Lake Forest Minerals Inc.

CIK:0001441082|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Revenue	$ 3,091	$ 0
Cost of revenue	1,470	0
Gross profit	1,621	0
Operating expenses
Advertising and marketing	909	0
General and administrative	2,656	2,249
Professional and consulting fees	1,309	4,057
Management fees	332	370
Total operating expenses	5,206	6,676
Loss from operations	(3,585)	(6,676)
Other expense	(654)	0
Interest expense	(220)	(604)
Foreign currency loss	(22)	0
Total Other expense	(896)	(604)
Provisions for income taxes	0	0
Net loss	(4,481)	(7,280)
Other comprehensive income	111	12
Foreign currency translation adjustment	(1)	0
Comprehensive loss	$ (4,371)	$ (7,268)
Basic and Diluted Loss per Common Share	$ (0.08)	$ (0.16)
Weighted average number of common shares used in Basic and Diluted per share calculations	57,387,420	44,125,572

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,481)	$ (7,280)
Depreciation and amortization	10	0
Stock based compensation	1,114	1,828
Vesting warrants under debt settlement	563	3,628
Foreign currency gain	111	0
Change in deferred income taxes	1	0
Changes in operating assets and liabilities:
Vendor cash advances	3	0
Prepaid expenses	17	(101)
Accounts receivable	(61)	0
Other current assets	57	0
Sales tax payable	(17)	0
Inventories	672	0
Accounts payable and accrued expenses	(465)	108
Accounts payable related party	(6)	29
Contract liabilities	(274)	0
Net Cash used in operating activities	(2,756)	(1,788)
CASH FLOWS FROM INVESTING ACTIVITIES:
Other assets - loan acquired as part of acquisition	0	(2,000)
Refund on trademark registration	0	2
Security deposits	1	0
Purchases of property and equipment	(66)	0
Net Cash used in investing activities	(65)	(1,998)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of Common stock	350	0
Proceeds from investment at Chopra subsidiary	2,500
Payments of loan payable	(49)	0
Payments of loan payable - related parties	(5)	0
Net Cash provided by financing activities	2,796	0
Foreign Exchange Effect on Cash	(58)	0
DECREASE IN CASH	(83)	(3,786)
CASH AT BEGINNING OF PERIOD	1,503	6,492
CASH AT END OF PERIOD	1,420	2,706
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest Paid	220	0
Taxes Paid	0	0
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION
Warrants issued as financing costs	0	3,628
Common stock awards issued as deferred compensation	$ 469	$ 11,990

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current Assets
Cash and cash equivalents	$ 1,420	$ 1,503
Accounts receivable, net	222	161
Prepaid expenses	1,292	1,309
Inventory, net	2,009	2,681
Advances to vendors	9	12
Other current assets	1,894	1,951
Total Current Assets	6,846	7,617
Property and equipment	93	37
Goodwill	5,055	5,036
Security deposits	1	2
Deferred income tax	78	79
Total Assets	12,073	12,771
Current Liabilities
Accounts payable and accrued expenses	5,417	5,845
Accounts payable - related party	237	243
Contract liabilities	2,088	2,343
Loan	4,965	5,014
Loan payable - related party	167	172
Advances payable - related party	3	3
Other current liability	857	893
Sales tax payable	161	178
Income tax payable	41	42
Total Current Liabilities	13,936	14,733
Total Liabilities	13,936	14,733
Seed Preferred Shares - 10,000,000 authorized, $0.001 par value of which 645,000 and 2,620,000 are issued and outstanding as of September 30, 2023 and June 30, 2023, respectively	1	3
Common Shares - 290,000,000 authorized, $0.001 par value, 57,474,920 and 55,199,920 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively	57	55
Additional Paid-in Capital	32,350	27,823
Accumulated Deficit	(34,381)	(29,900)
Other Comprehensive Income	110	57
Total Stockholders' Deficit	(1,863)	(1,962)
Total Liabilities and Stockholders' Deficit	$ 12,073	$ 12,771