Fri, Jun 28, 9:25 PM (115 days ago)
Cryomass Technologies Inc. reported a net loss of $2,554,469 for Q1 2024, compared to a $1,598,526 loss in Q1 2023. Revenues were $5,300, up from $0 in the prior year, primarily from licensing fees. Operating expenses decreased by 31% to $1,056,773 due to lower personnel costs and legal fees. Other expenses rose significantly to $1,502,996, driven by a $1,361,000 loss on contingent royalty liability. The company's cash position declined to $23,922 from $49,224 at year-end 2023, with a working deficit of $3,330,335. Management expressed substantial doubt about the company's ability to continue as a going concern, citing the need for $3.2 million in overhead and up to $3.125 million in capital expenditures. Efforts to secure additional financing or revenue from equipment sales and royalty payments are ongoing.