Cannabis Bioscience International Holdings, Inc. reported significant financial developments for the quarter ending August 31, 2024, reflecting a notable increase in revenue and a reduction in operational losses compared to the same period in the previous year.
For the three months ended August 31, 2024, the company generated revenues of $178,887, a substantial increase from $72,821 reported in the same quarter of 2023. This growth was primarily driven by a rise in clinical trial contracts, which accounted for $178,386 of the total revenue, compared to $62,958 in the prior year. However, consulting fees dropped to zero from $8,333, and online sales of educational materials decreased from $1,580 to $501.
The gross profit for the quarter also saw a significant increase, reaching $170,525, up from $64,001 in the previous year. Despite this positive trend in revenue and gross profit, the company reported a loss from operations of $(97,604), which is an improvement from the $(176,784) loss recorded in the same quarter of 2023. The net loss for the quarter was $(76,305), a decrease from $(181,789) year-over-year. Notably, if a non-cash expense of $100,000 for share issuance had not been incurred, the company would have reported a net income of $26,305.
The company’s cash and cash equivalents increased slightly to $969 as of August 31, 2024, from $755 at the end of May 2024. However, total current assets decreased to $18,743 from $21,492, and total assets fell to $46,280 from $57,162. The accumulated deficit grew to $(5,410,385) from $(4,864,525) year-over-year, indicating ongoing financial challenges.
In terms of strategic developments, the company has made adjustments to its capital structure, including the issuance of 125,000,000 shares of common stock to a related party for services. Additionally, the company has seen a reduction in short-term loans, which decreased to $112,629 from $151,267. The total stockholders' deficiency improved slightly to $(1,055,317) from $(1,079,013).
The company continues to focus on its core operations, which include clinical trials and educational services related to medical cannabis, while also navigating the challenges of maintaining liquidity and managing operational costs.
About Cannabis Bioscience International Holdings, Inc.
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