Exhibit
99.1
Mama’s
Creations Reports Fourth Quarter and Fiscal Year 2026 Financial Results
Fourth
Quarter Revenue Grows 61% to $54.0 Million; Net Income Increases 38% to $2.2 Million with Adjusted EBITDA of $5.5 Million; Cash Position
Nearly Triples in Fiscal 2026 to $20.0 Million
EAST
RUTHERFORD, NJ – April 14, 2026 – Mama’s Creations, Inc. (Nasdaq: MAMA), a leading national marketer and
manufacturer of fresh deli prepared foods, has reported its financial results for fourth quarter and fiscal year ended January 31, 2026.
Financial
Summary:
| | |
Three Months Ended Jan. 31, | | |
Fiscal Year Ended Jan. 31, | |
| $ in millions | |
2026 | | |
2025 | | |
% Increase | | |
2026 | | |
2025 | | |
% Increase | |
| Revenues | |
$ | 54.0 | | |
$ | 33.6 | | |
| 61 | % | |
$ | 171.7 | | |
$ | 123.3 | | |
| 39 | % |
| Gross Profit | |
$ | 14.0 | | |
$ | 9.1 | | |
| 54 | % | |
$ | 43.0 | | |
$ | 30.5 | | |
| 41 | % |
| Operating Expenses | |
$ | 10.9 | | |
$ | 7.2 | | |
| 51 | % | |
$ | 35.9 | | |
$ | 25.7 | | |
| 40 | % |
| Net Income | |
$ | 2.2 | | |
$ | 1.6 | | |
| 38 | % | |
$ | 5.3 | | |
$ | 3.7 | | |
| 43 | % |
| Earnings per Share (Diluted) | |
$ | 0.05 | | |
$ | 0.04 | | |
| 25 | % | |
$ | 0.13 | | |
$ | 0.09 | | |
| 44 | % |
| Adj. EBITDA (non-GAAP) | |
$ | 5.5 | | |
$ | 3.1 | | |
| 77 | % | |
$ | 15.4 | | |
$ | 10.1 | | |
| 52 | % |
Fourth
Quarter Fiscal 2026 & Subsequent Operational Highlights:
| ● | Continued
successful integration initiatives at the Company’s Bay Shore, NY facility acquired
from Crown 1 Enterprises, with gross margin improvement on track toward mid-to-high-20% corporate
target, and cross-selling initiatives gaining traction with Crown 1’s premium customer
base. |
| | | |
| ● | Secured
major new tier-1 national retail placements, including expansion at Wal-Mart, new introductions
at Food Lion, confirmed wins at Target, as well as Everyday Item status in Costco’s
Northeast region following a successful Costco National Multi-Vendor Mailer (MVM) with branded
Beef Meatballs. |
| | | |
| ● | Invited
to present at leading investor conferences nationally, including the Craig-Hallum Alpha Select
Conference, Stephens NASH25 Conference, ROTH Deer Valley Event, Oppenheimer Emerging Growth
Conference, and the DA Davidson CEO Forum. |
| | | |
| ● | Cash
and cash equivalents as of January 31, 2026 totaled $20.0 million, as compared to $7.2 million
as of January 31, 2025. The increase was primarily driven by improved profitability, strong
operating cash flow generation, and ongoing working capital optimization. |
Management
Commentary
Adam
L. Michaels, Chairman and CEO of Mama’s Creations, said: “Fiscal 2026 was a landmark year for Mama’s Creations. We
delivered 39% revenue growth to $171.7 million, expanded adjusted EBITDA by over 50%, and fundamentally transformed our operating platform
with the acquisition and successful integration of Crown 1’s Bay Shore facility. This reflects the continued strength of our organic
growth engine combined with the accretive contribution of our M&A activities.
“On
the operations front, the Bay Shore integration continues to be a resounding success. In just a few months, we have centralized procurement
across all three facilities, transitioned production to optimize capacity utilization, and begun realizing meaningful cost synergies.
Bay Shore’s gross margin trajectory is on track toward our mid-to-high-20% corporate target, and the facility’s premium customer
base is opening cross-selling opportunities that were previously out of reach. Most importantly, we have grown our family, adding close
to 200 employees that share our values, culture and aspiration to become a $1B one-stop-shop in the deli prepared food category.
“Our
Costco partnership continues to accelerate – evolving from $0.5 million in fiscal 2023 to exceeding $10 million in Q1 of fiscal
2026 alone, culminating in our first National Print MVM and securing everyday item status in the Northeast region. Beyond Costco, additional
placements at Walmart and new wins at Target are driving meaningful scale across all channels.
“Our
4 Cs strategy – Cost, Controls, Culture, and Catapult – is driving growth at 5x the category rate. Product innovation including
our NAE chicken offerings, artisan cut products, and successful panini line, are positioning us to capture share in a large, highly fragmented,
underpenetrated market.
“Looking
ahead, the combination of strong organic growth, expanding and deepening retail distribution, and a well-defined M&A strategy gives
us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders,” concluded Michaels.
Fourth
Quarter and Full Year Fiscal 2026 Financial Results
Revenue
for the fourth quarter of fiscal 2026 increased 60.7% to $54.0 million, as compared to $33.6 million in the same year-ago quarter. Revenue
for fiscal year 2026 increased 39.2% to $171.7 million, as compared to $123.3 million in the prior year. The increase was primarily due
to item expansion at existing customers, successful high-ROI promotional activities that accelerated velocities, initial placements at
new customers, and the acquisition of Crown 1.
Gross
profit increased 53.8% to $14.0 million, or 25.9% of total revenues, in the fourth quarter of fiscal 2026, as compared to $9.1 million,
or 27.0% of total revenues, in the same year-ago quarter. Gross profit increased 41.0% to $43.0 million, or 25.1% of total revenues,
in fiscal 2026, as compared to $30.5 million, or 24.8% of total revenues, in the prior year. The fourth quarter gross margin was impacted
by the continued ramp of the Bay Shore facility, while the improvement in full-year gross margin reflects the operational efficiencies,
procurement optimization, and stabilized commodity costs across the platform.
Operating
expenses totaled $10.9 million in the fourth quarter of fiscal 2026, as compared to $7.2 million in the same year-ago quarter. As a percentage
of revenue, operating expenses declined to 20.2% from 21.4% in the prior year quarter. For the full year, operating expenses totaled
$35.9 million, as compared to $25.7 million in the prior year. As a percentage of revenue, operating expenses were 20.9% in fiscal 2026,
as compared to 20.8% in the prior year. The change was partially due to the Bay Shore acquisition, new digital strategies and enhanced
product marketing, new management hires and further technology upgrades to drive actionable insights faster and deeper into the organization.
Net
income for the fourth quarter of fiscal 2026 increased 37.5% to $2.2 million, or $0.05 per diluted share, as compared to net income of
$1.6 million, or $0.04 per diluted share, in the same year-ago quarter. Net income for fiscal 2026 increased 43.2% to $5.3 million, or
$0.13 per diluted share, as compared to net income of $3.7 million, or $0.09 per diluted share, in the prior year. Fourth quarter net
income totaled 4.1% of revenue, as compared to 4.8% in the same year-ago quarter.
Adjusted
EBITDA, a non-GAAP measure, increased 77.4% to $5.5 million for the fourth quarter of fiscal 2026, as compared to $3.1 million in the
same year-ago quarter. Adjusted EBITDA increased 52.5% to $15.4 million in fiscal 2026, as compared to $10.1 million in the prior year.
Cash
and cash equivalents as of January 31, 2026 totaled $20.0 million, as compared to $7.2 million as of January 31, 2025. The significant
increase was primarily driven by improved profitability, strong operating cash flow generation, and ongoing working capital optimization.
As of January 31, 2026, total debt stood at $5.4 million.
Conference
Call
Management
will host an investor conference call at 4:30 p.m. Eastern time today, Tuesday, April 14, 2026 to discuss the Company’s fourth
quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate,
please use the following information:
Q4
FY2026 Earnings Conference Call
Date:
Tuesday, April 14, 2026
Time:
4:30 p.m. Eastern time
U.S.
Dial-in: 1-877-451-6152
International
Dial-in: 1-201-389-0879
Conference
ID: 13759666
Webcast:
MAMA Q4 FY2026 Earnings Conference Call
Please
join at least five minutes before the start of the call to ensure timely participation.
A
playback of the call will be available through Sunday, June 14, 2026. To listen, please call 1-844-512-2921 within the United States
and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13759666. A webcast
replay will also be available using the webcast link above.
About
Mama’s Creations, Inc.
Mama’s
Creations, Inc. (Nasdaq: MAMA) is a leading marketer and manufacturer of fresh deli prepared foods, found in over 12,000 grocery, mass,
club and convenience stores nationally. The Company’s broad product portfolio, born from MamaMancini’s rich history in Italian
foods, now consists of a variety of high quality, fresh, clean and easy to prepare foods to address the needs of both our consumers and
retailers. Our vision is to become a one-stop-shop deli solutions platform, leveraging vertical integration and a diverse family of brands
to offer a wide array of prepared foods to meet the changing demands of the modern consumer. For more information, please visit mamascreations.com.
Use
of Non-GAAP Financial Measures
This
press release includes the following non-GAAP measure – adjusted EBITDA, which is not a measure of financial performance under
GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP
measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding
financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations
in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined
in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable
to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute
for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net
income, its corresponding GAAP measure, please see the reconciliation table shown in this press release below.
US-GAAP
Net Income to Adjusted EBITDA Reconciliation (Unaudited)
(in
thousands)
| | |
THREE MONTHS ENDED | | |
Fiscal Year Ended | |
| | |
January 31, | | |
January 31, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Net income available to common stockholders | |
$ | 2,232 | | |
$ | 1,600 | | |
$ | 5,286 | | |
$ | 3,711 | |
| Depreciation | |
| 1,171 | | |
| 535 | | |
| 3,270 | | |
| 1,592 | |
| Amortization | |
| 493 | | |
| 286 | | |
| 1800 | | |
| 1571 | |
| Taxes | |
| 731 | | |
| 287 | | |
| 1,565 | | |
| 995 | |
| Interest, net | |
| 37 | | |
| 82 | | |
| 224 | | |
| 259 | |
| Stock-based compensation | |
| 789 | | |
| 298 | | |
| 1,962 | | |
| 1,099 | |
| One time charges | |
| 70 | | |
| 0 | | |
| 1,314 | | |
| 900 | |
| Adjusted EBITDA (Non-GAAP) | |
$ | 5,523 | | |
$ | 3,088 | | |
$ | 15,421 | | |
$ | 10,127 | |
Forward-Looking
Statements
This
press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward-looking statements include information about management’s view of the Company’s
future expectations, plans and prospects, including future business opportunities or strategies and are generally preceded by words such
as “anticipate,” “believe,” “eventually,” “expect,” “future,” “may,”
“look forward to,” “plan,” “projected,” “should,” “will,” and other words
that convey the uncertainty of future events or outcomes. You are cautioned that such statements are subject to a multitude of known
and unknown risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected
in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking
statements as a result of various factors. Certain of these risk factors and others are included in documents the Company files with
the Securities and Exchange Commission, including but not limited to, the Company’s Annual Report on Form 10-K for the year ended
January 31, 2026, as well as subsequent reports filed with the Securities and Exchange Commission.
The
Company has based these forward-looking statements on its current expectations and assumptions about future events. While management
considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive,
regulatory, and other factors, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond
the Company’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the
date they are made. Except as may be required by applicable law or regulation, the Company does not undertake, and specifically disclaims,
any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Investor
Relations Contact:
Lucas
A. Zimmerman
Managing
Director
MZ
Group - MZ North America
(949)
259-4987
MAMA@mzgroup.us
www.mzgroup.us
Consolidated
Balance Sheets
Mama’s
Creations, Inc.
(In
thousands, except share and per share data)
| | |
January 31, 2026 | | |
January 31, 2025 | |
| | |
| | |
| |
| Assets: | |
| | | |
| | |
| | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 19,951 | | |
$ | 7,150 | |
| Accounts receivable, net | |
| 13,072 | | |
| 8,131 | |
| Inventories, net | |
| 9,647 | | |
| 4,817 | |
| Prepaid expenses and other current assets | |
| 2,411 | | |
| 1,779 | |
| Total Current Assets | |
| 45,081 | | |
| 21,877 | |
| | |
| | | |
| | |
| Property, plant, and equipment, net | |
| 20,108 | | |
| 9,387 | |
| Intangible assets, net | |
| 3,090 | | |
| 3,436 | |
| Goodwill | |
| 9,447 | | |
| 8,633 | |
| Operating lease right of use assets, net | |
| 7,877 | | |
| 3,376 | |
| Deferred tax asset | |
| — | | |
| 258 | |
| Security deposits | |
| 95 | | |
| 95 | |
| Total Assets | |
$ | 85,698 | | |
$ | 47,062 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity: | |
| | | |
| | |
| | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable and accrued expenses | |
$ | 17,800 | | |
$ | 12,052 | |
| Term loan, net of debt discount of $216 and $22, respectively | |
| 960 | | |
| 1,530 | |
| Operating leases liabilities | |
| 1,690 | | |
| 848 | |
| Finance leases payable | |
| 321 | | |
| 345 | |
| Promissory notes – related parties | |
| — | | |
| 2,250 | |
| Total Current Liabilities | |
| 20,771 | | |
| 17,025 | |
| | |
| | | |
| | |
| Term loan – net of current | |
| 4,412 | | |
| 1,342 | |
| Operating leases liability – net of current | |
| 6,204 | | |
| 2,600 | |
| Deferred tax liability | |
| 813 | | |
| — | |
| Finance leases payable – net of current | |
| 878 | | |
| 1,199 | |
| Total Long-Term Liabilities | |
| 12,307 | | |
| 5,141 | |
| | |
| | | |
| | |
| Total Liabilities | |
| 33,078 | | |
| 22,166 | |
| | |
| | | |
| | |
| Commitments and contingencies (Note 11 and 12) | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ Equity: | |
| | | |
| | |
| Series A Preferred stock, $0.00001 par value; 120,000 shares authorized; 23,400 issued as of January 31, 2026 and January 31, 2025, 0 shares outstanding as of January 31, 2026 and January 31, 2025 | |
| — | | |
| — | |
| Series B Preferred stock, $0.00001 par value; 200,000 shares authorized; 0 and 0 shares issued and outstanding as of January 31, 2026 and January 31, 2025 | |
| — | | |
| — | |
| Preferred stock, $0.00001 par value; 19,680,000 shares authorized; 0 and 0 shares issued and outstanding as of January 31, 2026 and January 31, 2025 | |
| — | | |
| — | |
| Common stock, $0.00001 par value; 250,000,000 shares authorized; 40,887,000 and 37,826,000 shares issued as of January 31, 2026 and January 31, 2025, respectively, 40,657,000 and 37,596,000 shares outstanding as of January 31, 2026 and January 31, 2025, respectively | |
| — | | |
| — | |
| Additional paid-in capital | |
| 47,320 | | |
| 24,882 | |
| Retained earnings | |
| 5,450 | | |
| 164 | |
| Less: Treasury stock, 230,000 shares at cost | |
| (150 | ) | |
| (150 | ) |
| Total Stockholders’ Equity | |
| 52,620 | | |
| 24,896 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 85,698 | | |
$ | 47,062 | |
Consolidated
Statements of Operations
Mama’s
Creations, Inc.
(in
thousands, except per share data)
| | |
For the Fiscal Years Ended January
31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| | |
| | |
| | |
| |
| Net sales | |
$ | 171,714 | | |
$ | 123,328 | | |
$ | 103,284 | |
| | |
| | | |
| | | |
| | |
| Costs of sales | |
| 128,668 | | |
| 92,795 | | |
| 72,951 | |
| | |
| | | |
| | | |
| | |
| Gross profit | |
| 43,046 | | |
| 30,533 | | |
| 30,333 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development | |
| 288 | | |
| 455 | | |
| 414 | |
| Selling, general and administrative | |
| 35,646 | | |
| 25,201 | | |
| 21,029 | |
| Total operating expenses | |
| 35,934 | | |
| 25,656 | | |
| 21,443 | |
| | |
| | | |
| | | |
| | |
| Income from operations | |
| 7,112 | | |
| 4,877 | | |
| 8,890 | |
| | |
| | | |
| | | |
| | |
| Other income (expenses) | |
| | | |
| | | |
| | |
| Interest expense | |
| (435 | ) | |
| (477 | ) | |
| (549 | ) |
| Interest income | |
| 211 | | |
| 218 | | |
| — | |
| Amortization of debt discount | |
| (37 | ) | |
| (16 | ) | |
| (22 | ) |
| Other income | |
| — | | |
| 104 | | |
| 27 | |
| Total other expenses | |
| (261 | ) | |
| (171 | ) | |
| (544 | ) |
| | |
| | | |
| | | |
| | |
| Income before income tax provision and income from equity method investment | |
| 6,851 | | |
| 4,706 | | |
| 8,346 | |
| | |
| | | |
| | | |
| | |
| Income from equity method investment | |
| — | | |
| — | | |
| 223 | |
| Income tax provision | |
| (1,565 | ) | |
| (995 | ) | |
| (2,008 | ) |
| | |
| | | |
| | | |
| | |
| Net income | |
| 5,286 | | |
| 3,711 | | |
| 6,561 | |
| | |
| | | |
| | | |
| | |
| Less: series B preferred dividends | |
| — | | |
| — | | |
| (49 | ) |
| | |
| | | |
| | | |
| | |
| Net income available to common stockholders | |
| 5,286 | | |
| 3,711 | | |
| 6,512 | |
| | |
| | | |
| | | |
| | |
| Net income per common share | |
| | | |
| | | |
| | |
| – basic | |
$ | 0.14 | | |
$ | 0.10 | | |
$ | 0.18 | |
| – diluted | |
$ | 0.13 | | |
$ | 0.09 | | |
$ | 0.17 | |
| | |
| | | |
| | | |
| | |
| Weighted average common shares outstanding | |
| | | |
| | | |
| | |
| – basic | |
| 38,902,364 | | |
| 37,427,571 | | |
| 36,814,162 | |
| – diluted | |
| 41,380,364 | | |
| 39,418,571 | | |
| 38,381,407 | |
Consolidated
Statements of Cash Flows
Mama’s
Creations, Inc.
(in
thousands)
| | |
For the Fiscal Years Ended January 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | | |
| | |
| Net income | |
$ | 5,286 | | |
$ | 3,711 | | |
$ | 6,561 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | |
| Depreciation | |
| 3,270 | | |
| 1,592 | | |
| 1,043 | |
| Provision for credit losses | |
| 90 | | |
| — | | |
| (140 | ) |
| Amortization of debt discount | |
| 37 | | |
| 16 | | |
| 22 | |
| Change in right of use assets | |
| 1,405 | | |
| (1,585 | ) | |
| 348 | |
| Amortization of intangible assets | |
| 1,619 | | |
| 1,543 | | |
| 1,080 | |
| Stock-based compensation | |
| 1,963 | | |
| 1,099 | | |
| 436 | |
| Allowance for obsolete inventory | |
| 24 | | |
| — | | |
| 63 | |
| Change in deferred tax asset | |
| 1,071 | | |
| 245 | | |
| 215 | |
| Income from equity method investment | |
| — | | |
| — | | |
| (223 | ) |
| Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
| Accounts receivable | |
| (1,306 | ) | |
| (272 | ) | |
| 2,392 | |
| Inventories | |
| (3,518 | ) | |
| (1,507 | ) | |
| 263 | |
| Prepaid expenses and other current assets | |
| (868 | ) | |
| (1,341 | ) | |
| (540 | ) |
| Security deposits | |
| — | | |
| — | | |
| (35 | ) |
| Accounts payable and accrued expenses | |
| 3,609 | | |
| 79 | | |
| 476 | |
| Operating lease liability | |
| (1,261 | ) | |
| 1,597 | | |
| (340 | ) |
| Net Cash Provided by Operating Activities | |
| 11,421 | | |
| 5,177 | | |
| 11,621 | |
| | |
| | | |
| | | |
| | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | | |
| | |
| Purchase of property, plant and equipment | |
| (1,654 | ) | |
| (5,095 | ) | |
| (786 | ) |
| Cash paid for acquisition of the business of Crown I Enterprises, Inc., net | |
| (17,311 | ) | |
| — | | |
| — | |
| Cash paid for acquisition/investment in Chef Inspirational Foods, LLC, net | |
| — | | |
| — | | |
| (646 | ) |
| | |
| | | |
| | | |
| | |
| Net Cash Used in Investing Activities | |
| (18,965 | ) | |
| (5,095 | ) | |
| (1,432 | ) |
| | |
| | | |
| | | |
| | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
| Net proceeds from the issuance of common stock | |
| 18,927 | | |
| — | | |
| — | |
| Net proceeds from notes payable | |
| 18,770 | | |
| — | | |
| — | |
| Repayments of debt | |
| (16,305 | ) | |
| (1,662 | ) | |
| (1,652 | ) |
| Repayment of line of credit, net | |
| — | | |
| — | | |
| (890 | ) |
| Repayment of term loan - related party | |
| (750 | ) | |
| (1,950 | ) | |
| (750 | ) |
| Repayment of finance lease obligations | |
| (345 | ) | |
| (397 | ) | |
| (272 | ) |
| Payment of Series B Preferred dividends | |
| — | | |
| — | | |
| (49 | ) |
| Proceeds from exercise of options | |
| 48 | | |
| 55 | | |
| 68 | |
| Net Cash Provided by (Used in) Financing Activities | |
| 20,345 | | |
| (3,954 | ) | |
| (3,545 | ) |
| | |
| | | |
| | | |
| | |
| Net Increase (Decrease) Increase in Cash | |
| 12,801 | | |
| (3,872 | ) | |
| 6,644 | |
| | |
| | | |
| | | |
| | |
| Cash and cash equivalents - Beginning of Period | |
| 7,150 | | |
| 11,022 | | |
| 4,378 | |
| | |
| | | |
| | | |
| | |
| Cash and cash equivalents - End of Period | |
$ | 19,951 | | |
$ | 7,150 | | |
$ | 11,022 | |
| | |
| | | |
| | | |
| | |
| SUPPLEMENTARY CASH FLOW INFORMATION: | |
| | | |
| | | |
| | |
| Cash Paid During the Period for: | |
| | | |
| | | |
| | |
| Income taxes | |
$ | 1,225 | | |
$ | 1,477 | | |
$ | 32 | |
| Interest | |
$ | 435 | | |
$ | 654 | | |
$ | 634 | |
| | |
| | | |
| | | |
| | |
| SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
| Finance lease asset additions | |
$ | — | | |
$ | 511 | | |
$ | 1,270 | |
| Related party loan to finance acquisition | |
$ | — | | |
$ | — | | |
$ | 2,700 | |
| Right of use asset recognized | |
$ | 6,357 | | |
$ | 2,119 | | |
$ | — | |
| Write-off of right of use asset | |
$ | 451 | | |
$ | 1,021 | | |
$ | — | |
| Issuance of stock for director settlement | |
$ | — | | |
$ | 450 | | |
$ | — | |
| Common stock issued for payment of related party debt | |
$ | 1,500 | | |
$ | — | | |
$ | — | |
| Receipt of fixed assets for deposits previously paid | |
$ | — | | |
$ | 937 | | |
$ | — | |
| Settlement of liability in common stock | |
$ | — | | |
$ | — | | |
$ | 50 | |
