HYTN Innovations Reports Earnings, Remains Going Concern

HYTN Innovations Inc.  (CSE: HYTN) reported certain highlights from its second-quarter financial statements ending March 31, 2022. Hytn reported revenues of $255,461 for the three months ending March 31, 2022. the company has a cash position of over $2.2 million, as of March 31, 2022, and $2.2 million in property, plant, and equipment assets, as of March 31, 2022, including all equipment related to the company’s purpose-built, ISO 9001:2015 Certified and Health Canada-licensed Kelowna manufacturing facility. The company noted it had no debt as of March 31, 2022.

However, it is also listed as a going concern at this time. On March 31, 2022, the company had not yet achieved profitable operations and had a deficit of $10,258,815 (September 30, 2021 – $1,455,350) and a working capital surplus (deficiency) of $2,360,778 (September 30, 2021 – $(1,505,928)). The company said it expects to incur further losses in the development of its business.

“A continued focus on rapid commercialization of products featuring our proprietary Elevation Technology has brought HYTN into revenue across Canada, specifically in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, and Nova Scotia,” said Elliot McKerr, HYTN’s CEO. “We are poised to be a national leader in cannabis edible and extract products and aim to drive strong financial results through data driven decisions based on demand, market size and appropriate brand positioning, with maintenance of SKUs that have a robust margin contribution. Our strong team and world class facility are built to operate without excessive overhead and are scalable to ensure HYTN can meet expected market demands. We encourage stakeholders to review our Q2 Results and monitor our growth.”

The company said that the second quarter results reflected the details of HYTN’s reverse-take-over (“RTO”) of Mount Dakota Energy Corp. and the company’s financial position post-RTO. The company notes that the complexity of the second-quarter results was largely due to the RTO, which was a one-time transaction. As a result, the company’s future quarterly and annual financial statements are anticipated to be both more focused and cannabis-centric.

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