M&A - Crucial Innovations, Corp.

Form Type: 10-Q

Filing Date: 2025-05-21

Corporate Action: Acquisition

Type: Update

Accession Number: 000171254325000042

Filing Summary: Crucial Innovations Corp. has reported financial results for the quarterly period ended June 30, 2024, reflecting its transition into a supplier and distributor of medical cannabis following the acquisition of WLR Farming (Pty) Ltd. The company completed the acquisition by issuing a total of 1,250,000 shares and making a cash payment of GBP 50,000. Financial statements indicate a significant net loss of $89.8 million attributed mainly to operating expenses, with a reported accumulated deficit of $90 million. The company has restructured its business operations and incurred substantial management and professional fees as well as impairment costs related to inventory and intangible assets. The balance sheet shows total assets of approximately $103,509 and total liabilities of $1,064,710, resulting in a stockholders' deficit.