Core Viewpoint - CubicFarm Systems Corp. has successfully revoked a cease trade order and is taking steps to improve its financial situation through loan negotiations and sales deals [1][4][6]. Financial Updates - The British Columbia Securities Commission revoked the failure-to-file cease trade order issued on July 15, 2024, allowing the company to proceed with its financial disclosures [1][3]. - The company has filed its audited annual financial statements for the year ended December 31, 2023, and interim financial statements for the first and second quarters of 2024 [2]. - CubicFarm currently has a working capital deficiency of approximately $28 million, with around 50% related to loans payable [8]. Loan and Debt Management - The company is in default on several loans and is negotiating extensions and amendments to clear this default status, which could reduce the working capital deficit by approximately 50% if successful [4][8]. - The outcome of the TSX Venture Exchange's reinstatement review for trading remains uncertain [3]. Sales and Revenue Generation - The company is negotiating several sales deals expected to be finalized in the coming months, leveraging its substantial inventory to fulfill these sales with minimal additional costs [6]. - As the sales network expands and Feed centers are completed, the company anticipates generating more consistent revenue, which will help address the working capital deficit [6]. Currency Impact - The appreciation of the USD relative to CAD is positively impacting the company's financial results, as deposits held in USD have increased in value due to favorable exchange rates [7].
CubicFarm Systems Corp. Announces Full Revocation of Cease Trade Order and Company Updates