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THS Maple Holdings Ltd. (YAY) Announces Approval of Financial Statements, Change of Fiscal Year-End
Toronto, Ontario--(Newsfile Corp. - October 28, 2024) - THS Maple Holdings Ltd. (TSXV: YAY) (the ...
About this update from Ths Maple Holdings Ltd
[{"type":"text","content":"THS Maple Holdings Ltd. (YAY) Announces Approval of Financial Statements, Change of Fiscal Year-EndToronto, Ontario--(Newsfile Corp. - October 28, 2024) - THS Maple Holdings Ltd. (TSXV: YAY) (the \"Company\" or \"THS\"), a leading producer and global distributor of maple syrup and maple-flavored products, is pleased to announce that its Board of Directors has approved the Company's audited financial statements for the seven-month period ended June 30, 2024. These statements have been filed today in accordance with TSX Venture Exchange and regulatory requirements.On April 26, 2024, the Company completed a reverse take-over of Toronto Cleantech Capital Inc., a capital pool company (\"TCC\"). The transaction constituted a \"Qualifying Transaction\" under the policies of the TSX Venture Exchange. The Company therefore became the business of the entity resulting from the reverse take-over. This transaction, combined with a private placement of more than $4.2 million, enabled the Company to repay its subordinated secured promissory note on April 29, 2024.As part of the Company's ongoing efforts to align its financial reporting with operational activities, THS has transitioned its fiscal year-end from November 30 to June 30, effective December 1, 2023. This change allows the Company to better reflect the seasonality of its maple syrup production and travel-related sales, both of which typically peak in the spring and summer months. The Company's next 12-month fiscal period commenced on July 1, 2024, and will end on June 30, 2025. The comparative period for the Company's 7 months ended June 30, 2024 is the 12 month period ended November 30, 2023. Financial Performance Highlights7 Months Ended June 30, 202412 Months EndedNovember 30, 2023Sales$ 5,808,042$ 10,308,047Cost of sales$ 4,649,351$ 8,469,227Gross profit$ 1,158,691$ 1,838,820Selling expenses$ 564,087$ 1,043,847Administrative expenses$ 1,451,068$ 1,639,750Operating loss-$ 856,464-$ 844,777Listing expense (Non-recurring)$ 1,700,390$ -Loss on settlement of debt (Non-recurring)$ -$ 911,314Finance costs and Other Income$ 442,089$ 910,048Pre-tax loss-$ 2,998,943-$ 2,666,139Net loss per share-$ 0.083-$ 0.133 For the transition period ended June 30, 2024, THS reported revenue of $5.8 million over seven months, compared to $10.3 million for the previous 12-month fiscal period. The Co...