$CWLXF

C21 Investments Inc.

CIK:0000831609|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Revenue	$ 32,614,513	$ 30,117,880
Cost of sales	19,009,393	17,558,940
Gross profit	13,605,120	12,558,940
Selling, general and administrative expenses	11,326,833	11,277,284
Income from operations	2,278,287	1,281,656
Accretion expense	(372,018)	(509,871)
Gain on change in fair value of derivative liabilities	29,160	52,257
Interest expense	(187,241)	(293,675)
Loss on settlement of legal proceedings	(442,543)	0
Gain (loss) on disposal of assets	7,446	(155,692)
Other income	65,699	20,246
Net income from continuing operations before income tax expense	1,378,790	394,921
Income tax expense	(4,614,428)	(4,151,650)
Net loss from continuing operations after income tax expense	(3,235,638)	(3,756,729)
Net loss from discontinued operations after income tax expense	(8,080)	(212,813)
Net loss	(3,243,718)	(3,969,542)
Other comprehensive income:
Translation adjustment	(47,417)	133,050
Comprehensive loss	$ (3,291,135)	$ (3,836,492)
Basic loss per share from continuing operations	$ (0.03)	$ (0.03)
Diluted loss per share from continuing operations	(0.03)	(0.03)
Basic loss per share from discontinued operations	0	0
Diluted loss per share from discontinued operations	(0)	(0)
Basic loss per share	(0.03)	(0.03)
Diluted loss per share	$ (0.03)	$ (0.03)
Weighted average number of common shares outstanding - basic	117,910,795	119,794,951
Weighted average number of common shares outstanding - diluted	118,466,588	120,588,044

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net loss from continuing operations after income tax expense	$ (3,235,638)	$ (3,756,729)
Adjustments to reconcile net loss to cash provided by operating activities:
Accretion expense	372,018	509,871
Amortization of right-of-use assets	655,818	574,686
Deferred income tax recovery	(147,496)	156,660
Depreciation and amortization	1,780,182	1,706,012
Gain on change in fair value of derivative liabilities	(29,160)	(52,257)
Interest expense	187,241	293,675
Interest and accretion income included in other income	(65,188)	0
Loss on extinguishment of EFF liability	442,543	0
(Gain) loss on disposal of assets	(7,446)	155,692
Share-based compensation	236,779	849,559
Changes in operating assets and liabilities:
Receivables	115,300	77,696
Inventory	(49,587)	(698,690)
Prepaid expenses and deposits	63,381	(53,196)
Accounts payable and accrued liabilities	335,590	(419,139)
Settlement liability	(1,100,000)	0
Income taxes payable	(1,179,137)	(7,396,432)
Uncertain tax position	3,539,212	9,822,797
Deferred revenue	(6,042)	22,332
Lease liabilities	(545,231)	(426,884)
Cash provided by operating activities of continuing operations	1,363,139	1,365,653
Cash used in operating activities of discontinued operations	(8,080)	(176,487)
INVESTING ACTIVITIES
Purchases of property and equipment	(244,838)	(406,733)
Purchases of intangible assets	0	(3,413,647)
Proceeds from disposal of assets	25,000	367,229
Cash used in investing activities of continuing operations	(219,838)	(3,453,151)
Cash provided by investing activities of discontinued operations	0	331,936
FINANCING ACTIVITIES
Proceeds from issuance of debenture units	0	2,920,562
Interest payments received on note receivable	34,000	0
Principal repayments on convertible debentures	(1,286,179)	(677,732)
Interest paid in cash	(187,241)	(293,675)
Repurchase and cancellation of shares	(103,034)	(276,730)
Cash (used in) provided by financing activities of continuing operations	(1,542,454)	1,672,425
Cash used in financing activities of discontinued operations	0	(405,253)
Effect of foreign exchange on cash	16,078	29,770
Change in cash during the year	(391,155)	(635,107)
Cash, beginning of year	2,625,461	3,260,568
Cash, end of year	2,234,306	2,625,461
Supplemental disclosure of cash flow information:
Income tax paid in cash	2,500,000	1,500,000
Interest payments received on note receivable	34,000	0
Interest paid in cash	(187,241)	293,675
Addition in right-of-use assets and lease liabilities	$ 0	$ 1,221,143

Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Current assets
Cash	$ 2,234,306	$ 2,625,461
Receivables	61,395	176,695
Inventory	4,590,546	4,051,425
Prepaid expenses and deposits	587,153	645,809
Note receivable - current portion	833,954	0
Assets classified as held for sale	0	4,725
Total current assets	8,307,354	7,504,115
Non-current assets
Property and equipment	2,299,350	2,665,600
Right-of-use assets	8,751,764	9,393,282
Intangible assets	6,406,481	8,092,663
Goodwill	28,541,323	28,541,323
Note receivable	0	802,766
Deferred tax asset	112,679	0
Total assets	54,418,951	56,999,749
Current liabilities
Accounts payable and accrued liabilities	1,861,171	2,148,153
Convertible promissory notes	0	1,156,259
Convertible debentures - current portion	732,638	977,817
Settlement liability - current portion	1,200,000	0
Income taxes payable	1,654,854	2,833,991
Deferred revenue	303,850	309,892
Lease liabilities - current portion	634,817	530,931
Total current liabilities	6,387,330	7,957,043
Non-current liabilities
Convertible debentures	0	710,367
Settlement liability	100,000	0
Lease liabilities	9,136,307	9,771,124
Uncertain tax position	13,362,009	9,822,797
Derivative liability	0	27,824
Deferred tax liability	0	34,817
Total liabilities	28,985,646	28,323,972
SHAREHOLDERS' EQUITY
Common stock, no par value; unlimited shares authorized; 117,836,067 and 117,996,814 shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively	107,244,066	107,006,777
Subordinate shares, no par value; unlimited shares authorized; 100,000,000 and nil shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively	72	0
Commitment to issue shares	439,443	628,141
Accumulated other comprehensive loss	(2,185,615)	(2,138,198)
Deficit	(80,064,661)	(76,820,943)
Total shareholders' equity	25,433,305	28,675,777
Total liabilities and shareholders' equity	$ 54,418,951	$ 56,999,749