2023-04-03 18:35 ET - News Release
Mr. Michael Saxon reports
TAAT® GLOBAL ALTERNATIVES INC. FILES FINANCIAL STATEMENTS FOR ITS FISCAL Q1 2023
TAAT Global Alternatives Inc.'s financial statements for its fiscal Q1 2023 (three-month period ended Jan. 31, 2023) have been filed on SEDAR.
An overview of select highlights from the company's fiscal Q1 2023 financial statements is provided herein. All figures displayed are in Canadian dollars unless specified otherwise.
- Current assets grew by 2.9 per cent from the last audited financial statements (as at Oct. 31, 2022) from $10,681,970 to $11,000,221;
- Compared with the company's fiscal Q1 in 2022, sales increased to $23,286,963 from $469,782 (with costs of goods sold of $22,178,902 and $337,817, respectively), resulting in a gross profit of $1,108,061 compared with $131,965 in fiscal Q1 2022;
- The company reduced its expenses by over 44 per cent from $7,446,404 in its fiscal Q1 2022 to $4,139,958 in its fiscal Q1 2023.
Please refer to the official filing condensed interim consolidated financial statements for the three months ended Jan. 31, 2023, and 2022 (unaudited) on SEDAR for all disclosures.
TAAT chief executive officer Michael Saxon commented: "By significantly reducing the company's expenses, we have been able to find more efficient ways to grow our branded products. Additionally, in the company's fiscal Q1 2023 our Ohio-based subsidiary ADCO Distributors Inc. delivered sales growth year over year despite challenging headwinds. We thank our retail and institutional shareholders for their continued support as we move forward in 2023."
About TAAT Global Alternatives Inc.
TAAT is a vertically integrated consumer product and distribution company, generating more than $90-million in overall gross revenue annually. TAAT is strategically expanding its product categories including tobacco and reduced-risk alternatives, hemp, kratom, and other emerging CPG (consumer packaged goods) segments. TAAT has facilities to include a processing plant in Nevada as well as a distribution centre in Canton, Ohio, leveraging existing retail shelf space and pipelines into national wholesale channels.