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Intelligent Bio Solutions Inc. (INBS-5.48%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $872,287 from $796,094 in the same quarter the previous year. This increase is attributed to the expansion of the customer base.
Cost of revenue for the quarter was $525,486, compared to $563,763 in the same quarter of the previous year. The decrease is mainly due to a reduction in direct labor and overhead costs.
The company reported a gross profit of $346,801 for the quarter, compared to $232,331 in the previous year, with the increase driven by higher revenue and reduced costs.
Government support income increased to $126,128 from $109,871, primarily due to qualifying research and development expenditures.
Selling, general, and administrative expenses decreased to $1,949,016 from $2,457,060, primarily due to a reduction in legal, insurance, and consultancy costs.
Development and regulatory expenses increased to $948,752 from $103,947, primarily due to investment in FDA 510(k) clinical study plans.
Net loss for the quarter was $2,694,799, compared to $2,432,424 in the previous year. The increase is attributed to higher development and regulatory expenses.
Cash and cash equivalents were $3,989,431, with working capital of $800,112 as of September 30, 2024. The company acknowledges a material risk that current cash may be insufficient to fund operations for the next 12 months.
The filing also details an At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc., allowing sales of common stock up to $3.0 million.
The company identified material weaknesses in its internal controls over financial reporting and is implementing a remediation plan to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intelligent Bio Solutions Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.