- Foreclosure on Assets of CTI: On May 2, 2019, FinCanna Capital Corp. (“FinCanna”, “company”) foreclosed on the assets of CTI in an attempt to reclaim a portion of their loan outstanding.
- Advanced Second Tranche of US$0.88 million to QVI: The company advanced a second tranche of financing to QVI, which signals that QVI is attaining its milestones and that revenue generation is likely imminent.
- Revision in Revenues: The company reported FY2019 revenues of $1.88 million (our forecast was $1.91 million), a 125% YoY improvement from FY2018 revenues of $0.84 million. The revenues generated in FY2019, and FY2018, were related to CTI and are non-cash. In addition, the company reported revenues of $0.29 million for fiscal Q1-2020 – a 24.98% YoY decrease from revenues of $0.39 million for fiscal Q1-2019. These revenues are also related to CTI and are non-cash. Readers should note that revenues generated to date are primarily from interest income on loans made and not royalty revenues. We are revising our revenues for FY2020 from $4.36 million to $0.86 million and introducing our revenues for FY2021 of $4.2 million.
- Revision in Earnings: The company reported earnings of $0.21 million (EPS: $0.00) for FY2019, compared to earnings of -$12.70 million (EPS: -$0.31) for FY2018. In addition, the company reported earnings of -$0.68 million (EPS: -$0.01) for fiscal Q1-2020, compared to -$0.65 million (EPS: -$0.01) for fiscal Q1-2019. We are revising our earnings for FY2020 from -$0.36 million (EPS: -$0.00) to -$2.25 million (EPS: -$0.02) and introducing our earnings for FY2021 of $159k (EPS: $0.00).
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