Wide Open Agriculture (ASX: WOA) – focus regenerative food
ABOUT COMPANY
Wide Open Agriculture (WOA) (https://www.wideopenagriculture.com.au/) focuses on regenerative agriculture and farming in Australia. It partners with local farmers and offers regenerative food under the Dirty Clean Food brand name through retail and online sales (https://www.dirtycleanfood.com.au/). The company also engages in commercializing oat milk and lupin protein technology. It serves restaurants, cafes, and meal kit companies.
Regenerative agriculture focuses on improving and supporting the complex web of systems and human and non-human communities existing on land. This results in better soil health, the nutritional quality of foods, biodiversity, water-retention capacity of the soil, and carbon sequestration.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| WOA | 0.015 | 533686610 | 8005299.1500 | 6/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 4634 | 56.12% | 56.12% | 8.77% | 324296 | last raise $7m@2c+3cOpt; pre raise $6.8m@20c+20cOpt |
The company paid $4.2m for German assets.
BUSINESS
Below are the company’s past five years performance:
| WOA | 2023 | 2022 | 2021 | 2020 | 2019 |
| Operation Revenue | 11456 | 9259 | 4315 | ||
| Cost of Sale | -10746 | -8280 | -3779 | ||
| Gross Revenue | 710 | 979 | 536 | 0 | 0 |
| Gross Margin | 0.0620 | 0.1057 | 0.1242 | 0 | 0 |
| Overheads | -15345 | -11481 | -8340 | ||
| Fixed Overheads | |||||
| Variable Overheads | |||||
| Total Operation Expense | -15345 | -11481 | -8340 | 0 | 0 |
| Operation Profit | -14635 | -10502 | -7804 | 0 | 0 |
| Other Revenue | 772 | 441 | 429 | ||
| Interest Expense | -56 | -113 | |||
| D&A | -743 | -614 | -155 | ||
| Income Tax | |||||
| Net Profit | -14662 | -10788 | -7530 | 0 | 0 |
| NOTES |
In April 2024, the company sold the Dirty Food business to the former CEO, James Albany for almost nothing.
SUMMARY
A worst corporate governance show to date.