Aphria Inc. APHA

After a very serious look thru of the yearly financials

[Daredevil1964]

I have found a few things that I want to share with you, This information comes right out of the current Q4 Consolidated Financials. I am not trying to upset anyone, I am really looking deep into the financials.  Again I like the company but I cannot stand how we are being abused by Irwin. He continues to pull the rug out from underneath us.

Section 19 Share Capital.
As of May 31st 2019 the share balance was 250,989,120 shares.
As of August 29 th the share balance is 286,520,265 shares
                                                                35,531,145 shares added

That basically means that 35,531,145 shares have been added to the float. During the 2020 Fiscal year.

Now here is the consderation of the announced 100 million USD ATM that was disclosed.
Let's say the average share price is 5 USD. that means there could be a further dilution of 20,000,000 shares. I believe this can be exercised up until the end of 2021.

Here is our calculation with the ATM Considered.


As of May 31st 2019 the share balance was 250,989,120 shares.
As of August 29 th the share balance is 286,520,265 shares
                                                                35,531,145 shares added
ATM of 100,000,000 USD is                   20,000,000 shares added
Total shares added including ATM          55.531,145 shares.

All this while both Irwin and Carl stated that it was not necessary for Aphria to raise cash by dilution. Irwin has done nothing but lie to us about that. I do believe that debt settlement with Alefia has been accounted for 100%.

Now again in Section 19

It clearly states that the So called 100,000,000 dollar CAD investor was a bought deal a) In January 2020, the Company closed a bought deal financing in which it issued 14,044,944 common shares and 7,022,472 warrants to purchase common shares for $9.26 per share (Note 20) expiring in two years. The Company received net proceeds of $99,727 from the financing.

This is clearly not an investor, this is a cash raise which I am sure will be re-negotiated, If Aphria's share price does not start to increase. Irwin thought he could out smart the markets by stating it is an investment. Well the markets clearly did not buy it because the SP dropped substantially.

This information is right out of the Q4 Consolidated Financials. It is a little deep but it is there. IMO both Carl and Irwin is not treating us with the respect we deserve as investor's. Their lack of transparency and speaking of lies has got to stop. Numerous times he has mis spoke and it is hurting us.

[Buoyohbuoy]

At least vic built the company then screwed us, simple simon marches in does nothing but screw the company His butt wiper carl should be exited along with him,sniveling rat.

[Silentbull]

Thankyou Daredevil196, this was pretty insightful

[PuffnPass13]

Daredevil, I appreciate your post and I always like hearing everyone's opinion but I must disagree with you on some things. yes there has been dilution and yes the sp has not been sustained but take a look at its 1 year chart vs any of its biggest peers. Look at our revenue multiple vs cgc, Tlry, Cron etc... having more cash is definitely not bad in this environment, especially if we will

[jasonhcwu]

Dilute at this price if we know it will 20USD by 2025? Shareholders are not idiot.

[ilvmyt5s]

hey DareDevil1964 thanks for the insightful post and your DD. I found this buried deep in the CFS on pg. 18     In determining the fair value of biological assets, management has made the following estimates in this valuation model:  • The harvest yield is between 20 grams and 60 grams per plant;  • The selling price is between $2.50 and $6.50 per gram of harvested

[Daredevil1964]

Here is the problem with using IFRS as opposed GAAP. IFRS accounting, which enabled MJ LP's to record cannabis as revenue while it grows and to selectively capitalize expenses. Neither of these practices would be allowed if the cannabis company used GAAP.   The fact is that CEOs of cannabis companies such as Canopy Growth, Aurora, Aphria (NASDAQ:APHA), Tilray, Cronos (NASDAQ:CRON) and

[ilvmyt5s]

yeah thats what I like about APHA they use both and compare them in the chart on pg.26 of the MD&A. That's what you get when you have a vertran PCA like Vic setting up you accounting. chart won't post   The following is the Company’s cannabis gross profit and cannabis gross margin as compared to IFRS for the three months ended May 31, 2020: 

[Thorbr55]

Thanks DD for the analysis and summary. This paints an even bleaker picture of the Aphriaa         c-suite shenanigans then I imagined. King of Cannabis indeed

[GrandSabot]

Thanks Sneeky for sharing your DD. TGS

[Ziggy1950]

It has been several quarters in a row that Irwin has thrown shareholders under the bus this guy does not have shareholder appreciation on his agenda , he should be dealt with at the next board elections and fired. Thanks Ziggy