Mon, Sep 16, 10:47 AM (96 days ago)
Cannabis Bioscience International Holdings, Inc. (the "Company") reported significant financial challenges in its fiscal year ending May 31, 2024, with revenues of $248,841, down from $316,825 in the previous year. The decline was attributed primarily to reduced clinical trial revenues and fewer educational classes. The Company incurred an operating loss of $486,140, a decrease from $983,371 in the prior year, and a net loss of $651,345 compared to $1,032,579. Operating expenses decreased to $689,382, driven by reduced contract labor and professional fees. The Company continues to face substantial doubt regarding its ability to continue as a going concern due to ongoing losses and negative cash flows, necessitating additional capital to fund operations. As of May 31, 2024, the Company had a working capital deficit of $860,416 and an accumulated deficit of $5,334,081. Looking ahead, the Company aims to expand its online educational offerings and clinical trial services, focusing on the growing cannabis market. However, risks include dependency on a limited number of clients for revenue and ongoing regulatory uncertainties in the cannabis sector.