PlantX Life Inc has filed its financial statements for the fiscal year ended March 31, 2022, highlighting significant revenue growth.
The plant-based product retailers reported revenue of nearly $12 million for the year, up from close to $3 million in the year before. Cost of goods sold was more than $8 million, compared to roughly $2 million a year earlier.
PlantX noted that it also restated its financial statements for the year ended March 31, 2021.
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During an audit, the company discovered that a supplier and customer in the wholesale division were under the management of the same individual, who was also a significant shareholder in both the supplier and customer.
PlantX purchased inventory for a total of about $3.2 million, which was recorded as cost of sales and sold for an aggregate consideration of $3.7 million, which was recorded as revenue. The audit concluded that these transactions did not qualify as revenue, and the net $502,325 is recognized in the “other loss” category.
The net loss for the year ended March 31, 2022, was approximately $54.7 million, compared to $27.7 million the year prior.
Looking ahead, the company is in the process of completing its interim financial statements for the three-month periods ended June 30, 2022, and September 30, 2022. Those are expected to be filed within a few business days, the company said.
PlantX Life, based in Vancouver, bills itself as the digital face of the plant-based community, operating a one-stop shop for plant-based products.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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