Connect with us

BIOTECH

THC Biomed International Ltd. (OTCMKTS:THCBF) Releases Financial Updates

Published

on

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.

The details

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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

BRANDS

DETAILS

SCORE

PRODUCT SITES

  • Certified Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49

9.8

30% OFF Today! “30 0FF”

  • All Natural
  • Made In U.S.A
  • Lab Tested
  • Price From $69

9.7

  • All Natural
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99

9.6

  • All Natural
  • Made In U.S.A
  • Oral Mist
  • Price From $39

9.5

BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Purity Promise
  • Price From $49
SCORE

9.8

PRODUCT SITE
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Lab Tested
  • Price From $69
SCORE

9.7

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Dissolvable Oral
  • Price From $99
SCORE

9.6

PRODUCT SITE VIEW PRODUCTS
BRAND
DETAILS
  • All Organic
  • Made In U.S.A
  • Oral Mist
  • Price From $39
SCORE

9.5

PRODUCT SITE VIEW PRODUCTS
Advertisement

Title

Uncategorized4 days ago

Top 15 Essential Oils + Health Benefits

Top 15 Essential Oils + Health Benefits Each and every essential oil contains compounds with unique healing and therapeutic benefits....

Uncategorized4 days ago

Using Hemp Oil in Cooking

Hemp oil has many advocates. The oil from hemp seeds is rich in omega-3 and omega-6 essential fatty acids. This makes...

Uncategorized1 week ago

Best Oil Producers of 2018

Millionaires are being made by the moment in the medical marijuana industry. Venture capital firms, private equity firms, and even...

MyDx Inc MyDx Inc
Health3 weeks ago

MyDx Inc. (OTCMKTS:MYDX) Initiates Clinical Trial of Cannabis Formula for The Treatment of Chronic Low Back Pain

San Diego, CA based MyDx Inc. (OTCMKTS:MYDX) has announced the controlled trial of the cannabis formula for the treatment of...

Business3 weeks ago

Fastfunds Financial Corporation (OTCMKTS:FFFC) Is All Set to Launch Affinity Connextions Program Targeting MMJ Industry

Fastfunds Financial Corporation (OTCMKTS:FFFC) has announced the completion of all necessary formalities to introduce an Affinity Connextions Program through a...

Innovative Industrial Properties Inc Innovative Industrial Properties Inc
Business3 weeks ago

Innovative Industrial Properties, Inc (NYSE:IIPR) Unveils Exercise Of Underwriter’s Option To Purchase Common Stock Shares

Innovative Industrial Properties, Inc (NYSE:IIPR) announced recently that it has obtained the exercise of the underwriter’s option to buy additional...

Business3 weeks ago

Next Generation Management Corporation (OTCMKTS:NGMC) Updates On New Medical Marijuana System in Oregon

Nextgen Holdings, a subsidiary of the Next Generation Management Corporation (OTCMKTS:NGMC) recently updated its stockholders with the ongoing Medical Marijuana...

INDUSTRIAL HEMP3 weeks ago

Weed Inc’s (OTCMKTS:BUDZ) Performance Is Getting Higher

Weed Inc (OTCMKTS:BUDZ) has for a long time been enjoying the momentous highs for the past few months. The company’s...

INDUSTRIAL HEMP3 weeks ago

Namaste Technologies Inc (OTCMKTS:NXTTF) Signs A Share Purchase Agreement With Cannbit Ltd

Namaste Technologies Inc (OTCMKTS:NXTTF) announced recently that it signed a non-binding Letter of Intent (LOI) with Cannabit Limited where the...

INDUSTRIAL HEMP3 weeks ago

MariMed Inc. (OTCMKTS:MRMD) Plans To Expand Its Cannabis Business

MeriMed Inc. (OTCMKTS:MRMD) announced its grand plans to expand business into the emerging cannabis industry. Furthermore, the company intends to...

Advertisement
Advertisement
Advertisement