Fri, Jun 14, 10:05 AM (85 days ago)
Cryomass Technologies Inc. (CRYM) filed its annual report for the fiscal year ended December 31, 2023. The company reported revenues of $13,552, marking its first revenue generation, primarily from territory license fees and royalties. Operating expenses increased by 5% to $10.8 million, driven by higher personnel costs and impairment losses on goodwill and intangible assets. Significant reductions in general and administrative expenses and legal fees partially offset these increases. The net loss widened to $12.96 million from $10.42 million in the previous year, primarily due to increased interest expenses and a loss on debt extinguishment. The company faces several risk factors, including regulatory uncertainties in the cannabis industry, competition, and challenges in securing additional funding. Cryomass's financial condition shows a working capital deficit of $2.34 million and a cash balance of $49,224, indicating a need for further capital to sustain operations. The company is actively working on refining its CryoSift Separator™ technology and has entered into a five-year license and equipment rental agreement with Rubberrock, Inc. The future outlook hinges on successful technology deployment and market acceptance.