10th Consecutive Quarter With Increased Revenue
VANCOUVER, British Columbia, March 04, 2019 (GLOBE NEWSWIRE) -- Wildflower Brands Inc. (CSE:SUN, OTC:WLDFF) (the “Company”) announces more than $1.4M in sales in its second quarter, compared to $1.0M in the first quarter. Sales from all sources are up from the prior quarter with the largest increase coming from sales to other retailers throughout the United States. This marks the 10th consecutive quarter of increased revenue.
Highlights for the second quarter (with comparisons to the prior quarter except as otherwise noted) include the following:
- sales of $1,410,135 (Q1: $1, 002,279) includes licensing fees, online sales, sales to other retailers throughout the United States and sales from the Company’s Los Angeles retailer, which includes deliveries;
- cost of goods sold of $810,698 (Q1: $467,019) related to the cost of the products and packaging sold during the period;
- advertising and marketing costs of $8,577 (Q1: $362,884) related to advertising and marketing campaigns for the Company’s cannabis products, as well as funds expended toward the branding of the retail locations in Manhattan under the Retail Worx agreement;
- consulting fees and management fees of $211,656 (Q1: $158,702) related to fees paid to the Company’s CEO, CFO, COO, and board of directors, as well as individuals providing business consulting services;
- investor relations and shareholder communications of $12,824 (Q1: $362,912) related to fees paid to investor relations personnel, and costs associated with public relations;
- professional fees of $27,410 (Q1: $17,966) related to professional accounting and audit fees incurred during the period, as well as legal fees related to general corporate matters and acquisitions;
- wages and benefits of $296,889 (Q1: $253,174) related to wages and related benefits paid to employees in Vancouver, Washington and California;
- unrealized foreign exchange gain (loss) of $627,339 (Q1: ($180,202)) primarily related to the effect of USD fluctuations on intercompany balances held in USD;
- interest expense of $187,779 (Q1: $175,135) related to the interest accrued on the loans payable, promissory notes and convertible debentures issued during the period;
- gain on settlement of debt of $15,000 (Q1: $Nil) related to the settlement of debt with a former related party;
- exchange difference of $691,692 (Q1: $212,983) related to translating the transactions of the Company’s foreign subsidiaries with a functional currency other than the Canadian dollar.
Wildflower Brands is a company headquartered in Vancouver building reputable brands and quality products that incorporate the synergistic effects of plants and their extracts.