Mon, Aug 19, 9:14 PM (148 days ago)
For the quarter ended June 30, 2024, AXIM Biotechnologies, Inc. reported a revenue increase of over 86% year-over-year, totaling $17.5K, with total revenues of $70.5K for the six months, compared to $17.1K in 2023. Operating expenses decreased by 16% to $585.2K for the quarter, resulting in a loss from operations of $569.4K, a 17% improvement compared to the prior year. The net loss for the quarter was $2.3M, a 38% reduction from $3.7M in Q2 2023. The company's cash position significantly declined to $6.0K from $156.5K at the end of 2023, raising concerns about liquidity. AXIM's accumulated deficit reached $74.7M, with negative working capital of $6.6M. The ongoing geopolitical tensions and inflation continue to pose uncertainties for the company’s supply chain and operational costs. Future operations will depend on successful capital raises, with management emphasizing the need for additional funding to sustain operations and support growth initiatives in the dry eye disease diagnostic market.