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Canadian Bioceutical Announces "Material Uncertainties"

Yesterday, The Canadian Bioceutical Corporation (OTC:CBICF) (TSXV:BCC) announced their unaudited financial results for the quarter that ended September 30th.

 

Here's a  rundown of the results:

  • Canadian Bioceutical Corp. announced no revenues for the quarter.

  • Over the 6-month period ending September 30th,  CBICF incurred a net loss of $622,047 CAD.

  • This is compared with the same 6-month period in 2015 where CBICF incurred net losses of $584,138 CAD.

  • Although a roughly 2% decline in general and administrative expenses over the same quarter last year, CBICF still had $291,619 CAD in expenses for the quarter.

  • The basic and diluted loss per share was -$0.01 CAD

  • This is based on a weighted average of 41,856,292 basic and diluted shares.

  • We expect more dilution to continue, as the company listed one significant risk to its ongoing business plans:

"The ability of the Company to carry out its business plan rests with its ability to secure additional equity and other financing. Although the Company has been successful in obtaining financing from related parties and private placements in the past, the Company will likely require continued support. These material uncertainties cast significant doubt about the Company's ability to continue as a going concern."

 

Conclusion

 

We will be watching the company closely in anticipation of further equity offerings or financing from related parties. For The Canadian Bioceutical Corporation's press release announcing their unaudited financial results, click here. For more recent news and coverage on The Canadian Bioceutical Corporation, be sure to check out their profile in our TSX Venture Listed Marijuana Stocks Database

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