THC Biomed International Ltd. (OTCMKTS:THCBF) posted that for the quarter completed January 2017, the net income stood at $125,702 versus a net loss of $63,090 for the equivalent period, a year ago. Sales came at $3,195 with sales recorded from January, 2017. Also, cost of sales and other production costs amounted to $174,927 as against $0 in the equivalent period, a year earlier.
G&A expenses increased to $323,668 from $302,850 in the reported quarter over the comparable period, due to the progress in business activities. Amortization and depreciation stood at $30,605 in the posted period against $3,399 in the equivalent period, a year ago. All the assets became active upon the license issued by Health Canada in this month.
THC Biomed announced that the company has not depreciated the warehouse facilities after May 2016. The firm has started marketing initiatives for its offerings which has resulted in higher marketing and sales costs. As a result, the marketing and sales expenses were $9,654 in the posted quarter against $0 for the quarter completed January 2016.
Share-based compensation was $0 versus $7,588 for the quarter completed January 2017 as THC Biomed released no stock options in the respective quarter. Other income stood at $8,012 versus $376,927 in the equivalent period, a year ago. This constituted mainly of interest reimbursed from the Canada Revenue Agency.
For the quarter closed January 2017, the company recorded $250,000 in consulting fees which were not periodic. It constituted income on the debt forgiveness, a gain on sale investment, and other income.
Earlier, THC Biomed completed a Capital Commitment contract with GEM Global for $10 million. Proceeds raised from the reported investment are intended for general corporate and working capital applications.
In the last trading session, the stock price of THC Biomed gained more than 1% to close the day at $0.479. The gains came at a share volume of 93, 001 compared to average share volume of 67,049.
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