Tue, Jun 25, 8:29 PM (74 days ago)
CannaPharmaRx, Inc. reported significant financial challenges for Q1 2024, with a net loss of $11.7 million, a substantial increase from the $1.4 million loss in Q1 2023. Revenue was $25,839, while the cost of goods sold was $463,248, resulting in a gross loss of $437,409. Operating expenses decreased to $352,786 from $720,277, primarily due to lower payroll and consulting fees. Notably, changes in the fair value of derivative liabilities and obligations to issue shares contributed to a significant increase in other expenses. The company faces a working capital deficiency and substantial doubt about its ability to continue as a going concern. Management plans to raise additional funds through debt and equity.