Thu, Jun 20, 8:16 PM (273 days ago)
Body and Mind Inc. (BaM) reported a significant decline in its financial health for the quarter ended April 30, 2024. The company's total assets decreased from $21,209,780 to $16,187,375, primarily due to reductions in cash and inventory. Current liabilities increased from $8,730,110 to $10,107,019, driven by higher accounts payable and income taxes payable. This resulted in a widened stockholders' deficit from $9,339,609 to $11,931,628. Revenue for the quarter was $4,406,132, up slightly from $4,171,339 in the same period last year. However, the net loss from continuing operations increased to $2,549,701 from $1,828,463, primarily due to higher operating expenses and interest expenses. The company also reported a net loss of $2,538,190 from discontinued operations, although it managed to gain $4,058,665 from the sale of NMG OH 1, LLC. Cash flow from operations was negative at $6,154,835, and the company had to rely on asset sales and financing activities to manage liquidity. The company is facing legal challenges related to its convertible loan agreement with Comprehensive Care Group LLC, which could impact future operations. Overall, BaM's financial performance indicates significant challenges, including liquidity issues and increased liabilities.