Q BioMed Inc. (QBMG), a biomedical acceleration and development company, released its financial report for Q1 2023, revealing a net loss of $721,612 that is larger than the net loss of $2,288,623 observed during the same period last year. Despite the increased net loss, the company continues to focus on licensing, acquiring, and providing strategic resources to life sciences and healthcare companies.
The financial statement shows that the company had total assets of $3,464,682 compared to $3,515,517 from the previous quarter. On the liability side, Q BioMed had total liabilities of $9,905,733, up from $8,132,940. The company’s total stockholders’ deficit stood at $6,441,051, an increase over the $4,617,422 deficit in the previous quarter.
Q BioMed’s net sales for the three months ended February 28, 2023, were $0, compared to net sales of $75,059 during the same period the previous year. Its research and development expenses totaled $2,691, which is a significant decrease from the $69,268 observed during the same period last year.
General and administrative expenses amounted to $439,818, also reflecting a decrease from the $1,096,300 reported for the same period in 2022. This observed decrease in expenses signifies that the company is controlling its costs while navigating the unpredictable impact of the COVID-19 pandemic on its operations.
The company continues to monitor the situation and adapt its strategies accordingly. It is important to note that Q BioMed’s management foresees the need to raise additional funds or generate more revenue from drug sales within the next 12 months to ensure the company’s continued operations.
In addition to exploring fundraising options, Q BioMed intends to develop its assets, invest in multiple assets across the healthcare sector, and create returns and growth through organic ventures. The company’s main aim is to mitigate risk and strengthen its position in the market while continuing to provide value to its shareholders.
Amidst the current market conditions and unpredictable future, Q BioMed’s commitment to maintaining its operational and financial health remains unwavering. With strategic acquisitions and licensing agreements, the company is poised to capitalize on emerging opportunities and help reshape the healthcare industry.
Financials in millions USD. Fiscal year is December – November. source
|1||Revenue Growth (YoY)||45.38%||551.99%||–||–||–||–||–||–||–||–|
|2||Cost of Revenue||0.29||0.25||0.33||0||0||0||0||0||0||0|
|4||General & Administrative||3.31||6.26||10.97||4.48||5.78||9.27||5.03||0.35||0.04||0|
|5||Research & Development||0.13||1.07||1.88||3.54||3.24||3.1||1.31||0.6||0||0|
|10||Other Expense / Income||-2.78||0.35||0.05||0.8||0.09||1.41||0.34||0.12||–||–|
|14||Shares Outstanding (Basic)||45||27||22||15||14||10||9||9||6||3|
|15||Shares Outstanding (Diluted)||45||27||22||15||14||10||9||9||6||3|
|19||Free Cash Flow Per Share||0.04||-0.16||-0.28||-0.27||-0.51||-0.53||-0.17||-0.01||-0.01||–|
|23||Free Cash Flow Margin||682.75%||-2199.44%||-20778.14%||–||–||–||–||–||–||–|
|26||Depreciation & Amortization||0.05||0.05||0.05||0.05||0||0||0||0||0||0|
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