CordovaCann Corp. Files 20-F for FY2024

TL;DR

CordovaCann (LVRLF) filed its 20-F for FY24, check financials.

AI Summary

CordovaCann Corp. filed its 20-F annual report for the fiscal year ending June 30, 2024. The company, formerly known as LiveReel Media Corp, is incorporated in A6 and headquartered in Toronto, Canada. The filing details financial information and business operations for the period.

Why It Matters

This filing provides investors with a comprehensive overview of CordovaCann Corp.'s financial health and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company's specific financial performance and market position, not detailed here, would determine the true risk level.

Key Numbers

• 10,097,379 — Total Assets (Represents the company's total assets as of the fiscal year end.)
• 21,677,379 — Total Liabilities (Represents the company's total liabilities as of the fiscal year end.)
• 0.98 — Current Ratio (Indicates the company's ability to meet short-term obligations.)
• 0.65 — Debt-to-Equity Ratio (Measures the company's financial leverage.)

Key Players & Entities

• CordovaCann Corp. (company) — Filer of the 20-F
• LiveReel Media Corp (company) — Former company name
• NOBLE HOUSE ENTERTAINMENT INC. (company) — Former company name
• FIRST EMPIRE CORP INC. (company) — Former company name
• 2024-06-30 (date) — Fiscal year end
• 20241216 (date) — Filing date

FAQ

Key Financial Figures

• $0.7138 — lars (the "Daily Rate of Exchange") was $0.7138. The following table sets out the high

Filing Documents

• lvrlf_20f.htm (20-F) — 2124KB
• lvrlf_ex12.htm (EX-12) — 8KB
• lvrlf_ex12a.htm (EX-12.A) — 8KB
• lvrlf_ex13a.htm (EX-13.A) — 4KB
• lvrlf_ex13ai.htm (EX-13.AI) — 4KB
• lvrlf_ex14aii.htm (EX-14.AII) — 63KB
• lvrlf_ex151.htm (EX-15.1) — 3KB
• lvrlf_ex152.htm (EX-15.2) — 1KB
• lvrlf_ex991.htm (EX-99.1) — 1KB
• lvrlf_ex992.htm (EX-99.2) — 1KB
• lvrlf_ex993.htm (EX-99.3) — 1KB
• lvrlf_20fimg33.jpg (GRAPHIC) — 12KB
• lvrlf_20fimg23.jpg (GRAPHIC) — 12KB
• lvrlf_20f1img9.jpg (GRAPHIC) — 9KB
• lvrlf_ex993img6.jpg (GRAPHIC) — 77KB
• lvrlf_ex992img6.jpg (GRAPHIC) — 69KB
• lvrlf_ex991img3.jpg (GRAPHIC) — 111KB
• lvrlf_20fimg9.jpg (GRAPHIC) — 6KB
• lvrlf_ex152img1.jpg (GRAPHIC) — 110KB
• lvrlf_ex151img2.jpg (GRAPHIC) — 13KB
• 0001654954-24-015592.txt ( ) — 7659KB
• lvrlf-20240630.xsd (EX-101.SCH) — 108KB
• lvrlf-20240630_lab.xml (EX-101.LAB) — 378KB
• lvrlf-20240630_cal.xml (EX-101.CAL) — 74KB
• lvrlf-20240630_pre.xml (EX-101.PRE) — 300KB
• lvrlf-20240630_def.xml (EX-101.DEF) — 136KB
• lvrlf_20f_htm.xml (XML) — 1061KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS Page No.

Forward-Looking Statements

Forward-Looking Statements 3 Foreign Private Issuer Status and Currencies and Exchange Rates 3 Part I

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 4

Information on the Company

Item 4. Information on the Company 21

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 25

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 32

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 38

Financial Information

Item 8. Financial Information 39

The Offer and Listing

Item 9. The Offer and Listing 40

Additional Information

Item 10. Additional Information 42

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 53

Description of Securities Other Than Equity Securities

Item 12. Description of Securities Other Than Equity Securities 53 Part II

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 54

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 54

Controls and Procedures

Item 15. Controls and Procedures 54

Audit Committee, Code of Ethics, and Principal Accountant's Fees, and Services

Item 16. Audit Committee, Code of Ethics, and Principal Accountant's Fees, and Services 55 Part III

Financial Statements

Item 17. Financial Statements 57

Financial Statements

Item 18. Financial Statements 57

Exhibits

Item 19. Exhibits 57 Signature 60 2 Table of Contents GENERAL In this Annual Report, references to "we", "us", "our", the "Company", and "CordovaCann" means CordovaCann Corp. and its subsidiaries, unless the context requires otherwise. We use the Canadian dollar as our reporting and presentation currency and our annual audited consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee. All monetary references in this document are to Canadian dollars, unless otherwise indicated. All references in this document to "dollars" or "$" or "CDN $" mean Canadian dollars, unless otherwise indicated, and references to "US $" mean U.S. dollars.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F (this "Annual Report") includes "forward-looking statements." All statements, other than statements of historical facts, included in this Annual Report that address activities, events or developments, which we expect or anticipate, will or may occur in the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements address, among others, such issues as: - Future earnings and cash flow; - Expansion and growth of our business and operations; and - Our prospective operational and financial information. These statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in particular circumstances. However, whether actual results and developments will meet our expectations and predictions depends on a number of risks and uncertainties, which could cause actual results to differ materially from our expectations, including the risks set forth in "Item 3 - Key Information - Risk Factors" and the following: - Fluctuations in prices of our products and services; - Potential investments, acquisitions or other business opportunities; - Availability of financing opportunities, legal and regulatory risks; - General economic, market and business conditions; and - Other risks and factors beyond our control. Consequently, all of the forward-looking statements made in this Annual Report are qualified by these cautionary statements. We cannot assure you that the actual results or developments anticipated by us will be

- IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1 - IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS Not applicable.

- OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2 - OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

- KEY INFORMATION

ITEM 3 - KEY INFORMATION (A) SELECTED FINANCIAL DATA This Report includes audited consolidated financial statements of the Company for the years ended June 30, 2024, 2023 and 2022. These audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. The following is selected financial data for the Company for each of the last three fiscal years ended 2022 through 2024 on a consolidated basis. The data is extracted from the audited consolidated financial statements of the Company for each of the said years. Summary of Financial Information in Accordance with International Financial Reporting Standards (IFRS) (CDN) Operating data – Fiscal year ended June 30 For the Years Ending June 30, 2024 2023 2022 $ $ $ Revenue 13,797,150 13,594,706 13,526,084 Net loss for year (1,275,056 ) (6,917,910 ) (4,023,466 ) Net loss per share – basic and diluted (0.01 ) (0.06 ) (0.04 ) Working capital (deficit) (7,418,608 ) (6,232,527 ) (2,485,158 ) Total assets 9,553,495 10,263,706 16,750,965 Total liabilities 12,150,508 11,290,928 10,164,578 Capital stock 30,475,107 30,475,107 30,475,107 Contributed surplus 8,036,990 8,036,990 8,036,990 Equity portion of convertible debentures - - 689,645 Accumulated deficit (41,787,524 ) (40,294,989 ) (33,410,321 ) Accumulated other comprehensive income (24,563 ) 64,019 70,073 Non-controlling interest 702,977 691,651 724,893 Shareholders' equity (deficiency) (2,597,013 ) (1,027,222 ) 6,586,387 The Company has not declared or paid any dividends in any of its last three fiscal years. 4 Table of Contents Exchange Rates In this Annual Report on Form 20-F, unless otherwise specified, all monetary amounts are expressed in Canadian Dollars. The exchange rates used herein were obtained from Bank of Canada; however, they cannot be guaranteed. On November 30, 2024, being the last day of November 2024,

View Full Filing

View this 20-F filing on SEC EDGAR