CBNY reports year end net loss of $6.52 million

July 11, 2022

Ciboney Group Limited (CBNY) for the year ended May 31, 2022 reported total revenue of $2,000 relative to $6,000 reported for the prior financial year. Revenue for the last quarter was $1,000 (2021: $1,000).

Administrative and general expenses closed the year at $4.63 million, a 12% decline from the $5.27 million recorded in 2021. Within the quarter, the group’s administrative expenses were down by 61% to close at $562,000 (2021: $1.46 million).

Loss before taxation closed the period under review at $4.62 million (2021: $5.26 million). While loss before taxation for the quarter amounted to $561,000 versus a loss of $1.46 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 $1.46 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: $0.003). The number of shares used in our calculations is 546,000,000. CBNY last traded on July 8, 2022 at a price of $ 0.75.

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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2022-07-11T10:41:54-05:00