CBNY reports nine months net loss of $2.05 million

April 12, 2023

Ciboney Group Limited (CBNY) for the nine months ended February 28, 2023, financial income amounted to nil from $2,000 in February 2022. For the third quarter ended February 2023, financial income amounted to nil from $1,000 in the corresponding quarter in 2022.

Group operating expenses totaled $2.05 million for the period relative to $4.06 million for the corresponding period in 2022, a 50% decline. Meanwhile, for the quarter, the group operating expenses amounted to $565,000 (2022: $1.53 million).

Operating loss, therefore, totaled $2.05 million for the nine months ended February 2023 (2022: $4.06 million). Likewise, the Company booked an operating loss for the third quarter ended February 2023 of $565,000 (2022: $1.53 million)

No taxes were incurred for the financial year hence net loss closed at $2.05 million, this compares with the net loss of $4.06 million booked in 2022.

Net loss per share was $0.004 for the period compared with a loss per share of $0.007 in 2022. For the quarter, loss per share amounted to $0.001 (2022: LPS of $0.003). The number of shares used in the calculations is 546,000,000.  CBNY last traded on April 11, 2023 at a price of $0.65.

Balance Sheet at a glance:

Total Assets as at February 28, 2023 amounted to $1.63 million, down from $3.96 million recorded in the prior year. This was attributed to an 85% decline in ‘Cash and Cash Equivalents’ to total $198,000 compared to the $1.33 million reported in 2022.

Shareholders’ deficit amounted to $8.95 million relative to a deficit of $6.34 million reported in 2022. As such, the shareholders’ deficit per share amounted to $0.016 as at February 28, 2023 compared to shareholders’ deficit per share of $0.012 booked twelve months earlier.


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