SNF.V - Sunora Foods Inc.

[Jack_Aster]

Sunora Foods Inc. Due Diligence Report

Symbol: SNF.V
Price: $0.12
Common Shares: 42,254,332
Insider Holdings: 32 million (75.7%, CEO owns 30 million alone)
website:

Most Recent Financial Results (Ending September 30th 2015)

Assets
Cash: $2,752,139
Accounts Receivable: $1,163,447
Inventory: $486,377
Prepaid Expenses: $4,501
Deferred Tax: $150,062
Total Assets: $4,556,526

Liabilities
Accounts Payable: $819,939
Income Tax: $120,165
Total Liabilities: $940,104

Quarterly Earnings Summary:
2014 Total - $189,073
2015 Q1 - $189,073
2015 Q2 - $110,940
2015 Q3 - $198,771

Revenue After 9 Months
Sales - $8,452,570
Gross Margin - $945,250
Total Costs - $211,985
Income Before Tax - $733,265
Net Income - $549,949 or $0.013c EPS
MD&A Highlights

Sunora is a Calgary‐based trader and supplier of canola, soybean, corn, olive and other food oils. Currently, the Company is a relatively modestly‐sized player participating in an international business populated by some of the largest companies in the world. It has successfully maintained a niche position that has been achieved by building strong relationships with its suppliers and customers through a history of reliable and responsive service. While the Company regularly cooperates with many of these companies, it also occasionally competes with companies that have far greater resources.

Sunora had sales in line with expectations for the nine month period ended September 30, 2015. Sales were negatively impacted by a decline in oil related commodity prices of over thirty percent and bulk oil sales declined in the third quarter.

The $549,949 of net income and comprehensive income in the nine months ended September 30, 2015 was due to better gross margins attributable to a continuing higher percentage of packaged oil sales versus bulk oil sales. Profitability also benefitted from the positive impact of the foreign exchange gains.

The foreign exchange gain or loss arises primarily as a result of inventory purchases and sales, to the extent that they are denominated in US currency.

Sunora's cash balances increased $967,992 in the nine months ended September 30, 2015. This increase since December 31, 2014 resulted primarily from higher income for the nine month period, the reduction of inventory, and a decrease in accounts receivable affect slightly by a decrease in accounts payable and accrued liabilities during that period. Sunora

[Jack_Aster]

Sunora Foods Inc. Two year sales History
Originally this was a capital pool (Thoroughbred Capital Inc, symbol TBC.P), until a deal was struck April 10th 2013 to acquire Sunora Foods Inc for 30 million shares at a price of $0.167c per share($5 million)

First financials after the merger were released April 30th 2014, below are all the quarters broken down

Year end: August 31st, 2013
Cash: $836,292
Total Assets: $3,000,464
Total Liabilities: $1,014,299
Revenue: $15,498,660
Net Income/Loss: $79,418 - $0.0019c

Quarter Ended: December 31st, 2013
Cash: $ 1,646,563
Total Assets: $ 3,848,337
Total Liabilities: $ 1,016,838
Revenue: $ 4,794,330
Net Income/Loss: -$1,074,649

[Jack_Aster]

Sunora Foods Inc. December 2015 Company Presentation:

Note: In my initial DD, I added up almost 76% insider/institutional ownership based on SEDI. This information could be outdated on SEDI as the presentation shows 71%.

[Jack_Aster]

SNF Feb 2016 CEO Interview:

[Jack_Aster]

Sunora Foods earns $106,130 in Q1 2018

2018-05-29 09:19 MT - News Release


Mr. Steve Bank reports

SUNORA FOODS ANNOUNCES 2018 QUARTER 1 FINANCIAL RESULTS

Sunora Foods Inc. has released its financial statements and management's discussion and analysis for the three-month period ending March 31, 2018. These filings are available for review on SEDAR and the company's website.

During the three-month period ended March 31, 2018, Sunora's highlights include the following:

Revenue of $3,936,012 for the 2018 Quarter 1 versus revenue of $3,480,230 for the comparable 2017 first quarter, an increase of 13.1%;
Net Income for the three-month period ending March 31, 2018 of $106,130 versus net income of $66,560 for the comparable period ending March 31, 2017, an increase of 59.5%;
Income from operations for the three-month period ending March 31, 2018 of $147,064;
International sales of $910,522 for the 2018 first quarter versus international sa les of $526,157 for the comparable period, an increase of 73.1%;
Cash and Cash Equivalents of $3,118,936 for the period ending March 31, 2018;
After the end of the first quarter, Sunora initiated a significant commodity-related business with a major Asian company in the agricultural sector.
FINANCIAL HIGHLIGHTS

Sales $3,936,012
Gross margin 281,762
Income before taxes 155,334
Net income 106,130
Earnings per share 0.0025
About Sunora Foods

Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.

? 2018 Canjex Publishing Ltd. All rights reserved.

[Jack_Aster]

Sunora Foods' Q2 sales at $3.52-million

2018-07-11 11:09 MT - News Release


Mr. Steve Bank reports

SUNORA FOODS ANNOUNCES Q2 2018 SALES FIGURES

Sunora Foods Inc. has released unaudited, preliminary sales figures for the second quarter ending June 30, 2018.

SALES FIGURES Q2 2018

Q2 2018 Q2 2017

Sales $3,520,361 $3,165,082
Canadian $45,560 $186,690
United States $2,503,946 $2,411,188
Overseas $970,854 $567,204
Stronger sales in the second quarter resulted from Sunora overseas initiatives. The company will be continuing its efforts in this direction.

About Sunora Foods Inc.

Sunora Foods is a food oil entity, based in Calgary, Alta., trading and supplying canola oil and other food oils in Canada and internationally under the Sunora, Sunera and numerous private label brands.

? 2018 Canjex Publishing Ltd. All rights reserved.

[Jack_Aster]

Sunora Foods files Q2 2018 financials, arranges NCIB

2018-08-28 14:30 MT - News Release


Mr. Steve Bank reports

SUNORA FOODS ANNOUNCES 2018 QUARTER 2 FINANCIAL RESULTS AND NORMAL COURSE ISSUER BID

Sunora Foods Inc. has filed its financial statements and management's discussion and analysis for the three-month period ending June 30, 2018. These filings are available for review on SEDAR and at the company's website.

In addition, the Corporation has made application to initiate a Normal Course Issuer Bid ("NCIB") subject to TSX Venture Exchange approval. The Corporation is undertaking the NCIB because it believes its securities are undervalued. The NCIB will be conducted through PI Financial Corp. The Corporation seeks to acquire up to 5% of the issued and outstanding common shares. The maximum number of common shares that will be purchased is 2,172,716.

During the three-month period ended June 30, 2018 Sunora's highlights include the following:

Revenue of $3,684,694 for the 2018 Quarter 2 versus revenue of $3,164,688 for the comparable 2017 Q2:

Net Income for the three-month period ending June 30, 2018 of $46,840 versus a net loss of $243,175 for the comparable period ending June 30, 2017;

Income from operations for the three-month period ending June 30, 2018 of $38,719;

International sales of $1,104,463 for the 2018 Q2 versus international sales of $567,204 for the comparable period;

Cash and Cash Equivalents of $3,300,529 for the period ending June 30, 2018;

FINANCIAL HIGHLIGHTS

Period ending June 30, 2018
Sales $3,684,694
Gross Margin $170,167
Income before Taxes$38,719
Net Income $46,840
Earnings Per Share $0.001
About Sunora Foods

Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.

? 2018 Canjex Publishing Ltd. All rights reserved.