Neptune Wellness Solutions Inc. [NEPT] Filings

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

10-Q 1 nept-20230630.htm 10-Q 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-33526

NEPTUNE WELLNESS SOLUTIONS INC.

(Exact name of Registrant as specified in its Charter)


Québec	Not Applicable
(State or other jurisdiction of in Company or organization)	(I.R.S. Employer Identification No.)
545 Promenade du Centropolis, Suite 100 Laval, Québec Canada	H7T 0A3
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (450) 687-2262

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common shares, no par value

NEPT

Nasdaq Capital Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on The NASDAQ Stock Market on August 16, 2023, was $3,251,052.

The number of shares of Registrant’s Common Stock outstanding as of August 16, 2023 was 24,117,599.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q ("Quarterly Report" or “Form 10-Q”) contains or incorporates by reference certain information and statements that may constitute forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. federal securities laws, both of which we refer to as forward-looking statements, including, without limitation, statements relating to certain expectations, projections, new or improved product introductions, market expansion efforts, and other information related to our business strategy and future plans. Forward-looking statements can, but may not always, be identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “would”, “should”, “believe”, “objective”, “ongoing”, “assumes”, “goal”, “likely” and similar references to future periods or the negatives of these words and expressions and by the fact that these statements do not relate strictly to historical or current matters. The statements we make regarding the following matters are forward-looking by their nature and are based on certain of the assumptions noted below. Forward-looking statements in this Quarterly Report may include, but are not limited to, statements about expectations regarding being subject to taxation in both Canada and the United States; our ability to obtain additional financing in the future and continue as a going concern; uncertainties related to general economic, political, business, industry, and market conditions, including the ongoing COVID-19 pandemic and military conflict between Russia and Ukraine, inflationary pressures, and geopolitical conflicts, the anticipated benefits from the divestiture of our cannabis business, our estimates regarding expenses, future revenues, capital requirements and needs for additional financing; our expectations regarding potential pursuit of strategic acquisitions, joint venture or partnerships, our ability to retain members of our management team and our employees; competition existing today or that will likely arise in the future; and our ability to satisfy the continued listing requirements of the Nasdaq or any other exchange on which our securities may trade on.

These forward-looking statements are based on management’s current expectations and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, the effect of the COVID-19 pandemic, business prospects or opportunities, future plans and strategies, projections, technological developments, anticipated events and trends and regulatory changes that affect us, our customers and our industries. Although the Company and management believe that the expectations reflected in such forward-looking statements are reasonable and based on reasonable assumptions and estimates, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations will prove accurate. Forward-looking statements are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statement.

Undue reliance should not be placed on forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those anticipated by the Company and expressed or implied by the forward-looking statements contained or incorporated by reference in this Quarterly Report. Such statements are based on a number of assumptions and risks that may prove to be incorrect, including, without limitation, assumptions about:

•

our ability to successfully manage our liquidity and expenses, and continue as a going concern;

•

the anticipated benefits of the divestiture of our cannabis business;

•

our ability to maintain customer relationships and demand for our products;

•

the impact of current and future substantial litigation, investigations and proceedings;

•

the overall business and economic conditions;

•

the potential financial opportunity of our addressable markets;

•

the competitive environment;

•

the protection of our current and future intellectual property rights;

•

our ability to recruit and retain the services of our key personnel;

•

our ability to develop commercially viable products;

•

our ability to pursue new business opportunities;

•

our ability to obtain financing on reasonable terms or at all;

•

our ability to integrate our acquisitions and generate synergies; and

•

the impact of new laws and regulations in Canada, the United States or any other jurisdiction in which we currently do or intend to do business.

Certain forward-looking statements contained herein and incorporated by reference concerning the Company’s business and operations are based on estimates prepared by the Company using data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry in which the Company operates which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry or government data presented herein, the industry in which the Company operates involves risks and uncertainties and is subject to change based on various factors. Many factors could cause our actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by forward-looking statements, including, without limitation, the factors discussed under “Risk Factors” in the Annual Report on Form 10-K for the year ended March 31, 2023. In particular, you should consider the following risks that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements:

•

our inability to achieve the anticipated benefits of the divestiture of our cannabis business;

•

our inability to continue as a going concern;

•

geopolitical events, such as terrorism, war or other military conflict, including increased uncertainty regarding the ongoing hostility between Russia and the Ukraine and the related impact on macroeconomic conditions as a result of such conflict;

•

changes in our industry;

•

increased competition within the industries that we operate, particularly the nutraceutical and organic foods and beverages industries;

•

changes in laws and/or government regulations affecting our business, including tax laws;

•

the political environments in the U.S. and Canada;

•

the COVID-19 pandemic and the efforts to mitigate its effects;

•

systems failures or cybersecurity incidents;

•

exposure to current and future claims and litigation, including product liability claims;

•

exposure to currency fluctuations and restrictions as well as credit risks;

•

potential significant increases in tax liabilities;

•

product liability claims;

•

our inability to attract or retain key personnel or additional employees required for the development and future success of our business;

•

our inability to protect our intellectual property rights;

•

changes in intellectual property laws;

•

our inability to obtain adequate insurance coverage;

•

our reliance on sales to a limited number of customers;

•

our failure to maintain any regulatory approvals, licenses and/or permits required for operating our business;

•

adverse actions by governmental bodies that regulate our products, business or operations;

•

our inability to maintain our liquidity position and manage expenses; and

•

our failure to comply with, or remedy deficiencies with, the listing standards of Nasdaq or other securities exchanges on which our Common Shares are listed and trade.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressly or implied expected or estimated in such statements. Shareholders and investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. Although the Company cautions that the foregoing list of risk factors, as well as those risk factors presented under the heading “Risk Factors” and elsewhere in this Quarterly Report, are not exhaustive, shareholders and investors should carefully consider them and the uncertainties they represent and the risks they entail. The forward-looking statements contained in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. Unless otherwise indicated, forward-looking statements in this Quarterly Report describe our expectations as of the date of this Quarterly Report and, accordingly, are subject to change after such date. We do not undertake to update or revise any forward-looking statements for any reason, except as required by applicable securities laws.

Risks Factors Summary

Set forth below is summary of some of the principal risks the Company faces:

Risks Relating to our Business and Industry:

•

We are exposed to risks associated with the divestiture of our cannabis business.

•

The terms of our indebtedness restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.

•

If we do not manage our supply chain effectively or if there are disruptions in our supply chain, our business and results of operations may be adversely affected.

•

Our future results of operations may be adversely affected by input cost inflation.

•

Our future results of operations may be adversely affected by the availability of natural and organic ingredients.

•

We may not be successful in achieving savings and efficiencies from cost reduction initiatives and related strategic initiatives.

•

COVID-19 has and will continue to impact our operations and could have a material adverse effect on our business, results of operations and financial condition.

•

Increasing awareness of health and wellness are driving changes in the consumer products industry, and if we are unable to react in a timely and cost-effective manner, our results of operations and future growth may be adversely affected.

•

Markets for our products and services are highly competitive, and we may be unable to compete effectively.

•

We may be unable to manage our growth effectively.

•

We depend on significant customers for a substantial portion of our revenue. If we fail to retain or expand our customer relationships or significant customers reduce their purchases, our revenue could decline significantly.

•

Significant interruptions in our access to certain supply chains, for key inputs such as raw materials, electricity, water, and other utilities may impair our operations.

•

Our future success depends on the sales of our consumer products and turnkey solutions products.

•

Our activities rely on certain third-party suppliers, contract manufacturers and distributors, and such reliance may adversely affect us if the third parties are unable or unwilling to fulfill their obligations.

•

Our products may be subject to recalls for a variety of reasons, which could require us to expend significant management and capital resources.

•

We may not meet timelines for project development.

•

Product contamination or tampering or issues or concerns with respect to product quality, safety and integrity could adversely affect our business, reputation, financial condition or results of operations.

•

We may have difficulty obtaining insurance to cover its operational risks and, even where available, may not be sufficient to cover losses we may incur.

Risks Relating to Our Accounting and Financial Policies

•

Although our consolidated financial statements have been prepared on a going concern basis, our management believes that our recurring losses and negative cash flows from operations and other factors have raised substantial doubt about our ability to continue as a going concern.

•

We have recorded significant long-lived asset impairment charges and may be required to record additional charges to future earnings if our long-lived assets become impaired further.

Risks Relating to Our Liquidity

•

We are actively managing our liquidity and expenses, including by extending payables due and reducing investment in our businesses, and it is not certain that we will be ultimately successful in developing our business and remaining a going concern.

•

As a result of our failure to timely file our Quarterly Report on Form 10-K for the quarter ended March 31, 2023, we are currently ineligible to file new short form registration statements on Form S-3, which may impair our ability to raise capital on terms favorable to us, in a timely manner or at all.

•

We may have difficulty accessing public and private capital and banking services, which could negatively impact its ability to finance its operations.

•

The issuance and sale of common shares upon exercise of outstanding warrants may cause substantial dilution to existing shareholders and may also depress the market price of our common shares. Outstanding warrants to purchase shares of our common stock have cashless exercise rights.

Legal and Regulatory Risks Relating to Our Business

•

We identified material weaknesses in our internal control over financial reporting. This may adversely affect the accuracy and reliability of our financial statements and, if we fail to maintain effective internal control over financial reporting, it could impact our reputation, business, and the price of our common shares, as well as lead to a loss of investor confidence in us.

•

As a non-accelerated filer, we are not required to comply with the auditor attestation requirements of the Sarbanes-Oxley Act.

•

The Company may be classified as a “passive foreign investment company” for U.S. federal income tax purposes, which would subject U.S. investors that hold the Company’s Common Shares to potentially significant adverse U.S. federal income tax consequences.

•

We are subject to laws and regulations and guidelines, including the Food, Drug, and Cosmetic Act in the United States and regulations and guidance promulgated thereunder, changes in which could increase our costs and individually or in the aggregate adversely affect our business.

•

We are subject to risks inherent to the nutraceutical industry.

•

We are subject to anti-money laundering laws and regulations in multiple jurisdictions.

•

Our inability to maintain our regulatory approvals and permits could adversely affect our business and financial results.

•

We are currently, and may in the future be, subject to substantial litigation, investigations and proceedings that could cause us to incur significant legal expenses and result in harm to our business.

Risks Relating to Our Human Resources

•

We may be unable to attract or retain key personnel, and we may be unable to attract, develop and retain additional employees required for our development and future success.

•

We face exposure to fraudulent or illegal activity by officers, directors, employees, contractors, consultants and agents, which may subject us to investigations and legal actions.

Risks Relating to Our Information Technology

•

We must successfully maintain and/or upgrade our information technology systems, and our failure to do so could have a material adverse effect on our business, financial condition or results of operations.

•

We may be exposed to risks and costs associated with security breaches, data loss, credit card fraud and identity theft that could cause us to incur unexpected expenses and loss of revenue as well as other risks.

Risks Relating to Our Intellectual Property

•

Our commercial success depends, in part, on our intellectual property rights and a failure by us to protect our intellectual property may have a material adverse effect on our ability to develop and commercialize our products.

Risks Relating to Ownership of Our Common Shares

•

We do not currently intend to pay any cash dividends on our Common Shares in the foreseeable future.

•

If there is insufficient liquidity in our Common Shares, it could adversely affect your ability to sell your shares.

•

There is currently no established public trading market for the Warrants.

•

U.S. investors may be unable to enforce certain judgments against us in Canada.

•

Certain Canadian laws could delay or deter a change of control.

•

Our failure to meet the continued listing requirements of Nasdaq could result in a de-listing of our Common Shares.

•

Our shareholders may be subject to dilution resulting from future offerings of Common Shares by us.

•

Our constating documents permit us to issue an unlimited amount of additional Common Shares or Preferred Shares, which may prevent a third-party takeover or cause our shareholders to experience dilution in the future.

•

Because the Company is a “smaller reporting company,” we may take advantage of certain scaled disclosures available to us, resulting in holders of our securities receiving less Company information than they would receive from a public company that is not a smaller reporting company.

•

Any acquisitions, strategic investments, divestitures, mergers, or joint ventures we make may require the issuance of a significant amount of equity or debt securities and may not be successful.

•

We have reported negative cash flows from operating activities and may do so in future periods.

•

We may not be able to maintain our operations without additional funding.

•

We are subject to foreign currency fluctuations, which could adversely affect our financial results.

General Risk Factors

•

Catastrophic events outside of our control, including pandemics, may harm our results of operations or damage our facilities.

•

The market price of the Company’s Common Shares may be highly volatile.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	7

Item 1.	Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	56

PART II.	OTHER INFORMATION	58

Item 1.	Legal Proceedings	58
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibits	61

Signatures		62

In this Quarterly Report on Form 10-Q, all dollar amounts are in United States Dollars unless otherwise indicated.

PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS.

Condensed Consolidated Interim Financial Statements of

(Unaudited)

neptune WELLNESS SOLUTIONS inc.

For the three-month periods ended June 30, 2023 and 2022

neptune WELLNESS SOLUTIONS inc.

Condensed Consolidated Interim Financial Statements

(Unaudited)

For the three-month periods ended June 30, 2023 and 2022

Financial Statements


Condensed Consolidated Interim Balance Sheets	9
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss	10
Condensed Consolidated Interim Statements of Changes in Equity	11
Condensed Consolidated Interim Statements of Cash Flows	13
Notes to Condensed Consolidated Interim Financial Statements	15

neptune WELLNESS SOLUTIONS inc.

Condensed Consolidated Interim Balance Sheets

(in U.S. dollars)


		As at	As at
	Notes	June 30, 2023	March 31, 2023
		(Unaudited)
Assets

Current assets:
Cash and cash equivalents		$1,379,875	$1,993,257
Short-term investment		17,642	17,540
Trade and other receivables		5,982,381	7,507,333
Prepaid expenses		2,249,403	1,025,969
Inventories	5	13,769,482	13,006,074
Total current assets		23,398,783	23,550,173

Property, plant and equipment	6	1,259,090	1,403,264
Operating lease right-of-use assets		1,868,773	1,941,347
Intangible assets	7	1,530,924	1,607,089
Goodwill	7	2,480,080	2,426,385
Total assets		$30,537,650	$30,928,258

Liabilities and Equity (Deficiency)

Current liabilities:
Trade and other payables		$29,486,667	$27,051,561
Current portion of operating lease liabilities		339,620	339,620
Loans and borrowings	8	9,565,115	7,538,369
Provisions	9	3,282,201	2,948,340
Liability related to warrants	10	2,352,493	3,156,254
Total current liabilities		45,026,096	41,034,144

Operating lease liabilities		1,940,174	2,017,888
Loans and borrowings	8	15,652,951	15,412,895
Other liability	13(c)	23,000	24,000
Total liabilities		62,642,221	58,488,927

Shareholders' Equity (Deficiency):
Share capital - without par value (21,822,149 shares issued and outstanding as of June 30, 2023; 11,996,387 shares issued and outstanding as of March 31, 2023)	11	323,411,029	321,946,102
Warrants	14	6,291,164	6,155,323
Additional paid-in capital		58,755,071	58,138,914
Accumulated other comprehensive loss		(14,899,175)	(14,538,830)
Deficit		(388,555,731)	(383,641,363)
Total equity (deficiency) attributable to equity holders of the Company		(14,997,642)	(11,939,854)

Non-controlling interest	12	(17,106,929)	(15,620,815)
Total shareholders' equity (deficiency)		(32,104,571)	(27,560,669)

Commitments and contingencies	16
Subsequent events	18
Total liabilities and shareholders' equity (deficiency)		$30,537,650	$30,928,258

See accompanying notes to the condensed consolidated interim financial statements.


On behalf of the Board:

/s/ Julie Philips		/s/ Michael Cammarata
Julie Philips		Michael Cammarata
Chair of the Board		President and CEO

neptune WELLNESS SOLUTIONS inc.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(Unaudited) (in U.S. dollars)

For the three-month periods ended June 30, 2023 and 2022



			Three-month periods ended
		Notes	June 30, 2023	June 30, 2022
				Recasted
Revenue from sales, net of excise taxes of nil (2022 - $641,877 )			$10,587,154	$15,968,098
Royalty revenues			21,687	284,189
Other revenues			18,976	19,941
Total revenues		16	10,627,817	16,272,228

Cost of sales other than impairment loss on inventories			(7,817,051)	(17,671,698)
Impairment loss on inventories		5	—	(3,079,997)
Total cost of sales			(7,817,051)	(20,751,695)
Gross profit (loss)			2,810,766	(4,479,467)

Research and development expenses			(21,864)	(214,687)
Selling, general and administrative expenses			(10,041,057)	(8,968,614)
Impairment loss on assets held for sale		4	—	(815,661)
Net gain on sale of property, plant and equipment			—	85,002
Loss from operating activities			(7,252,155)	(14,393,427)

Finance income			—	1,424
Finance costs			(1,793,179)	(916,522)
Foreign exchange gain (loss)			(184,156)	1,407,285
Loss on issuance of derivatives		10	(787,985)	(2,126,955)
Gain on revaluation of derivatives		10, 15	3,616,993	9,523,700
	Total other income (expense)		851,673	7,888,932
Loss before income taxes			(6,400,482)	(6,504,495)

Income tax recovery			—	—
Net loss			(6,400,482)	(6,504,495)

Other comprehensive loss
Net change in unrealized foreign currency losses on translation of net investments in foreign operations (tax effect of nil for all periods)			(360,345)	(2,791,479)
Total other comprehensive loss			(360,345)	(2,791,479)

Total comprehensive loss			$(6,760,827)	$(9,295,974)

Net loss attributable to:
Equity holders of the Company			$(4,914,368)	$(4,284,350)
Non-controlling interest		12	(1,486,114)	(2,220,145)
Net loss			$(6,400,482)	$(6,504,495)

Total comprehensive loss attributable to:
Equity holders of the Company			$(5,274,713)	$(7,075,829)
Non-controlling interest		12	(1,486,114)	(2,220,145)
Total comprehensive loss			$(6,760,827)	$(9,295,974)

Basic loss per share attributable to:
Common Shareholders of the Company		14	$(0.30)	$(0.72)

Diluted loss per share attributable to:
Common Shareholders of the Company		14	$(0.30)	$(0.72)

Basic and diluted weighted average number of common shares		14	16,197,737	5,958,266

The Company has removed certain captions compared to prior filings, as they are not required by US GAAP.

See accompanying notes to the condensed consolidated interim financial statements.

neptune WELLNESS SOLUTIONS inc.

Condensed Consolidated Interim Statements of Changes in Equity

(Unaudited) (in U.S. dollars)

For the three-month periods ended June 30, 2023 and 2022


						Accumulated
						other
						comprehensive
		Share Capital				loss
	Notes	Number	Dollars	Warrants	Additional paid-in capital	Cumulative translation account	Deficit	Equity attributable to equity holders of the Company	Equity attributable to non-controlling interest	Total
Balance as at March 31, 2023		11,996,387	$321,946,102	$6,155,323	$58,138,914	$(14,538,830)	$(383,641,363)	$(11,939,854)	$(15,620,815)	$(27,560,669)

Net loss for the period		—	—	—	—	—	(4,914,368)	(4,914,368)	(1,486,114)	(6,400,482)
Other comprehensive loss for the period		—	—	—	—	(360,345)	—	(360,345)	—	(360,345)
Total comprehensive loss for the period		—	—	—	—	(360,345)	(4,914,368)	(5,274,713)	(1,486,114)	(6,760,827)

Transaction with equity holders recorded directly in equity
Contributions by and distribution to equity holders
Share-based payment	13	—	—	—	616,157	—	—	616,157	—	616,157
Warrants exercised	11(f)	5,410,600	881,875	(881,334)	—	—	—	541	—	541
Direct Offering (including pre-funded warrants), net of issuance costs	11(h)	4,415,162	583,052	1,017,175	—	—	—	1,600,227	—	1,600,227
Total contributions by and distribution to equity holders		9,825,762	1,464,927	135,841	616,157	—	—	2,216,925	—	2,216,925

Balance as at June 30, 2023		21,822,149	$323,411,029	$6,291,164	$58,755,071	$(14,899,175)	$(388,555,731)	$(14,997,642)	$(17,106,929)	$(32,104,571)

See accompanying notes to the condensed consolidated interim financial statements.

neptune WELLNESS SOLUTIONS inc.

Condensed Consolidated Interim Statements of Changes in Equity (Continued)

(Unaudited) (in U.S. dollars)

For the three-month periods ended June 30, 2023 and 2022

Attributable to equity holders of the Company

Accumulated

other

comprehensive

Share Capital

loss

Number

Neptune Wellness Solutions Inc. [NEPT] Filings
10-Q	[2023-08-17]
S-1	[2023-07-31]
10-K	[2023-07-17]
S-1	[2023-04-24]
10-Q	[2023-03-30]
10-Q	[2022-12-20]
S-1	[2022-11-07]
10-Q	[2022-08-15]
10-K	[2022-07-08]