Income Statement

v3.20.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues    
Revenues $ 11,004,406 $ 2,681,530
Cost of Goods Sold 6,070,591 1,538,445
Gross Profit 4,933,815 1,143,085
Operating Expenses    
Consulting Fees 1,654,492 1,303,413
General and Administrative 5,637,019 4,267,945
Abandonment of Option to Purchase Building 200,000
Impairment of leasehold improvements and rent deposits 764,064
Impairment of Patent Costs 1,943,934
Professional Fees 757,451 1,077,093
Depreciation Expense 215,887 108,421
Stock Based Compensation (Note 3)    
Consulting Fees 17,186,107 11,299,507
Share Exchange and Ancillary Rights Agreement 1,166,700
Director Fees 92,810
Professional Fees 690,000
Total Stock based compensation 19,135,617 11,299,507
Total Operating Expenses 30,308,464 18,056,379
Loss from Operations (25,374,649) (16,913,294)
Other Income (Expenses)    
Rent Income 88,756 62,186
Loss on sale of assets (194,809)
Unrealized loss on investments (11,434,751)
Total Other Income (Expenses) (11,540,804) 62,186
Loss From Operations Before Provision for Income Taxes (36,915,453) (16,851,108)
Provision for Income Taxes (Note 4)
Net Loss (36,915,453) (16,851,108)
Net Loss Attributable to Non-Controlling Interest (658,450) (611,832)
Net Loss Attributable to GSRX Industries Inc. $ (36,257,003) $ (16,239,276)
Basic loss per share $ (0.56) $ (0.37)
Weighted average number of common shares outstanding 65,080,119 43,551,840

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