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World-Class Extractions Inc. reports its financial results for the year ending April 30, 2022. Following the disposal of its cannabis-focused subsidiaries, the company plans to transition into an investment firm targeting the cannabis sector, pending regulatory approval. The company achieved a 52% decrease in general and administrative expenses, totaling $1,058,711. However, it incurred a net loss of $8,219,850, with $6,603,721 attributed to continuing operations. As of April 30, 2022, the company holds $2,534,189 in cash against liabilities of $215,749.
World Class Extractions Inc. (OTCQB: WCEXF) issued a bi-weekly default status report on September 27, 2022, under National Policy 12-203. The company disclosed a delay in filing its audited financial statements for the year ending April 30, 2022, which was due by August 29, 2022. Consequently, it received a temporary management cease trade order (MCTO) from the British Columbia Securities Commission. The board is working to meet filing obligations before October 28, 2022. No additional defaults or insolvency proceedings are reported.
World-Class Extractions Inc. held its Annual General and Special Meeting (AGM) on April 29, 2022, with shareholders representing 13.51% of the outstanding common shares. All resolutions were approved, including setting the Board size to four and the appointment of Carr-Hilton Labonte LLP as auditor. A significant resolution was the change of business focus from cannabis to an investment issuer. Additionally, the Company completed the sale of its subsidiary, Soma Labs, to CannaWorld Ventures, acquiring 15 million shares in return, marking a strategic move towards investment opportunities in cannabis cultivation.
World-Class Extractions Inc. announced the successful closing of the sale of its interest in Pineapple Express Delivery Inc. to Fire & Flower Holdings Corp. for approximately $5.15 million in debt repayment and cash consideration of $2,012,740, alongside common shares of Fire & Flower. This strategic divestment aims to strengthen World-Class's balance sheet while leveraging synergies for growth in cannabis retail and logistics. The transition includes performance-based milestones for additional shares, enhancing future shareholder value.
World-Class Extractions Inc. (OTCQB: WCEXF) has announced its interest in the ongoing acquisition of Pineapple Express Delivery Inc. by Fire & Flower Holdings Corp. (TSX: FAF). The transaction, valued at approximately C$11.7 million, involves the assumption of around $5.3 million in Pineapple Express debt and the issuance of up to 1,267,761 common shares based on performance milestones. Upon completion, World-Class will receive $2 million in cash and about 273,081 shares. The transaction is slated to close in Q1 2022, pending regulatory and shareholder approvals.
World-Class Extractions Inc. (OTCQB: WCEXF) reported its Q1 2021 financial performance, showing revenue of $2,667,561, up from $2,067,340 in Q1 2020. The revenue boost is primarily due to the operations of Pineapple Express Delivery. However, gross margin fell to 22% from 35% in the previous year. The company recorded a net loss of $262,158 compared to a loss of $1,022,534 in the same quarter last year, reflecting improved cost management. Current liabilities amounted to $4,825,027, highlighting ongoing fiscal challenges.
World-Class Extractions Inc. reported Pineapple Express Delivery's revenue at $6,130,375 for January to July 2021. The logistics company, controlling cannabis and liquor delivery, experienced total revenue of $2,568,486 from May to July 2021, maintaining a 23% gross margin. Deliveries totaled 157,365 in this quarter, a decrease from 184,498 in the prior quarter, attributed to seasonal trends. Pineapple Express achieved a significant milestone of 1 million deliveries and is expanding operations through partnerships. Revenue from collaborations has added approximately $86,913.
World-Class Extractions Inc. reported a remarkable 770% revenue growth for the fiscal year ended April 30, 2021, achieving $9,642,757 compared to $1,108,292 in the prior year. The gross margin decreased to 29% from 47%, primarily due to the acquisition of Pineapple Express Delivery (PED). Notably, general and administrative expenses decreased by 40% to $5,487,467. Despite a net loss of $4,486,318, significantly lower than the previous year's $48,539,965, management remains optimistic about future growth opportunities in the cannabis delivery sector.
World-Class Extractions Inc. (OTCQB: WCEXF) announces its subsidiary, Pineapple Express Delivery (PED), has partnered with Buddi to enhance online sales and delivery for cannabis retailers across Canada. This collaboration integrates PED's CannDeliv technology with Buddi's platform, serving over 500 licensed retailers. The integration aims to improve customer experience in cannabis delivery, allowing for swift and secure transactions. PED's efficient delivery service covers Ontario, Manitoba, Saskatchewan, and British Columbia, catering to both medical and recreational cannabis markets.
World-Class Extractions Inc. (OTCQB: WCEXF) has engaged Wall Street Reporter to enhance investor awareness through a marketing services agreement. This collaboration includes online press releases, livestream presentations, and social media initiatives. The Company will present at Wall Street Reporter's 'Baby Unicorn Stocks' livestream event, with a video replay available. In exchange for its services, Wall Street Reporter will receive a cash payment of USD $12,500. World-Class focuses on the cannabis and hemp industries, providing compliant product delivery through its subsidiary.
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