Cannabis Bioscience International Holdings Reports Revenue Growth Amid Ongoing Financial Challenges

Cannabis Bioscience International Holdings, Inc. reported its financial results for the three and six months ended November 30, 2024, revealing a significant increase in revenue compared to the same periods in the previous year. For the three months ended November 30, 2024, the company generated revenues of $74,248, up from $63,748 in the prior year, while for the six-month period, revenues surged to $253,135 from $136,569. The gross profit for the three months was $66,445, compared to $48,656 a year earlier, and for the six months, it reached $236,970, up from $112,656. Despite these gains, the company reported a net loss of $79,528 for the quarter and $155,833 for the six months, although these figures represented improvements from losses of $124,428 and $306,217, respectively, in the prior year.

The financial performance reflects a strategic focus on clinical trials, which accounted for the majority of revenue growth. Revenue from clinical trials increased by $10,500 for the quarter and $137,199 for the six months. However, the company also faced rising operational costs, particularly in general and administrative expenses, which rose to $40,128 for the quarter, compared to $8,407 in the previous year. Total operating expenses for the six months increased to $394,201 from $380,839, driven by higher professional fees and general administrative costs.

In terms of operational metrics, the company reported a decrease in cash and cash equivalents, which rose to $1,002 from $755 at the end of the previous fiscal period. Accounts receivable also decreased to $13,819 from $20,139. The company continues to operate with negative working capital of $857,255, indicating ongoing financial challenges. The accumulated deficit increased to $5,489,913 from $5,334,081, highlighting the need for improved cash flow management and operational efficiency.

The company has made several strategic decisions, including the issuance of common stock for services and the forgiveness of debt, which contributed to its financial results. Additionally, the company is actively seeking to expand its operations and raise capital to support its business plan. However, there remains substantial doubt about its ability to continue as a going concern, as indicated in the filing. The management emphasized the necessity of executing its operational plan and securing financing to sustain its operations.

Looking ahead, Cannabis Bioscience International Holdings, Inc. aims to enhance its service offerings and expand its market presence. The company is focused on increasing sales from existing services and introducing new products, while also addressing its financial challenges. The management's outlook remains cautious, as the ability to secure adequate capital and improve operational performance will be critical to the company's future viability.