$IMCC
IM Cannabis Corp.
CIK:0001792030|SEC Filings
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Cash flows used in operating activities: | |||||||||
| Net loss | $ (11,750) | $ (11,771) | $ (10,228) | [1] | |||||
| Adjustments for non-cash items: | |||||||||
| Realized fair value adjustments on inventory sold or impaired | 0 | 0 | 984 | ||||||
| Revaluation of financial instruments | (410) | (249) | (6,955) | ||||||
| Issuance costs allocated to warrants granted | 0 | 48 | 0 | ||||||
| Disposal of property, plant and equipment | 0 | 235 | 0 | ||||||
| Common shares and prefunded warrants issued as share-based compensation with related party | 0 | 758 | 0 | ||||||
| Discount expenses in respect of convertible debentures | 203 | 173 | 0 | ||||||
| Depreciation of property, plant and equipment | 300 | 456 | 644 | ||||||
| Amortization of intangible assets | 1,338 | 1,377 | 1,758 | ||||||
| Depreciation of right of use assets | 318 | 351 | 594 | ||||||
| Impairment of goodwill | 5,390 | 495 | 0 | ||||||
| Impairment of intangible assets | 997 | 0 | 0 | ||||||
| Finance income, net | 487 | 1,928 | 3,019 | ||||||
| Deferred tax payments (benefit), net | (165) | (150) | 394 | ||||||
| Share-based payments | 14 | 369 | 225 | ||||||
| Loss from deconsolidation of Oranim | 0 | 2,734 | 0 | ||||||
| Revaluation expenses of investment in affiliate | 0 | 837 | 0 | ||||||
| Revaluation expenses (income) of loans receivables | 0 | (177) | 601 | ||||||
| Changes in employee benefit liabilities, net | 0 | (96) | (139) | ||||||
| Gain from debts restructuring | 0 | (960) | 0 | ||||||
| Discount expenses in respect of credit | 169 | 87 | 0 | ||||||
| Total adjustments for non-cash items | 8,641 | 8,216 | 1,125 | ||||||
| Changes in non-cash working capital: | |||||||||
| (Increase) decrease in trade receivables | 4,058 | (6,287) | 2,320 | ||||||
| Decrease in other current assets | 2,033 | 1,902 | 1,299 | ||||||
| (Increase) decrease in inventory, net of fair value adjustments | (722) | 6,261 | 4,771 | ||||||
| (Increase) decrease in trade payables | 1,738 | 7,845 | (6,098) | ||||||
| (Increase) decrease in other current liabilities | 732 | (7,147) | (750) | ||||||
| Changes in non-cash working capital | 7,839 | 2,574 | 1,542 | ||||||
| Taxes paid | (14) | (96) | (514) | ||||||
| Net cash provided by (used in) operating activities | 4,716 | (1,077) | (8,075) | ||||||
| Cash flows used in investing activities: | |||||||||
| Purchase of property, plant and equipment | (13) | (156) | (581) | ||||||
| Proceeds from sales of property, plant and equipment | 0 | 96 | 0 | ||||||
| Deconsolidation of subsidiary | 0 | (346) | 0 | ||||||
| Loan granted | 0 | 0 | (601) | ||||||
| Change in restricted cash | (518) | (64) | 0 | ||||||
| Net cash used in investing activities | (531) | (470) | (1,182) | ||||||
| Cash provided by financing activities: | |||||||||
| Net proceeds allocated to issuance of share capital | 5,065 | 944 | 1,688 | ||||||
| Net proceeds allocated to issuance of warrants measured at fair value | 0 | 1,106 | 6,585 | ||||||
| Proceeds received from common shares issued upon pre-funded warrants exercised | 0 | [2] | 0 | 0 | |||||
| Repayment of lease liabilities | (282) | (331) | (586) | ||||||
| Payment of interest on lease liabilities | (41) | (52) | (63) | ||||||
| Proceeds from loans received | 3,271 | 2,619 | 5,482 | ||||||
| Repayment of loans | (1,810) | (3,834) | (4,827) | ||||||
| Interest paid | (2,521) | (2,080) | (1,664) | ||||||
| Proceeds received from discounted checks | (2,536) | 5,453 | 2,802 | ||||||
| Net cash provided by financing activities | 1,146 | 3,825 | 9,417 | ||||||
| Effect of foreign exchange on cash | (3,467) | (3,228) | (796) | ||||||
| Change in cash | 1,864 | (950) | (636) | ||||||
| Cash at the beginning of year | 863 | 1,813 | 2,449 | ||||||
| Cash at the end of year | 2,727 | 863 | 1,813 | ||||||
| Supplemental disclosure of non-cash activities: | |||||||||
| Right of use assets recognized with corresponding lease liabilities | 254 | 40 | 309 | ||||||
| Issuance of convertible debentures in exchange for loans (principal and interest) received | 0 | 2,092 | 0 | ||||||
| Common shares and warrants issued as debts settlement with related party | 0 | 0 | 1,061 | ||||||
| Common shares issued upon exercise of pre-funded warrants | 1,316 | 0 | 0 | ||||||
| Common shares issued upon partial conversion of convertible debentures | 1,395 | 0 | 0 | ||||||
| Common shares issued as debt settlement | 190 | 0 | 0 | ||||||
| Revaluation of put option liability versus equity | $ 0 | $ 724 | $ 1,820 | ||||||
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| CURRENT ASSETS: | ||
| Cash | $ 2,727 | $ 863 |
| Restricted cash | 582 | 64 |
| Trade receivables | 10,848 | 13,803 |
| Other current assets | 4,316 | 5,419 |
| Inventory | 4,268 | 3,215 |
| Total current assets | 22,741 | 23,364 |
| NON-CURRENT ASSETS: | ||
| Investments in affiliate | 1,776 | 1,631 |
| Property, plant and equipment, net | 3,711 | 3,730 |
| Intangible assets, net | 1,222 | 3,333 |
| Goodwill | 1,885 | 6,679 |
| Right-of-use assets, net | 401 | 451 |
| Total non-current assets | 8,995 | 15,824 |
| Total assets | 31,736 | 39,188 |
| CURRENT LIABILITIES: | ||
| Current maturities of operating lease liabilities | 322 | 262 |
| Trade payables | 12,055 | 11,159 |
| Other current liabilities | 6,073 | 5,001 |
| Overdraft and Credit from bank institution and others | 14,333 | 15,145 |
| Convertible debentures | 622 | 1,968 |
| Derivative warrants liabilities and prefunded warrants | 601 | 1,383 |
| Total current liabilities | 34,006 | 34,918 |
| NON-CURRENT LIABILITIES: | ||
| Operating lease liabilities | 54 | 171 |
| Credit from bank institution and others | 936 | 466 |
| Deferred tax liabilities | 355 | 487 |
| Total non-current liabilities | 1,345 | 1,124 |
| Total liabilities | 35,351 | 36,042 |
| EQUITY (DEFICIT) ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY: | ||
| Share capital and premium | 270,518 | 265,000 |
| Capital reserve from share-based payment transactions | 475 | 150 |
| Amount received on account of financial instruments and other | 2,168 | 297 |
| Capital reserve from translation differences of foreign operations | (3,842) | (1,265) |
| Capital reserve from transaction with non-controlling interests | (2,872) | 0 |
| Capital reserve from transaction with controlling shareholder | 33 | 0 |
| Accumulated deficit | (270,210) | (258,939) |
| Total equity (deficit) attributable to shareholders of the Company | (3,730) | 5,243 |
| Non-controlling interests | 115 | (2,097) |
| Total shareholders' equity (deficit) | (3,615) | 3,146 |
| Total liabilities and shareholders' equity (deficit) | $ 31,736 | $ 39,188 |