{"id":46759,"date":"2022-07-29T22:02:52","date_gmt":"2022-07-29T20:02:52","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/sol-global-provides-interim-unaudited-financials-for-the-second-quarter-ended-may-2022\/"},"modified":"2022-07-29T22:02:52","modified_gmt":"2022-07-29T20:02:52","slug":"sol-global-provides-interim-unaudited-financials-for-the-second-quarter-ended-may-2022","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/sol-global-provides-interim-unaudited-financials-for-the-second-quarter-ended-may-2022\/","title":{"rendered":"SOL Global Provides Interim Unaudited Financials for the Second Quarter Ended May 2022"},"content":{"rendered":"<div>\n<p>TORONTO&#8211;(BUSINESS WIRE)&#8211;SOL Global Investments Corp. (\u201c<b>SOL Global<\/b>\u201d or the \u201c<b>Company<\/b>\u201d) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to provide its investors with unaudited financials for the second quarter ended May 31, 2022, and a general operational update concerning the Company\u2019s assets and investments. <i>All figures in this press release are in Canadian dollars, unless otherwise indicated.<\/i>\n<\/p>\n<p>\n<b>Unaudited Six-Month Period Ended Results<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nFor the six-months period ended May 31, 2022, the Company recorded a net loss of ($161.1) million vs. six-months period ended May 31, 2021, net income of $272.8 million. This represents an unfavourable change of ($433.9) million. A challenging environment for high growth venture investments decreased valuations across the market. However, the Company\u2019s positions in strong businesses such as Damon Motors Inc. (\u201cDamon\u201d) and Kiwi Campus Inc. (\u201cKiwibot\u201d) through its subsidiary, House of Lithium, continue to grow and perform above expectations. The high-quality businesses that the Company has invested in have allowed it to weather the ongoing market volatility and continue to provide strong upside opportunity for investors.\n<\/li>\n<li>\nFor the three-months period ended May 31, 2022, the Company recorded a net loss of ($128.1) million vs the three-months period ended May 31, 2021, net income of $60.7 million. This represents an unfavourable change of ($188.8) million.\n<\/li>\n<li>\nTotal loss from investments totalled ($179.5) million for the six-month period ended May 31, 2022, compared to a gain of $327.5 million for the six-month period ended May 31, 2021. This represents an unfavourable change of ($507.0) million between periods.\n<\/li>\n<li>\nTotal loss from investments totalled ($97.9) million for the three-month period ended May 31, 2022, compared to a gain of $83.3 million for the three-month period ended May 31, 2021. This represents an unfavourable change of ($181.2) million between periods.\n<\/li>\n<li>\nThe unaudited Net Asset Value (\u201c<b>NAV<\/b>\u201d) per share is equal to $3.43 at May 31, 2022, vs. $7.43 at May 31, 2021.\n<\/li>\n<li>\nThe Company made principal payments of $26.1 million towards its $50 million credit facility over the six-month period, reducing the outstanding principal to $21.4 million as of May 31, 2022. It made additional payments following the quarter end resulting in a remaining principal balance of $7.835 million as of July 29, 2022.\n<\/li>\n<li>\nDuring the six-month period ending May 31, 2022, the Company reduced its exposure to the cannabis sector as a percentage of its NAV from 24% to 18% as it continued to diversify into new themes with strong tailwinds and attractive prospects. Over the period, clean technology, electric vehicles and the Miami real estate market all outperformed the cannabis market by a significant margin.\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignc\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nS&amp;P\/TSX Renewable Energy and Clean Technology Index\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwtopsingle\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 15%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nSolactive Autonomous &amp; Electric Vehicle Index\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 18%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nSt. Louis Fed House Price Index for Miami\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n+ 5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nS&amp;P\/TSX Cannabis Index\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 56%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<i>*Data from S&amp;P Capital IQ<\/i>\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n\u201cDespite immediate market headwinds, our Core investments continue to show strength and present tremendous shareholder opportunity both mid and long term\u201d, said Kevin Taylor, SOL Global\u2019s Chairman and CEO. \u201cOur team remains focused on supporting SOL\u2019s core holdings, divesting non-core assets, right sizing operations and continuing to de-leverage our balance sheet through debt repayment and restructuring\u201d.\n<\/p>\n<p>\n<b>The Company\u2019s financial statements for the third quarter ended August 31, 2022, will be released on October 28, 2022<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nForward looking guidance into the Company\u2019s Q3 results:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThe Company continues to make significant re-payments towards its credit facility of $50 million. As of July 29, 2022, the principal amount owing was reduced to $7.835 million. The Company expects to continue paying down the facility and reduce its debt balance.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nThe Company continues to seek and achieve liquidity on non-core positions in order to sharpen its focus on core positions and enhance its financial flexibility to strategically pursue investment opportunities presented by current market conditions.\n<\/p>\n<p>\n<b>Simply Better Brands Operational Update<\/b>\n<\/p>\n<p>\nOn July 13, 2022, Simply Better Brands Corp. (\u201c<b>SBBC<\/b>\u201d) announced its preliminary Q2 results and updated 2022 outlook, including the following select guidance and drivers, which highlights the strong growth of its portfolio of brands:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nExpected 2022 consolidated net sales are increased to $50 million-$55 million from $40 million &#8211; $42 million.\n<\/li>\n<li>\nExpected 2022 gross margin as a percentage of net sales is increased to 63% &#8211; 65% from 58-60%.\n<\/li>\n<li>\nSBBC continues its expectation to achieve positive Adjusted EBITDA for fiscal 2022.\n<\/li>\n<li>\nPureKana, LLC (\u201cPureKana\u201d) (purekana.com) customer acquisition model adding approximately 15,000 new customers per month driving year-to-date growth of 366%% vs. year ago or $22.7 million vs. $4.8 million. According to Brightfield Research Group mid-year 2022 report, this performance makes PureKana a Top 10 brand out of 4,000 brands in the category.\n<\/li>\n<li>\nTRUBAR\u2019s (truwomen.com) expansion into Costco. By Q3 2022, TRUBAR has secured distribution into 50% of the U.S. based Costco regions with velocities exceeding bar category expectations.\n<\/li>\n<li>\nNo B.S. Skincare (livenobs.com) launch into 3,200 CVS stores for Back-to-School migrating to on-shelf presence in September 2022.\n<\/li>\n<\/ul>\n<p>\n<b>Jones Soda Operational Update<\/b>\n<\/p>\n<p>\nOn May 11, 2022, Jones Soda Co. (\u201c<b>Jones Soda<\/b>\u201d) announced its Q1 2022 results which included the following:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nRevenue increased 58% to $4.5 million compared to $2.9 million in Q1 2021.\n<\/li>\n<li>\nGross profit as a percentage of revenue increased 40 basis points to 27.3% compared to 26.9% in Q1 2021.\n<\/li>\n<\/ul>\n<p>\nJones Soda experienced strong growth across all major sales channels for its core bottled soda business and subsequently launched its Mary Jones cannabis-infused soda line, with 10mg Cannabis-Infused Sodas now available in Jones&#8217; fan-favorite Root Beer, Berry Lemonade, Green Apple and Orange &amp; Cream flavors in the California market.\n<\/p>\n<p>\n<b>Other Highlights for Q2<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe Company\u2019s majority owned real estate investment, Livwrk SOL Wynwood LLC (\u201c<b>Wynwood<\/b>\u201d), which holds pre-development stage real estate assets in Wynwood, Miami, recently submitted a proposal to the Miami Urban Development Review Board for a mixed-used development, which proposal was recommended for approval by the review board. The proposed development comprises two buildings on separate parcels of land rising 8 to 12 stories each. In total, both buildings would collectively yield 922,466 square feet including 611,855 square feet of residential and amenity space, 100,220 square feet of office and commercial space, and a 210,361-square-foot parking structure for 564 vehicles and 50 racks for nearly 800 bicycles. Both structures feature distinguished designs containing a variety of materials, textures and colors that compliments the surrounding context of the developing neighborhood while reminiscing the roots of earlier buildings in Wynwood. The Company expects the value of its real estate asset to continue to appreciate as the state-of-the-art development proposal advances and Wynwood continues to attract new residential, office, and mixed-use development, increasing property values as Miami continues to experience surging real estate demand.\n<\/li>\n<li>\nCasters Holdings LLC dba Fyllo (\u201c<b>Fyllo<\/b>\u201d), which develops and markets a suite of compliance cloud software and services built to overcome the complexities of highly regulated industries, continues to expand its capabilities and drive growth in existing and new markets through strategic partnerships, acquisitions, and product launches. In February 2022, Fyllo announced the launch of Jurisdiction Dashboard, a powerful new feature in the Fyllo Regulatory Database. The dashboard, which updates in real-time, provides a complete, strategic view of jurisdiction-level cannabis activity and history, helping users quickly compare and contrast jurisdictions, spot trends, and identify and move on data-driven growth opportunities faster. Further, in April 2022, Fyllo announced the signing of a stock purchase agreement with Semasio, a pioneer in unified targeting for digital marketing. The acquisition will enhance Fyllo&#8217;s Data Solutions, including its Data Marketplace, which offers the largest ecosystem of cannabis and CBD purchase data, with new targeting and distribution capabilities. In June 2022, Fyllo announced its expansion into the cryptocurrency vertical. The Fyllo Regulatory Database is available across the U.S. to help businesses ensure their current and planned cryptocurrency products are compliant in the constantly changing, complex and often ambiguous regulatory environment. The Fyllo Regulatory Database, which services compliance leaders in the cannabis sector, including MSOs, law firms and entrepreneurs, will now provide the same view of regulatory activity for cryptocurrency helping users to identify and take action against compliant, data-driven growth opportunities with speed and scalability.\n<\/li>\n<li>\nCommon C Holdings LP (\u201c<b>Common Citizen<\/b>\u201d), a Michigan-based vertically integrated cannabis company and lifestyle brand, recently launched a cultivation partnership with boxing legend Mike Tyson\u2019s premium cannabis line, California-based Tyson 2.0 (in which the Company also holds a minority stake). Common Citizen will grow Tyson\u2019s cannabis at its state-of-the-art hybrid greenhouse in Michigan, and will first yield \u201cKnockout OG\u201d and \u201cPound for Pound Cake\u201d\u2014 both favorite strains of Tyson\u2019s. The cannabis will be sold at Common Citizen retail partners in prepackaged eighths (3.5 grams) and 1-gram pre-rolls.\n<\/li>\n<\/ul>\n<p>\n<b>House of Lithium Update<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nHouse of Lithium Ltd. (\u201c<b>House of Lithium<\/b>\u201d) is the Company\u2019s electric mobility platform and climate tech focused subsidiary. It continues to advance towards its previously announced planned public listing while closely monitoring market conditions. The Company is confident that House of Lithium is poised for significant growth given the long-term tailwinds for the electric mobility and climate technology industries as the world continues to electrify to support the transition to lower-emission transportation and energy.\n<\/li>\n<\/ul>\n<p>\n<b>House of Lithium Investment Updates:<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nDamon\u2019s flagship HyperSport motorcycle won the 2022 Edison Best New Product Award. The HyperSport was awarded Gold in the Consumer Solutions\u2014Sports and Recreation category. Damon was selected as a finalist from hundreds of nominations globally and then underwent an additional review and voting process from some of the world&#8217;s top senior business executives, academics and innovation professionals to receive its final Gold ranking. The 2022 Edison Best New Product Award is the latest recognition for the HyperSport motorcycle. Damon is completing the build of a 110,000 square foot production facility in Surrey, BC. Once completed, production of Damon\u2019s flagship HyperSport electric motorcycle will commence at the plant, with initial deliveries expected in early 2023.\n<\/li>\n<li>\n<b>Kiwibot<\/b>, a cutting-edge robotic delivery company, signed a US$20 million contract with food services giant, Sodexo, to deploy more than 1,200 delivery \u201cKiwibots\u201d across 50 college campuses in the US. The deal could act as a strong tailwind for the company, as it begins to challenge industry incumbents. Sodexo is a global food services and facilities company in more than 80 countries. It operates in college campuses across the United States. Kiwibot also signed an agreement for an additional 1,200 robots with Careem in Dubai for last-mile food delivery services. Careem is Uber\u2019s food delivery service in the Middle East, similar to Uber Eats in North America.\n<\/li>\n<\/ul>\n<p>\nTevva Motors Ltd. (\u201c<b>Tevva<\/b>\u201d), a UK-based designer and manufacturer of zero-emission medium-duty trucks with a revolutionary combination of battery electric and hydrogen fuel-cell range extender technology, is currently launching large-scale commercial production of its fully electric 7.5 tonne truck. Tevva announced that in 2023 it will be launching a hydrogen-electric version with a range of up to 310 miles (499 kilometres). In Q2 2022, Tevva completed a USD$51M private placement equity financing to accelerate the launch of commercial production.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLithium Ionic Corp. (\u201c<b>Lithium Ionic<\/b>\u201d), a mineral exploration company that owns the Itinga lithium project which covers an area of approximately 1,300 hectares adjacent to the CBL lithium mine in the prolific Aracuai lithium province in Brazil, completed its go-public transaction and began trading on the TSX-Venture Exchange in May 2022.\n<\/li>\n<\/ul>\n<p>\n<span class=\"bwuline\">COVID-19 Update<\/span>\n<\/p>\n<p>\nSOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global continues to monitor COVID-19 developments.\n<\/p>\n<p>\n<b>About SOL Global Investments Corp.:<\/b>\n<\/p>\n<p>\nSOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company\u2019s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company\u2019s six primary business segments include Retail (QSR &amp; Hospitality), Agriculture (including Cannabis), Technology (with a focus on Clean-Tech and Electric Vehicles), Esports and Gaming, Cryptocurrency, and New Age Wellness.\n<\/p>\n<p>\n<b>Non-IFRS Financial Measures<\/b>\n<\/p>\n<p>\nThis press release includes references to NAV or net asset value, which is a financial measure that does not have a standardized meaning prescribed by International Financial Reporting Standards (\u201cIFRS\u201d). Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. Net asset value per share is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. The Company believes NAV not only provides management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be considered in isolation or construed as an alternative to the measurements of performance calculated in accordance with IFRS as, given the non-standardized meaning, it may not be comparable to similar measures presented by other issuers. Existing NAV of the Company is not necessarily predictive of the Company\u2019s future performance or the NAV of the Company as at any future date.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignc\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n<b><span class=\"bwuline\">Calculation and Reconciliation of NAV<\/span><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nMay 31, 2022\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nMay 31, 2021\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nInvestments (include Conv Debt &amp; Prom Notes)\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n214,681,968\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n571,128,118\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n575,243\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,713,095\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,241,421\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,847,255\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet deferred tax asset (liability)\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,820,380\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(25,932,723)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nSeverance payable\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(24,000,000)\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(29,589,011)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nDebenture (includes estimated litigation settlement)\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(105,243,911)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-revolving loan term facility\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(25,533,146)\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(26,746,396)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(16,026,140)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n173,039,470\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n420,896,683\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted Shares\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n50,440,129\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n56,683,204\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nNAV\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$3.43\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$7.43\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n<b><i>Cautionary Statements<br \/>\n<br \/><\/i><\/b><i>This press release contains \u201cforward-looking information\u201d within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201clikely\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cproposed\u201d, \u201cestimate\u201d, \u201cbelieve\u201d or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions \u201cmay\u201d or \u201cwill\u201d happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, future operational plans of the Company\u2019s portfolio companies; the expected date for the release of the Company\u2019s third quarter financial statements, the Company\u2019s expectation to continue paying down its credit facility and reduce its debt balance; the Company\u2019s strategic investment plans; SBBC\u2019s expected growth of its portfolio of brands; the Company\u2019s expectations regarding its Miami real estate asset and the expected benefits therefrom; the Company\u2019s strategic plans for House of Lithium to go public; and the Company\u2019s expectations regarding its ability to operate and emerge from the COVID-19 pandemic.<\/i>\n<\/p>\n<p>\n<i>Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management\u2019s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.<\/i>\n<\/p>\n<p>\n<i>By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of the Company\u2019s portfolio companies to execute their business and strategic plans as contemplated or at all, inability or failure of House of Lithium to complete a going public transaction as planned or at all, the receipt of all applicable stock exchange and regulatory approvals for House of Lithium\u2019s go-public transaction, the inability or failure of the Company\u2019s or House of Lithium\u2019s portfolio companies to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.<\/i>\n<\/p>\n<p>\n<i>Other risk factors include: the risks resulting from investing in the U.S. marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company\u2019s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company\u2019s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company\u2019s current MD&amp;A, which has been filed on SEDAR and can be accessed at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=52796319&amp;newsitemid=20220729005415&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=1&amp;md5=326443a115e9f692687ff566b8fa2cbe\" rel=\"nofollow noopener\" shape=\"rect\">www.sedar.com<\/a>. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.<\/i>\n<\/p>\n<p>\n<i>The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.<\/i>\n<\/p>\n<p>\n<b>Financial Outlook<br \/>\n<br \/><\/b>The Company and its management believe that the estimated NAV contained in this press release is reasonable as of the date hereof and is based on management\u2019s current views, strategies, expectations, assumptions and forecasts, and have been calculated using accounting policies that are generally consistent with the Company\u2019s current accounting policies. This estimate is considered future-oriented financial outlook and financial information (collectively, \u201c<b>FOFI<\/b>\u201d) under applicable securities laws. This estimate has been approved by management of the Company as of the date hereof. Such FOFI is provided for the purposes of presenting information about management\u2019s current expectations and goals in determining the intrinsic value of the Company\u2019s aggregate investments. However, because this information is highly subjective and subject to numerous risks, including the risks discussed above under \u201cCautionary Statements\u201d, the FOFI should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the FOFI prove incorrect, then the actual results could vary materially from the estimate. Although management of the Company has attempted to identify important risks factors, other uncertainties and factors not known to the Company could cause actual results to differ materially from the estimate. The Company disclaims any intention or obligation to update or revise any FOFI, whether as a result of new information, future events or otherwise, except as required by securities laws.\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nSOL Global Investments Corp.<br \/>\n<br \/>Paul Kania, CFO<br \/>\n<br \/>Phone: (212) 729-9208<br \/>\n<br \/>Email: <a target=\"_blank\" href=\"&#x6d;a&#x69;&#108;&#x74;&#x6f;:&#x69;&#110;&#x66;&#x6f;&#64;&#x73;&#111;&#x6c;&#x67;l&#x6f;&#98;&#x61;&#x6c;&#46;&#x63;&#111;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">&#105;&#x6e;f&#x6f;&#64;&#115;&#x6f;&#108;&#x67;l&#111;&#x62;&#97;&#x6c;&#46;&#x63;&#x6f;&#109;<\/a>\n<\/p>\n<p>\nFor media inquiries, please contact:<br \/>\n<br \/>Angela Trostle Gorman<br \/>\n<br \/>AMW PR<br \/>\n<br \/>P: 212.542.3146<br \/>\n<br \/>E: <a target=\"_blank\" href=\"&#109;&#x61;i&#108;&#x74;&#111;&#x3a;S&#79;&#x4c;G&#x6c;&#x6f;&#98;&#x61;l&#64;&#x61;m&#x77;&#x70;&#114;&#x2e;c&#111;&#x6d;\" rel=\"nofollow noopener\" shape=\"rect\">S&#79;&#x4c;&#x47;l&#111;&#98;&#x61;&#x6c;&#64;&#97;&#x6d;&#x77;p&#114;&#46;&#x63;&#x6f;m<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO&#8211;(BUSINESS WIRE)&#8211;SOL Global Investments Corp. (\u201cSOL Global\u201d or the \u201cCompany\u201d) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to provide its investors with unaudited financials for the second quarter ended May 31, 2022, and a general operational update concerning the Company\u2019s assets and investments. All figures in this press release are in Canadian dollars, unless &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/sol-global-provides-interim-unaudited-financials-for-the-second-quarter-ended-may-2022\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-46759","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SOL Global Provides Interim Unaudited Financials for the Second Quarter Ended May 2022 - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/sol-global-provides-interim-unaudited-financials-for-the-second-quarter-ended-may-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SOL Global Provides Interim Unaudited Financials for the Second Quarter Ended May 2022 - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"TORONTO&#8211;(BUSINESS WIRE)&#8211;SOL Global Investments Corp. (\u201cSOL Global\u201d or the \u201cCompany\u201d) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to provide its investors with unaudited financials for the second quarter ended May 31, 2022, and a general operational update concerning the Company\u2019s assets and investments. All figures in this press release are in Canadian dollars, unless ... 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(\u201cSOL Global\u201d or the \u201cCompany\u201d) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to provide its investors with unaudited financials for the second quarter ended May 31, 2022, and a general operational update concerning the Company\u2019s assets and investments. All figures in this press release are in Canadian dollars, unless ... 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