JIVA Tech Stock Price, News & Analysis

PlantX Life Inc. (OTCQB: PLTXF) reported monthly gross revenue of $1.2 million for July 2022, reflecting a 35% year-over-year increase from $910,000 in July 2021. The growth is attributed to the strong performance of its Little West cold-pressed juice brand. Gross profit reached $468,000, with a gross margin of 39%, up from $318,000 and 35% in July 2021. The Company also discussed a management cease trade order due to delayed filings but expects to resolve this by September 27, 2022.

PlantX Life Inc. (OTCQB: PLTXF) announced a partnership between its coffee subsidiary, Portfolio Coffee, and the Canadian Barista & Coffee Academy. This collaboration will focus on training aspiring baristas using Portfolio Coffee, enhancing their skills in various coffee varieties. CEO Lorne Rapkin highlighted the partnership's potential to familiarize students with the brand's offerings. Portfolio Coffee is available at multiple Toronto locations and online, emphasizing PlantX's commitment to the plant-based community with over 5,000 products.

PlantX Life Inc. has announced the expansion of its Little West cold-pressed juice brand into Canada, launching a dedicated e-commerce platform (littlewestjuice.ca). This move aims to leverage the brand's success in the U.S. and capitalize on the Canadian founders' heritage. However, PlantX is currently under a management cease trade order (MCTO) due to delays in filing audited financial statements. The company anticipates completing filings by September 27, 2022.

PlantX Life Inc. (OTCQB: PLTXF) has received a positive independent research report from Capital Y Management, a hedge fund based in New York. The report labels PlantX as a 'market leader' in a growing sector and sets a 12-month price target of C$0.67 per share, valuing the company at approximately C$68 million. CEO Lorne Rapkin expressed optimism regarding the company's position in the plant-based market. The full report is available on PlantX's website.

PlantX Life Inc. (OTCQB: PLTXF) has secured a debt financing of up to $10 million from an arm's length creditor, replacing its previously announced private placement. The financing, structured as a secured convertible promissory note, offers an interest rate of 5.0% per annum and matures on May 1, 2024. The proceeds will be used for working capital and general corporate purposes. This financing is expected to better align with shareholders' feedback, aiding the company's growth strategies in the plant-based product space.

PlantX Life Inc. reported a gross revenue of $1,489,988 for June 2022, up 97% from $754,000 in June 2021. The cost of goods sold for the month was $968,492. The company is delayed in filing its annual financial statements for the fiscal year ending March 31, 2022, due to restatement needs and is seeking a management cease trade order (MCTO) to allow continued trading amid this delay. The anticipated filing date is set for September 27, 2022. PlantX continues to expand its plant-based product offerings and build community through its digital platform.

PlantX Life Inc. has partnered with Dream Pops, a plant-based frozen novelty company, as the latest tenant in its Vegan Popup by XMarket in Venice Beach, CA. This initiative serves as a platform for both emerging and established plant-based brands to promote their products, enhancing visibility and community engagement through interactive events. Dream Pops will enjoy prime placement and product sampling at PlantX locations from July 1 to August 31. This partnership aims to create mutually beneficial exposure and revenue for both companies.

PlantX Life Inc. announced a restatement of its audited financial statements for the fiscal year ended March 31, 2021, following a review of its revenue recognition policy. This decision, approved by the board, indicates that approximately US$2.76 million in revenue and US$2.48 million in cost of sales should not have been recorded on a gross basis. The wholesale division ceased operations in Q1 2022. The restatement is still under review, and the financial impact remains preliminary and subject to change.