$
|
709,135
|
$
|
5,169
|
$
|
1,742,853
|
$
|
2,513,431
|
||||||||||
Additions
|
96,086
|
995,241
|
218,009
|
7,262,584
|
8,571,920
|
|||||||||||||||
Balance, December 31, 2020
|
152,360
|
1,704,376
|
223,178
|
9,005,437
|
11,085,351
|
|||||||||||||||
Additions
|
30,816
|
66,121
|
9,491
|
200,034
|
306,462
|
|||||||||||||||
Disposals
|
(14,576
|
)
|
-
|
-
|
(377,569
|
)
|
(392,145
|
)
|
||||||||||||
Balance, June 30, 2021
|
$
|
168,600
|
$
|
1,770,497
|
$
|
232,669
|
$
|
8,827,902
|
$
|
10,999,668
|
||||||||||
Accumulated Amortization
|
||||||||||||||||||||
Balance, December 31, 2019
|
$
|
10,131
|
$
|
2,890
|
$
|
258
|
$
|
-
|
$
|
13,279
|
||||||||||
Additions
|
21,502
|
5,527
|
19,742
|
19,798
|
66,569
|
|||||||||||||||
Disposals
|
-
|
(8,079
|
)
|
-
|
-
|
(8,079
|
)
|
|||||||||||||
Balance, December 31, 2020
|
31,633
|
338
|
20,000
|
19,798
|
71,769
|
|||||||||||||||
Additions
|
24,932
|
84,676
|
18,720
|
540,129
|
668,457
|
|||||||||||||||
Disposals
|
(1,215
|
)
|
-
|
-
|
-
|
(1,215
|
)
|
|||||||||||||
Balance, June 30, 2021
|
$
|
55,350
|
$
|
85,014
|
$
|
38,720
|
$
|
559,927
|
$
|
739,011
|
||||||||||
Net Book Value
|
||||||||||||||||||||
Balance, December 31, 2020
|
$
|
120,727
|
$
|
1,704,038
|
$
|
203,178
|
$
|
8,985,639
|
$
|
11,013,582
|
||||||||||
Balance, June 30, 2021
|
$
|
113,250
|
$
|
1,685,483
|
$
|
193,949
|
$
|
8,267,975
|
$
|
10,260,657
|
9. |
RELATED PARTY TRANSACTIONS AND BALANCES
|
Relationships
|
Nature of the relationship
|
Key management
|
Key management are those personnel having the authority and responsibility for planning, directing and controlling the Company and include the President and Chief
Executive Officer, Chief Financial Officer, Chief Operating Officer, VP Finance, and VP Cultivation.
|
Six months ended June 30, 2021
|
Six months ended June 30, 2020
|
|||||||
$
|
$
|
|||||||
Management compensation
|
407,950
|
444,722
|
||||||
Share-based payments
|
-
|
349,230
|
||||||
Total
|
407,950
|
793,952
|
|
a) |
The Company paid $415,137 (2020 - $421,877) in lease payments to Best Leasing Services, Inc., a company 100% owned by the CEO and a shareholder of the Company; and
|
|
b) |
The Company paid $43,000 (2020 - $Nil) in consulting fees to TME Consulting, LLC, a company minority owned by a former director of the Company.
|
10. |
BIOLOGICAL ASSETS
|
Balance, December 31, 2020
|
$
|
-
|
||
Fair value change due to biological transformation
|
91,813
|
|||
Production costs capitalized
|
58,188
|
|||
Transferred to inventory upon harvest
|
-
|
|||
Balance, June 30, 2021
|
$
|
150,001
|
Yield – grams
|
19,437
|
|||
Yield per plant – grams
|
31
|
|||
Selling price per gram
|
$
|
4.40
|
||
Total costs to complete and sell
|
$
|
3.00
|
||
FVLCS - $ per gram
|
$
|
1.40
|
11. |
WARRANT LIABILITY
|
|
|
||||||
2021 | 2020 | ||||||
Risk-free interest rate
|
0.46%
|
0.25%
|
|||||
Expected stock price volatility
|
100%
|
100%
|
|||||
Dividend payment during life of warrant
|
Nil
|
Nil
|
|||||
Expected forfeiture rate
|
Nil
|
Nil
|
|||||
Expected dividend yield
|
0.0%
|
0.0%
|
|||||
Expected warrant life in years
|
0.43
|
0.52
|
|||||
Weighted average exercise price
|
$ 0.25
|
(CAD $0.46)
|
$ 0.39
|
(CAD $0.49)
|
|||
Weighted average share price
|
$ 0.49
|
(CAD $1.14)
|
$ 0.96
|
(CAD $0.64)
|
12. |
MANAGEMENT OF CAPITAL
|
13. |
RISK MANAGEMENT
|
|
a) |
Capital Risk
|
|
b) |
Credit Risk
|
|
c) |
Liquidity Risk
|
|
d) |
Market Risk
|
14. |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
|
Property Leases
|
||||
Cost:
|
$
|
|||
At December 31, 2019
|
3,138,853
|
|||
Additions
|
-
|
|||
At December 31, 2020
|
3,138,853
|
|||
Additions
|
-
|
|||
At June 30, 2021
|
3,138,853
|
|||
Depreciation:
|
||||
At December 31, 2019
|
716,824
|
|||
Charge for the year
|
716,824
|
|||
At December 31, 2020
|
1,433,648
|
|||
Charge for the period
|
305,780
|
|||
At June 30, 2021
|
1,739,428
|
|||
Net Book Value:
|
||||
At December 31, 2020
|
1,705,205
|
|||
At June 30, 2021
|
1,399,425
|
|||
|
||||
|
||||
$
|
||||
Lease liabilities at December 31, 2019
|
2,767,063
|
|||
Lease payments made
|
(971,954
|
)
|
||
Interest expense on lease liabilities
|
377,430
|
|||
2,172,539
|
||||
Less: current portion
|
791,571
|
|||
At December 31, 2020
|
1,380,968
|
|||
Lease liabilities at December 31, 2020
|
2,172,539
|
|||
Lease payments made
|
(453,108
|
)
|
||
Interest expense on lease liabilities
|
128,780
|
|||
1,848,211
|
||||
Less: current portion
|
934,674
|
|||
At June 30, 2021
|
913,537
|
15. |
COMMITMENTS AND CONTINGENCIES
|
a) |
The Company has entered into the following agreements:
|
|
Total
|
|||
Within one year
|
$
|
934,674
|
||
Between two and five years
|
842,384
|
|||
|
$
|
1,777,058
|
||
b) |
The Company is involved in various claims and legal actions in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a
material adverse effect on the Company.
|
16. |
SEGMENTED INFORMATION
|
June 30, 2021
|
Cannabis
|
Corporate
|
Total
|
|||||||||
$
|
$
|
$
|
||||||||||
Sales
|
1,314,804
|
-
|
1,314,804
|
|||||||||
Cost of goods sold
|
(1,020,692
|
)
|
-
|
(1,020,692
|
)
|
|||||||
Gross profit
|
294,112
|
-
|
294,112
|
|||||||||
Net loss
|
(5,161,135
|
)
|
(3,149,813
|
)
|
(8,310,948
|
)
|
||||||
Non current assets:
|
||||||||||||
Deposits
|
69,065
|
-
|
69,065
|
|||||||||
Right of use assets
|
1,399,425
|
-
|
1,399,425
|
|||||||||
Property and equipment
|
10,260,657
|
-
|
10,260,657
|
|||||||||
December 31, 2020
|
Cannabis
|
Corporate
|
Total
|
|||||||||
$
|
$
|
$
|
||||||||||
Sales
|
967,237
|
-
|
967,237
|
|||||||||
Cost of goods sold
|
(538,966
|
)
|
-
|
(538,966
|
)
|
|||||||
Gross profit
|
428,271
|
-
|
428,271
|
|||||||||
Income tax expense
|
(60,000
|
)
|
-
|
(60,000
|
)
|
|||||||
Net loss
|
(6,036,272
|
)
|
(10,200,484
|
)
|
(16,236,756
|
)
|
||||||
Non current assets:
|
||||||||||||
Deposits
|
69,065
|
-
|
69,065
|
|||||||||
Right of use assets
|
1,705,205
|
-
|
1,705,205
|
|||||||||
Property and equipment
|
11,013,582
|
-
|
11,013,582
|
|||||||||
17. |
SUBSEQUENT EVENTS
|
Exhibit No.
|
|
Description
|
|
|
|
2.1#
|
|
|
|
|
|
2.2#
|
|
|
3.1#
|
|
|
3.2^
|
||
4.1#
|
|
|
|
|
|
6.1#
|
|
|
|
|
|
6.2#
|
|
|
|
|
|
6.3#
|
|
|
|
|
|
6.4#
|
|
|
|
|
|
6.5#
|
|
|
|
|
|
6.6#
|
|
|
6.7*
|
||
|
|
|
6.8*
|
||
6.9*
|
||
6.10*
|
||
6.11†
|
||
6.12†
|
||
7.1#
|
|
|
|
|
|
10.1#
|
|
Power of Attorney.
|
|
|
|
11.1#
|
|
|
|
|
|
14.1#
|
|
# | Filed as an exhibit to the Juva Life Inc. Regulation A Offering Statement on Form 1-A filed with the United States Securities and Exchange Commission (Commission File No. 024-11014), qualified on August 20, 2019, and incorporated herein by reference. |
^
|
Filed as an exhibit to the Juva Life Inc. Current Report on Form 1-U filed with the United States Securities and Exchange Commission
(Commission File No. 24R-00259) on February 24, 2021, and incorporated herein by reference.
|
*
|
Filed as an exhibit to the Juva Life Inc. Annual Report on Form 1-K filed with the United States Securities and Exchange Commission (Commission File No. 24R-00259) on April 24, 2020, and incorporated herein by
reference.
|
|
Juva Life Inc.
|
|
|
|
|
|
By:
|
/s/ Douglas Chloupek
|
|
|
Name: Douglas Chloupek
|
|
|
Title: Chief Executive Officer
|
Date:
|
September 14, 2021
|
Signature
|
Title
|
Date
|
||
/s/ Douglas Chloupek
|
|
Chief Executive Officer
(Principal Executive Officer) |
September 14, 2021
|
|
Douglas Chloupek
|
|
|||
|
|
|||
/s/ Mathew Lee
|
|
Chief Financial Officer, Secretary, Treasurer
(Principal Financial Officer and Principal Accounting Officer) |
September 14, 2021
|
|
Mathew Lee
|
1 Year Juva Life (QB) Chart |
1 Month Juva Life (QB) Chart |
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