CBNY reports year end net loss of $4.62 million

August 30, 2022

Ciboney Group Limited (CBNY) for the year ended May 31, 2022 reported total revenue of $1,815 relative to the $6,153 reported for the prior financial year. Loss for the last quarter was $185 relative to income of $1,000 a year prior.

Administrative and general expenses closed the year at $4.62 million, a 12% decline from the $5.27 million recorded in 2021. Within the quarter, the group’s administrative expenses were down by 44% to close at $562,000 (2021: $1 million).

Loss before taxation closed the period under review at $4.62 million (2021: $5.27 million). While loss before taxation for the quarter amounted to $561,000 versus a loss of $998,545 million for the similar quarter of 2021.

No taxes were incurred for the financial year hence net loss closed at $4.62 million, 12% less than the loss of $5.26 million for 2021. However, for the quarter, net loss amounted to $561,000 versus $998,545 million booked twelve months earlier.

As such, loss per share (LPS) for the year amounted to $0.847 (2021: $0.964). LPS for the fourth quarter amounted to $0.103 (2021: $0.002). The number of shares used in our calculations is 546,000,000. CBNY last traded on August 30, 2022 at a price of $ 0.64.

Balance Sheet at a Glance:

CBNY posted total assets of $3.66 million, 57% less than the $8.46 million booked as at May 31, 2021. The decline was mainly attributable to a 54% decline in ‘Income Tax Recoverable’ which closed at $2.63 million compared to $5.71 million in the previous comparable year.

Shareholder’s deficit for the year end was $6.90 million relative to the $2.28 million reported last year. As such, shareholder’s deficit per share was $0.013 (2021: shareholders’ deficit per share of $0.004).


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