Thu, Jul 18, 8:57 PM (51 days ago)
Allied Corp. reported a net loss of $2,593,922 for the nine months ended May 31, 2024, a decrease from the $5,539,882 loss in the same period of 2023. Revenues increased to $96,180 from $69,625, with a gross margin of $72,513 compared to $43,667 in the prior year. Total expenses were significantly reduced to $2,666,435 from $5,609,507, primarily due to a decrease in consulting fees. Despite the improvement, the company continues to face substantial challenges, with a working capital deficit of $9,083,174 and ongoing financing needs. Allied raised capital through equity issuances and convertible notes, but substantial doubt remains about its ability to continue as a going concern without additional financing. The company is focused on developing its cannabis operations in Colombia and is engaged in legal proceedings to reclaim assets from a bankrupt leaseholder in Nevada.