$CANB Financial Results for the Nine Months Ended
Post# of 72708
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Posted On: 11/18/2020 10:44:22 AM
$CANB Financial Results for the Nine Months Ended September 30, 2020:
Revenue for the nine months ended September 30, 2020 was $1,234,287, a decrease of $531,874, or 30%, compared to $1,766,161 for the nine months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.
Gross profit for the nine months ended September 30, 2020 was $994,312, a decrease of $68,242, or 6%, compared to $1,062,554 for the nine months ended September 30, 2019. The resulting gross margin was 81% for the nine months ended September 30, 2020, compared to 60% for the nine months ended September 30, 2019.
Operating expenses for the nine months ended September 30, 2020 were $3,998,414, a decrease of $608,884, or 13%, compared to $4,607,298 for the nine months ended September 30, 2019. Operating expenses for the nine months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $916,386 and amortization of intangible assets of $446,556, compared to $1,018,786 and $12,127 for the nine months ended September 30, 2019.
Operating loss for the nine months ended September 30, 2020 was $3,004,102, a decrease of $540,642, or 15%, compared to $3,544,744 for the nine months ended September 30, 2019.
Adjusted operating loss for the nine months ended September 30, 2020 was $1,641,160, a decrease of $872,671, or 35%, compared to $2,513,831 for the nine months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the nine months ended September 30, 2020 was $3,598,208, an increase of $47,104, or 1%, compared to $3,551,104 for the nine months ended September 30, 2019. The resulting EPS loss for the nine months ended September 30, 2020, was a ($0.95), as compared to an EPS loss of ($1.30) for the nine months ended September 30, 2019.
Revenue for the nine months ended September 30, 2020 was $1,234,287, a decrease of $531,874, or 30%, compared to $1,766,161 for the nine months ended September 30, 2019. This decrease was due to the impact of the COVID-19 outbreak.
Gross profit for the nine months ended September 30, 2020 was $994,312, a decrease of $68,242, or 6%, compared to $1,062,554 for the nine months ended September 30, 2019. The resulting gross margin was 81% for the nine months ended September 30, 2020, compared to 60% for the nine months ended September 30, 2019.
Operating expenses for the nine months ended September 30, 2020 were $3,998,414, a decrease of $608,884, or 13%, compared to $4,607,298 for the nine months ended September 30, 2019. Operating expenses for the nine months ended September 30, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $916,386 and amortization of intangible assets of $446,556, compared to $1,018,786 and $12,127 for the nine months ended September 30, 2019.
Operating loss for the nine months ended September 30, 2020 was $3,004,102, a decrease of $540,642, or 15%, compared to $3,544,744 for the nine months ended September 30, 2019.
Adjusted operating loss for the nine months ended September 30, 2020 was $1,641,160, a decrease of $872,671, or 35%, compared to $2,513,831 for the nine months ended September 30, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the nine months ended September 30, 2020 was $3,598,208, an increase of $47,104, or 1%, compared to $3,551,104 for the nine months ended September 30, 2019. The resulting EPS loss for the nine months ended September 30, 2020, was a ($0.95), as compared to an EPS loss of ($1.30) for the nine months ended September 30, 2019.
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