In This Story
Cannabis Bioscience International Holdings Inc (CBIH-16.67%). has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports revenues of $74,248 for the three months ended November 30, 2024, compared to $63,748 for the same period in the previous year. The increase in revenue is primarily attributed to clinical trials.
Cost of revenues decreased to $7,803 from $15,092 in the same quarter of the previous year, primarily due to a reduction in clinical trial costs.
Operating expenses for the quarter were $126,072, down from $143,168 in the previous year. This decrease is mainly due to reductions in professional fees, officer compensation, and rent.
The company reported an operating loss of $59,627 for the quarter, an improvement from a loss of $94,512 in the previous year, driven by increased revenue and reduced operating expenses.
Net loss for the quarter was $79,528, compared to $124,428 in the previous year. The improvement is due to increased revenue and reduced costs.
For the six months ended November 30, 2024, revenues were $253,135, up from $136,569 in the previous year, primarily due to increased clinical trial and consulting fees.
Total operating expenses for the six months were $394,201, compared to $380,839 in the previous year, with the increase attributed to higher general and administrative expenses.
The company reported a net loss of $155,833 for the six months ended November 30, 2024, compared to $306,217 in the previous year, reflecting improved revenue and cost management.
The filing highlights the company's ongoing challenges with negative working capital and accumulated deficits, raising substantial doubt about its ability to continue as a going concern without additional capital.
The company continues to focus on expanding its operations and raising financing to support its business activities and address its financial challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cannabis Bioscience International Holdings Inc quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.