Thu, Oct 31, 6:07 PM (41 hours ago)
In the Amendment No. 1 to the Quarterly Report (Form 10-Q/A) for Cannabis Bioscience International Holdings, Inc. (CSE: CANN), covering the quarter ended August 31, 2024, the company reported a net loss of $76,305, a significant improvement from a loss of $181,789 in the same quarter of 2023. This change was influenced by a non-cash expense of $100,000; without it, the company would have recorded a net income of $26,305. As of August 31, 2024, the company had cash and cash equivalents of $969 and accounts receivable of $17,176, reflecting a slight increase in cash from $755 at the previous quarter-end. However, the company continues to face substantial negative working capital of $833,355, up from $860,416 previously. The amendment primarily corrects immaterial errors in the financial metrics discussed in the Management's Discussion and Analysis section, without altering the financial statements themselves. The company remains in a precarious financial position with no capital expenditure commitments. Future operations may be impacted by ongoing cash flow challenges and the need for strategic financial management.