10-Q - Cannabis Bioscience International Holdings, Inc. (0001411057) (Filer)

Tue, Jan 21, 10:29 PM (27 days ago)

For the quarter ending November 30, 2024, Cannabis Bioscience International Holdings, Inc. (ticker: CBIH) reported revenues of $74,248,000, up from $63,748,000 in the same period last year, driven primarily by increased clinical trial revenues. Gross profit rose to $66,445,000, with a significant reduction in cost of revenues to $7,803,000. Operating expenses decreased to $126,072,000, contributing to a narrower operating loss of $59,627,000 compared to $94,512,000 a year ago. The net loss for the quarter was $79,528,000, an improvement from a loss of $124,428,000 in Q4 2023. The company’s cash position improved slightly, ending the quarter with $1,002,000, while accounts receivable decreased to $13,819,000. However, it reported a working capital deficit of $857,255,000 and an accumulated deficit of $5,489,913,000. The ongoing concern about liquidity remains, as the company has not yet generated profits and will need to secure additional financing to sustain operations. Overall, while revenues show positive momentum, substantial uncertainties regarding future operations persist due to ongoing losses and cash flow challenges.