Business
Coho Collective Kitchens Inc. Reports Financial Results for the Fifteen Months Ending March 31, 2022
Vancouver, British Columbia--(Newsfile Corp. - August 4, 2022) - Coho Collective Kitchens Inc....
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[{"type":"text","content":"Coho Collective Kitchens Inc. Reports Financial Results for the Fifteen Months Ending March 31, 2022Vancouver, British Columbia--(Newsfile Corp. - August 4, 2022) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is pleased to announce that it has filed its audited annual financial results for the fifteen months ending March 31, 2022 (the \"Consolidated Financial Statements\"), the highlights of which are included in this news release. The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company's website at www.cohocommissary.com or its profile page on SEDAR at www.sedar.com.Financial HighlightsQuarterly revenues of $546,124 for the three-month period ended March 31, 2022 compared to $471,536 for the three-month period ended December 31, 2021, an improvement of $74,588.Revenues of $2,347,807 for the fifteen-month period ended March 31, 2022, compared to $1,057,956 for the twelve-month period from January 1, 2020 to December 31, 2020.Commissary members grew to 100 members at the end of March 31, 2022 (up from 90 at the end of the fourth quarter of 2020), which is an increase of 11%. Further, Average Revenue per Member increased by 9% (from $1,294 to $1,410) during this time.Quarterly net loss was $875,687 for the three-month period ended March 31, 2022 compared to $1,050,720 for the three-month period ended December 31, 2021, an improvement of $175,033 Net loss was $10,438,086 for the fifteen-month period ended March 31, 2022, as compared to $489,307 for the twelve-month period from January 1, 2020 to December 31, 2020. Of the $10,438,086 loss in the fifteen-month period ended March 31, 2022, $6,730,787 is the share based payment associated with the acquisition of Phantom Kitchen Inc. (\"Phantom\").Net operating loss for the fifteen-month period ended March 31, 2022 was $3,707,299 as compared to $549,307 for the twelve-month period from January 1, 2020 to December 31, 2020. Included in the net operating loss for the fifteen-month period ended March 31, 2022 was $345,935 in share based compensation in comparison to $Nil for the twelve-month period from January 1 2020 to December 31, 2020.Manage...