instruments                             1,422                        (4,024)                            702                          5,588 
 Other income 
  (expense), 
  net                                   (1,189)                            841                          $(584.SI)$                        (1,234) 
                  -----------------------------  -----------------------------  -----------------------------  ----------------------------- 
Loss before 
 provision for 
 income taxes                           (5,787)                       (15,143)                       (26,416)                       (15,211) 
 Income tax 
 expense                                     --                             --                           (62)                             -- 
                  -----------------------------  -----------------------------  -----------------------------  ----------------------------- 
Net loss            $                   (5,787)     $                 (15,143)     $                 (26,478)     $                 (15,211) 
                  =============================  =============================  =============================  ============================= 
 
Per common share 
amounts 
 Net loss per 
  common share, 
  basic and 
  diluted         $                      (0.04)  $                      (0.10)  $                      (0.17)  $                      (0.10) 
 
 
                                                                    CHARLOTTE'S WEB HOLDINGS, INC. 
 
                                                           CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY 
                                                         (in thousands of U.S. dollars, except share amounts) 
 
                                          Common Shares 
                         -----------------------------------------------  -----------------------------  -----------------------------  ------------------------------ 
                                                                                    Additional                                                       Total 
                                                                                      Paid-in                                                    Shareholders' 
                           Shares                   Amount                            Capital                 Accumulated Deficit                    Equity 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--December 31, 
 2023                    154,332,366  $                                1  $                     327,280  $                   (271,723)  $                       55,558 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding              2,895,489                                  --                           (98)                             --                            (98) 
 Share-based 
  compensation                    --                                  --                            842                             --                             842 
 Net income (loss)                                                    --                                                       (9,634)                         (9,634) 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance-- March 31, 
 2024                    157,227,855  $                                1  $                     328,024  $                   (281,357)  $                       46,668 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding                267,187                                  --                           (20)                             --                            (20) 
 Share-based 
  compensation                    --                                  --                            237                             --                             237 
 Net income (loss)                --                                  --                             --                       (11,057)                        (11,057) 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--June 30, 2024   157,495,042  $                                1  $                     328,241  $                   (292,414)  $                       35,828 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding                267,187                                  --                           (15)                             --                            (15) 
 Share-based 
  compensation                    --                                  --                            217                             --                             217 
 Net income (loss)                --                                  --                             --                        (5,787)                         (5,787) 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--September 30, 
 2024                    157,762,229  $                                1  $                     328,443  $                   (298,201)  $                       30,243 
                         ===========  ==================================  =============================  =============================  ============================== 
 
Balance--December 31, 
 2022                    152,135,026  $                                1  $                     325,431  $                   (247,927)  $                       77,505 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding                297,888                                  --                           (69)                             --                            (69) 
 Share-based 
  compensation                    --                                  --                            375                             --                             375 
 Net income (loss)                --                                  --                             --                        (2,912)                         (2,912) 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--March 31, 2023  152,432,914  $                                1  $                     325,737  $                   (250,839)  $                       74,899 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding                392,204                                  --                            (6)                             --                             (6) 
 Share-based 
  compensation                    --                                  --                            624                             --                             624 
 Net income (loss)                --                                  --                             --                          2,844                           2,844 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--June 30, 2023   152,825,118  $                                1  $                     326,355  $                   (247,995)  $                       78,361 
 Common shares issued 
  upon vesting of 
  restricted share 
  units, net of 
  withholding                954,738                                  --                          (127)                             --                           (127) 
 Share-based 
  compensation                    --                                  --                            647                             --                             647 
 Net income (loss)                --                                  --                             --                       (15,143)                        (15,143) 
                         -----------  ----------------------------------  -----------------------------  -----------------------------  ------------------------------ 
Balance--September 30, 
 2023                    153,779,856  $                                1  $                     326,875  $                   (263,138)  $                       63,738 
                         ===========  ==================================  =============================  =============================  ============================== 
 
 
                             CHARLOTTE'S WEB HOLDINGS, INC. 
                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                             (in thousands of U.S. dollars) 
 
                                        Nine Months Ended September 30, 
                                                   (unaudited) 
                        ---------------------------------------------------------------- 
                                     2024                             2023 
                        -------------------------------  ------------------------------- 
Cash flows from 
operating activities: 
Net loss                $                      (26,478)  $                      (15,211) 
Adjustments to 
reconcile net loss to 
net cash used in 
operating activities: 
   Depreciation and 
    amortization                                  7,505                           11,509 
   Inventory provision                            3,926                              730 
   Convertible 
    debenture and 
    other accrued 
    interest                                      2,836                            2,916 
   Share-based 

(MORE TO FOLLOW) Dow Jones Newswires

November 14, 2024 07:07 ET (12:07 GMT)