Wed, Jul 17, 10:01 AM (52 days ago)
Can B Corp. filed an amended 10-Q for Q1 2024 to incorporate a review by a new auditor due to the SEC's suspension of their previous auditor. The company reported a significant net loss of $6.16 million, compared to $1.73 million in Q1 2023, driven by higher operating expenses and a loss on asset sales. Revenues dropped sharply to $369,096 from $939,305, primarily due to decreased product sales. The company’s cash position and working capital worsened, with cash decreasing to $26,582 and negative working capital of $6.17 million. Can B Corp. faced substantial doubts about its ability to continue as a going concern, exacerbated by an auction of its hemp division assets due to debt defaults. The company has ceased hemp operations and plans to focus on commercializing cannabis patents and other ventures.