Commentary on results
The AusCann Group Holdings consolidated entity (AusCann) is pleased to report on its 2018 financial year.
The net loss of AusCann for the financial year was down 46% from last year due to incurring $7.159M in the prior year for costs associated with listing on the ASX. The 2018 loss included a share-based payment of $2.7M being for advisor share options issued during the period. The net assets decreased to $14.1M predominantly due to cash attrition and supplier payment cycles. Expenditure has been in line with the prior year with some increase in employee and consultancy expenses, and research and development expenditure, associated with preparing for the launch of Australian product in 2019. Funds spent were offset by proceeds received from the conversion of share options, amounting to $3.954M. Capital expenditure was incurred for new head office premises, as well as some operational equipment.
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