Exhibit 99.1


IM Cannabis Reports Third Quarter 2025 Financial Results
 
TORONTO and GLIL YAM, Israel, November 13, 2025 /PRNewswire/ -- IM Cannabis Corp. (the "Company" or "IMC") (NASDAQ: IMCC), an international medical cannabis company, announced its financial results today for the third quarter and nine months ended September 30, 2025. All amounts are reported in Canadian dollars and compared to the quarter and nine months ended September 30, 2024, unless otherwise stated.
 
Q3 2025 Financial Highlights:
 

 •
Consistent Revenue for Q3 2025 and 2024 of $13.9 million.
 

 •
13% Gross profit decrease vs. Q3 2024 of $2.7 million vs. $3.1 million.
 

 •
13% Gross Margin decrease vs. Q3 2024 of 20% vs. 23%.
 

 •
$3.1 million One time goodwill and intangible asset impairment in Q3 2025 Operating expenses.
 

 •
Non IFRS Adjusted EBITDA loss of $0.6 million in Q3 2025 vs. $0.2 million in Q3 2024.

Management Commentary
 
"The first nine months of 2025 have been part of a transition year for the Company. In Germany, expected regulatory changes may have a negative effect on the market for our sales, and the impact of these regulatory changes on us is not yet known. In the third quarter of 2025 we recorded a non-cash impairment to align asset values with current conditions. In parallel, as part of our strategic review, we are assessing selective new business activities to broaden our growth avenues and support long-term value creation", said Oren Shuster, CEO of IM Cannabis Corp.
 
Q3 2025 Financial Results
 

 •
Net loss in Q3 2025 was $3.9 million, compared to net loss of $1.1 million in Q3 2024. Net loss increase mainly due to goodwill and intangible asset impairment recorded at Q3 2025.


•
Revenue for the third quarter of 2025 amounted to $13.9 million, similar to Q3 2024, while revenues for the first 9 months ended September 30, 2025, amounted to $39 million vs. $40.7 million in the same period of 2024.
 

 •
Gross profit for the third quarter of 2025 was $2.7 million, compared to $3.1 million in Q3 2024, a decrease of 13%.
 

 •
Gross margin for the third quarter of 2025 was 20%, compared to 23% in Q3 2024, a decrease of 13%.
 

 •
Total operating expenses in Q3 2025 were $6.9 million compared to $4.1 million in Q3 2024, an increase of 68%. The increase is mainly due to goodwill and intangible asset impairment recorded at Q3 2025.
 

 •
Net loss in Q3 2025 was $0.8 million, compared to net loss of $1.1 million in Q3 2024, excluding the one-time goodwill and intangible asset impairment. In total, net loss in Q3 2025 was $3.9 million, compared to net loss of $1.1 million in Q3 2024.
 

 •
G&A Expenses in Q3 2025 were $2.4 million, similar to Q3 2024.



•
Selling and Marketing Expenses in Q3 2025 were $1.4 million, compared to $1.5 million in Q3 2024, a decrease of 7%.
 

 •
Basic and diluted Loss per Share in Q3 2025 was $0.75 million, compared to a loss of $0.41 million per Share in Q3 2024.
 

 •
Non-IFRS Adjusted EBITDA Loss in Q3 2025 was $0.6 million, compared to a Non-IFRS adjusted EBITDA loss of $0.2 million in Q3 2024, a decline of 143%.
 

 •
Cash and Restricted Cash on hand as of September 30, 2025, were $2.3 million compared to $0.9 million on December 31, 2024.
 

 •
Total Assets as of September 30, 2025, were $44.3 million, compared to $39.2 million on December 31, 2024, an increase of 13%. The increase is mainly attributed to an increase of $2.4 million in advances to suppliers and $6.8 million in inventory, offset by decreases of $2.5 million in trade receivables and $3.1 million in accordance with goodwill and intangible assets impairment.
 

 •
Total Liabilities as of September 30, 2025, were $40 million, compared to $36 million on December 31, 2024, an increase of 11%. The increase is mainly due to $8.9 million in other accounts payable and $0.9 million due to increase in short and long term credit from banks. This is offset by a $4 million decrease in trade payables and $1.4 million decrease in convertible debentures.

The Company's financial statements as of September 30, 2025 include a note regarding the Company's ability to continue as a going concern. The Company's Q3 2025 financial results do not include any adjustments relating to the recoverability and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please refer to the "Liquidity and Capital Resources" and "Risk Factors" sections in the Company's management's discussion and analysis for the quarter ended September 30, 2025.
 
Non-IFRS Measures
 
This press release makes reference to "Gross Margin" and "Adjusted EBITDA", which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company's IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
 
For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the Company's management's discussion and analysis for the period ended September 30, 2025, available under the Company's SEDAR+ profile at www.sedarplus.ca on EDGAR at www.sec.gov/edgar.
 
We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below.
 
About IM Cannabis Corp.
 
IMC (Nasdaq: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
 
The IMC ecosystem operates in Israel through Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.
 
Disclaimer for Forward-Looking Statements
 
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, "forward-looking statements"). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. Forward-looking statements are based on assumptions that may prove to be incorrect. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the timing and impact of the legalization of medicinal cannabis in Germany; the expected regulatory changes in Germany; the Company's growth in 2025; the market growth for medicinal cannabis in Germany;  the stated benefits of the Company's EU-GMP processing facility and an EU-GDP logistics center; the Company's ability to find new business activities to broaden its growth avenues and support long-term value creation and the Company's stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.
 
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company's ability to continue to meet the listing requirements of the Nasdaq Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the "Group") to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group's obligations; the Group's possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group's cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas and Israel-Iran war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company's inability to take advantage of the legalization of medicinal cannabis in Germany; and the inability of the Company to find new business activities to broaden its growth avenues and support long-term value creation.
 
Please see the other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission on March 31, 2025, which is available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact: 
 
Michal Efraty, Investor Relations
IM Cannabis Corp.
michal@efraty.com
 
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Canadian Dollars in thousands

         
September 30, 2025
    
December 31, 2024
  
   
Note
    
(Unaudited)
        
                   
ASSETS
                  
                   
CURRENT ASSETS:
                  
Cash
        
$
1,182
    
$
863
  
Restricted cash
          
1,134
      
64
  
Trade receivables
          
11,255
      
13,803
  
Other current assets
          
8,073
      
5,419
  
Inventory
          
10,023
      
3,215
  
                       
           
31,667
      
23,364
  
NON-CURRENT ASSETS:
                      
Investments in affiliate
    
4
      
1,742
      
1,631
  
Property, plant and equipment, net
      
   
3,819
      
3,730
  
Intangible assets, net
    
3I
   
1,586
      
3,333
  
Goodwill
    
3I
   
5,005
      
6,679
  
Right-of-use assets, net
      
   
513
      
451
  
                         
             
12,665
      
15,824
  
                         
Total assets
          
$
44,332
    
$
39,188
  

The accompanying notes are an integral part of the interim condensed consolidated financial statements.


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Canadian Dollars in thousands

         
September 30,
2025
    
December 31, 2024
  
   
Note
    
(Unaudited)
        
                   
LIABILITIES AND SHAREHOLDERS' EQUITY
                  
                   
CURRENT LIABILITIES:
                  
Current maturities of operating lease liabilities
        
$
379
    
$
262
  
Trade payables
          
7,147
      
11,159
  
Other current liabilities
          
13,917
      
5,001
  
Loans and credit from bank institution and others
          
15,417
      
15,145
  
Convertible debentures
    
3D

   
597
      
1,968
  
Derivative warrants liabilities and prefunded warrants
    
3C, 4
      
1,002
      
1,383
  
                         
             
38,459
      
34,918
  
                         
NON-CURRENT LIABILITIES:
                        
Operating lease liabilities
            
92
      
171
  
Loans and credit from bank institution and others
            
1,078
      
466
  
Deferred tax liabilities
            
400
      
487
  
                         
             
1,570
      
1,124
  
                         
Total liabilities
            
40,029
      
36,042
  
                         
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY:
    
5
                  
Share capital and premium
            
269,574
      
265,000
  
Capital reserve from share-based payment transactions
            
475
      
150
  
Amount received on account of financial instruments and other
            
3,112
      
297
  
Capital reserve from translation differences of foreign operations
            
(3,783
)
    
(1,265
)
Capital reserve from transaction with non-controlling interests
            
(2,872
)
    
-
  
Capital reserve from transaction with controlling shareholder
            
33
      
-
  
Accumulated deficit
            
(262,576
)
    
(258,939
)
                         
Total equity attributable to shareholders of the Company
            
3,963
      
5,243
  
                         
 Non-controlling interests
            
340
      
(2,097
)
                         
Total equity
            
4,303
      
3,146
  
                         
Total liabilities and equity
          
$
44,332
    
$
39,188
  

The accompanying notes are an integral part of the interim condensed consolidated financial statements.


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (UNAUDITED)
Canadian Dollars in thousands, except per share data

         
Nine months ended
September 30,
    
Three months ended
September 30,
  
   
Note
    
2025
    
2024
    
2025
    
2024
  
                               
Revenue
        
$
39,047
    
$
40,696
    
$
13,851
    
$
13,883
  
Cost of revenue
          
29,443
      
34,925
      
11,120
      
10,735
  
                                       
Gross profit
          
9,604
      
5,771
      
2,731
      
3,148
  
                                       
Selling and marketing expenses
          
3,935
      
5,279
      
1,373
      
1,506
  
General and administrative expenses
          
6,924
      
6,846
      
2,433
      
2,351
  
Share-based compensation
          
14
      
364
      
2
      
244
  
Other expenses
    
3I

   
3,076
      
2,734
      
3,076
      
-
  
Total operating expenses
            
13,949
      
15,223
      
6,884
      
4,101
  
                                         
Operating loss
            
(4,345
)
    
(9,452
)
    
(4,153
)
    
(953
)
                                         
Finance income
            
3,181
      
495
      
1,111
      
1
  
Finance expenses
            
(2,634
)
    
(2,577
)
    
(682
)
    
(156
)
                                         
Finance income (expenses), net
            
547
      
(2,082
)
    
429
      
(155
)
                                         
Loss before tax benefit
            
(3,798
)
    
(11,534
)
    
(3,724
)
    
(1,108
)
Taxes on income (tax benefit)
            
86
      
(976
)
    
141
      
(26
)
                                         
Net loss
          
$
(3,884
)
  
$
(10,558
)
  
$
(3,865
)
  
$
(1,082
)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (UNAUDITED)
Canadian Dollars in thousands, except per share data

         
Nine months ended
September 30,
    
Three months ended
September 30,
  
   
Note
    
2025
      
2024 (*)

   
2025
      
2024 (*)

                                     
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
                                    
 Remeasurement gain on defined benefit plan
          
48
      
1,633
      
-
      
49
  
                                       
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:
                                      
Adjustments arising from translating financial statements of foreign operations
          
(2,440
)
    
(508
)
    
(961
)
    
(482
)
                                       
Total other comprehensive income (loss)
          
(2,392
)
    
1,125
      
(961
)
    
(433
)
                                       
Total comprehensive loss
        
$
(6,276
)
  
$
(9,433
)
  
$
(4,826
)
  
$
(1,515
)
                                       
Net income (loss) attributable to:
                                      
Shareholders of the Company
    

 
$
(3,685
)
  
$
(9,574
)
  
$
(3,651
)
  
$
(922
)
Non-controlling interests
            
(199
)
    
(984
)
    
(214
)
    
(160
)
                                         
           
$
(3,884
)
  
$
(10,558
)
  
$
(3,865
)
  
$
(1,082
)
                                         
Total comprehensive income (loss) attributable to:
                                        
Shareholders of the Company
          
$
(6,155
)
  
$
(8,458
)
  
$
(4,627
)
  
$
(1,357
)
Non-controlling interests
            
(121
)
    
(975
)
    
(199
)
    
(158
)
                                         
           
$
(6,276
)
  
$
(9,433
)
  
$
(4,826
)
  
$
(1,515
)
                                         
Net loss per share attributable to shareholders of the Company:
    
6
                               
                                         
Basic net loss per share (in CAD)
          
$
(0.98
)
  
$
(4.29
)
  
$
(0.75
)
  
$
(0.41
)
Diluted net loss per share (in CAD)
          
$
(1.00
)
  
$
(4.29
)
  
$
(0.75
)
  
$
(0.41
)

(*)
Loss per share includes the effect of Reverse Share Split (see also Note 5A below).

The accompanying notes are an integral part of the interim condensed consolidated financial statements.


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
Canadian Dollars in thousands
   
Share capital and premium
    
Capital reserve from share-based payment transactions
    
Amount received on account of financial instruments and other
    
Capital reserve from translation difference of foreign operations
    
Capital reserve from transaction with non-controlling interests
    
Capital reserve from transaction with controlling shareholder
    
Accumulated deficit
    
Total
    
Non-controlling interests
    
Total
equity
  
                                                             
Balance as of January 1, 2025
  
$
265,000
    
$
150
    
$
297
    
$
(1,265
)
  
$
-
    
$
-
    
$
(258,939
)
  
$
5,243
    
$
(2,097
)
  
$
3,146
  
                                                                                 
Net loss
    
-
      
-
      
-
      
-
      
-
      
-
      
(3,685
)
    
(3,685
)
    
(199
)
    
(3,884
)
Total other comprehensive income (loss)
    
-
      
-
      
-
      
(2,518
)
    
-
      
-
      
48
      
(2,470
)
    
78
      
(2,392
)
                                                                                 
Total comprehensive income (loss)
    
-
      
-
      
-
      
(2,518
)
    
-
      
-
      
(3,637
)
    
(6,155
)
    
(121
)
    
(6,276
)
                                                                                 
Recognition of capital contribution from a controlling shareholder (Note 3B6)
    
-
      
-
      
-
      
-
      
-
      
33
      
-
      
33
      
-
      
33
  
Common shares issued upon exercise of pre-funded warrants (Note 3C)
    
372
      
-
      
-
      
-
      
-
      
-
      
-
      
372
      
-
      
372
  
Expiration of conversion feature related to convertible debentures (Note 3D)
    
297
      
-
      
(297
)
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Recognition of conversion feature related to convertible debentures (Note 3D)
    
-
      
-
      
364
      
-
      
-
      
-
      
-
      
364
      
-
      
364
  
Common shares issued upon partial conversion of convertible debentures (Note 3D)
    
1,651
      
-
      
(256
)
    
-
      
-
      
-
      
-
      
1,395
      
-
      
1,395
  
Common shares issued as consideration upon acquisition on non-controlling interest (Note 3E)
    
314
      
-
      
-
      
-
      
(2,872
)
    
-
      
-
      
(2,558
)
    
2,558
      
-
  
Common shares issued upon debt settlement (Note 3F)
    
190
      
-
      
-
      
-
      
-
      
-
      
-
      
190
      
-
      
190
  
Net proceeds received upon completion of private placement transaction (Note 3G)
    
1,750
      

311
      
3,004
      
-
      
-
      
-
      
-
      

5,065
      
-
      
5,065
  
Share-based compensation
    
-
      
14
      
-
      
-
      
-
      
-
      
-
      
14
      
-
      
14
  
                                                                                 
Balance as of September 30, 2025
  
$
269,574
    
$
475
    
$
3,112
    
$
(3,783
)
  
$
(2,872
)
  
$
33
    
$
(262,576
)
  
$
3,963
    
$
340
    
$
4,303
  

The accompanying notes are an integral part of the interim condensed consolidated financial statements.


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
Canadian Dollars in thousands

   
Share
Capital and premium
    
Capital reserve from share-based payment transactions
    
Amount received on account of financial instruments and other
    
Translation reserve
    
Accumulated deficit
    
Total
    
Non-controlling interests
    
Total
equity
  
                                                 
Balance as of January 1, 2024
  
$
253,882
    
$
9,637
    
$
-
    
$
95
    
$
(249,145
)
  
$
14,469
    
$
(769
)
  
$
13,700
  
                                                                 
Net loss
    
-
      
-
      
-
      
-
      
(9,574
)
    
(9,574
)
    
(984
)
    
(10,558
)
Total other comprehensive income
    
-
      
-
      
-
      
1,049
      
67
      
1,116
      
9
      
1,125
  
                                                                 
Total comprehensive loss
    
-
      
-
      
-
      
1,049
      
(9,507
)
    
(8,458
)
    
(975
)
    
(9,433
)
                                                                 
Other comprehensive loss classification
    
-
      
-
      
-
      
-
      
(748
)
    
(748
)
    
-
      
(748
)
Recognition of conversion feature related to convertible debentures
    
-
      
-
      
327
      
-
      
-
      
327
      
-
      
327
  
Share-based compensation
    
-
      
364
      
-
      
-
      
-
      
364
      
-
      
364
  
Forfeited options
    
2,803
      
(2,803
)
    
-
      
-
      
-
      
-
      
-
      
-
  
                                                                 
Balance as of September 30, 2024
  
$
256,685
    
$
7,198
    
$
327
    
$
1,144
    
$
(259,400
)
  
$
5,954
    
$
(1,744
)
  
$
4,210
  

 The accompanying notes are an integral part of the interim condensed consolidated financial statements.



INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Canadian Dollars in thousands

   
Nine months ended
September 30,
  
   
2025
    
2024
  
Cash flow from operating activities:
            
             
Net loss
  
$
(3,884
)
  
$
(10,558
)
Adjustments for non-cash items:
                
Revaluation of financial instruments
    
(9
)
    
(24
)
Discount expenses in respect of convertible debentures
    
178
      
197
  
Depreciation of property, plant and equipment
    
212
      
332
  
Amortization of intangible assets
    
991
      
1,036
  
Depreciation of right-of-use assets
    
232
      
274
  
Impairment of Goodwill
    
3,076
      
-
  
Impairment of property, plant and equipment
    
-
      
10
  
Loss from deconsolidation of subsidiary
    
-
      
2,734
  
Recognition of extension fee related to debentures
    
209
      
-
  
Finance expenses, net
    
(716
)
    
2,268
  
Deferred tax liability, net
    
(111
)
    
(138
)
Share-based payments
    
14
      
364
  
Changes in employe benefit liabilities, net
    
-
      
(71
)
Discount expenses in respect of loans and credit received
    
141
      
-
  
     
4,217
      
6,982
  
                 
Changes in working capital:
                
Decrease (increase) in trade receivables
    
3,306
      
(8,184
)
Increase in other current assets
    
(2,494
)
    
(2,775
)
Decrease (increase) in inventory
    
(6,222
)
    
4,864
  
Increase (decrease) in trade payables
    
(3,896
)
    
10,595
  
Increase in other current liabilities
    
9,442
      
2,420
  
                 
     
136
      
6,920
  
                 
Taxes (paid) received
    
22
      
(222
)
                 
Net cash provided by operating activities
    
491
      
3,122
  
                 
Cash flows from investing activities:
                
                 
Purchase of property, plant and equipment
    
(8
)
    
(126
)
Deconsolidation of subsidiary
    
-
      
(346
)
Change in restricted cash
    
(1,070
)
    
-
  
                 
Net cash used in investing activities
  
$
(1,078
)
  
$
(472
)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.



INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Canadian Dollars in thousands

   
Nine months ended
September 30,
  
   
2025
    
2024
  
Cash flow from financing activities:
            
             
Net proceeds received upon completion of private placement transaction
    
5,064
      
-
  
Repayment of lease liabilities
    
(230
)
    
(265
)
Payment of interest on lease liabilities
    
(26
)
    
(44
)
Proceeds from loans and credit received
    
4,634
      
1,803
  
Repayment of loans and credit
    
(2,573
)
    
(4,427
)
Interest paid
    
(1,954
)
    
(1,572
)
Proceeds from (repayment of) discounted checks
    
(1,647
)
    
4,483
  
                 
Net cash provided by (used in) financing activities
    
3,268
      
(22
)
                 
Effect of foreign exchange on cash
    
(2,362
)
    
(2,483
)
                 
Change in cash
    
319
      
145
  
Cash at the beginning of the period
    
863
      
1,813
  
                 
Cash at end of the period
  
$
1,182
    
$
1,958
  
                 
Supplemental disclosure of non-cash activities:
                
                 
Right-of-use assets recognized with corresponding lease liabilities
  
$
272
    
$
40
  
                 
Issuance of convertible debentures in exchange for loans (principal and interest) received (Note 3C)
  
$
-
    
$
2,092
  
                 
Common shares issued upon exercise of pre-funded warrants (Note 3C)
  
$
372
    
$
-
  
                 
Common shares issued upon partial conversion of convertible debentures (Note 3D)
  
$
1,395
    
$
-
  
                 
Common shares issued as debt settlement (Note 3F)
  
$
190
    
$
-
  

The accompanying notes are an integral part of the interim condensed consolidated financial statements.