Mon, Jan 27, 10:29 PM (18 days ago)
For the quarter ending November 30, 2023, Innovation1 Biotech Inc. (IVBT) reported no revenue, maintaining consistent performance from the previous year. The company incurred a net loss of $255,228, a significant decrease from $631,666 in Q4 2022, primarily due to reduced operating expenses, which fell from $628,820 to $155,832. Key reductions were noted in salaries and professional fees. Total assets decreased to $20,057 from $75,993, with cash dropping to $5,819. Liabilities totaled $3,070,314, including $1,979,278 in dividends payable on preferred stock. The company's working capital deficit stands at $2,638,693, raising substantial doubt about its ability to continue as a going concern. Management plans to address financial needs through additional debt and equity financing. The company has entered a license agreement with NLC for developing natural supplements, which could provide future revenue streams, although success is uncertain and contingent on securing necessary funding. The company’s financial health remains precarious, with significant reliance on future financing to sustain operations.