Mon, Aug 19, 8:27 PM (148 days ago)
For the quarter ending June 30, 2024, Can B Corp. reported significant financial challenges, including a net loss of $2,028,623, compared to a loss of $2,027,013 in the same period last year. Total revenues fell to $272,287 from $420,593, primarily due to the cessation of certain product sales and a decline in hemp-related operations. The gross profit margin remained negative at -144.4%, reflecting increased costs of revenues. The company’s cash position deteriorated, ending the quarter with $0 in cash and negative working capital of $7,133,025. Total liabilities decreased slightly to $11,111,365, while stockholders’ equity fell to -$6,191,436. Operating expenses surged to $1,173,836, influenced by a significant loss on asset sales and stock-based compensation. The company has shifted focus to patent commercialization and reducing operational expenses, following the auction of its hemp division assets due to defaults on obligations. Overall, Can B Corp. faces ongoing liquidity issues and uncertainties regarding its ability to continue as a going concern, as it seeks to restructure its operations and capitalize on its recent patent acquisitions.