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Hempalta Corp. Announces Financial Results for Three Months and Nine Months Ended June 30, 2024
AgTech Company shares its second quarter of financial reporting and details advances with Industr...
About this update from Next Phase Ventures Limited
[{"type":"text","content":"Hempalta Corp. Announces Financial Results for Three Months and Nine Months Ended June 30, 2024AgTech Company shares its second quarter of financial reporting and details advances with Industrial Hemp Carbon Credits platform and Biochar productCalgary, Alberta--(Newsfile Corp. - August 22, 2024) - Hempalta Corp. (formerly Trail Blazing Ventures Ltd.) (TSXV: HEMP) (\"HEMPALTA\" or the \"Company\") has released its financial results for the three and nine months ended June 30, 2024. HEMPALTA's unaudited interim condensed consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three and nine months ended June 30, 2024 are available on www.sedarplus.ca.Financial Results Revenue for the three months ended June 30, 2024 was $185,021, a 32% increase compared to the same period in 2023. Revenue for the nine months ended June 30, 2024 was $436,328, a 28% increase compared to the same period in the prior fiscal year. The increases are due to the Company increasing production of its hemp-based commercial and consumer products and expanding its distribution channels. Cost of sales for the three months ended June 30, 2024 was $220,916, a 56% increase compared to the same period in 2023. Cost of sales for the nine months ended June 30, 2024 was $497,587, a 48% increase compared to the same period in the prior fiscal year. Contributing factors to the increased cost of sales were the costs associated with scaling up operations to handle the increased sales, including increases in the cost of freight to retailers, production supply costs, and maintenance and repair costs. Net loss for the three months ended June 30, 2024 was $858,647 or $0.01 per share, a 182% increase compared to the same period in 2023. Net loss for the nine months ended June 30, 2024 was $2,008,330 or $0.02 per share, a 70% increase compared to the same period in the prior fiscal year. The increases are primarily based on higher general and administration costs due to the going public process, acquisition of a controlling interest in Hemp Carbon Standard Inc. (\"HCS\"), and higher labour costs due to employee additions. For the three months ended June 30, 2024, there was also increased share-based compensation increasing the net loss. Net general and administrative expenses increased 222% and...