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Key Updates From THC Biomed International Ltd. (OTCMKTS:THCBF)

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THC Biomed International Ltd. (OTCMKTS:THCBF) reported that for the quarter closed January 2017, the net income came at $125,702 against a net loss of $63,090 for the comparable period, a year ago. Sales were $3,195 with sales commencing in January, 2017. Cost of sales and other manufacturing expenses came at $174,927 compared to $0 in the comparable period, a year ago.

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G&A expenses surged to $323,668 from G&A costs of $302,850 in the quarter closed January 2017 over the comparable period, provided the improved business activity. Amortization and depreciation came at $30,605 in the reported period compared to $3,399 in the same period, a year ago. All the assets turned in use upon the license obtained by Health Canada effective last May.

THC Biomed didn’t depreciate the warehouse facilities until after May 2016. Marketing and Sales came at $9,654 in the recent quarter compared to $0 for the quarter closed January 2016. The firm is starting marketing initiatives for its products and this resulted in the increased marketing and sales costs.

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THC Biomed reported that share-based compensation stood at $0 compared to $7,588 for the quarter closed January 2017 as no stock options were given during the quarter. Other income was $8,012 against $376,927 in the comparable period, a year ago. This consisted mainly of interest repaid from the Canada Revenue Agency.

In the relative period, the firm had earned consulting fees of $250,000 which were not recurring. It included income of $125,303 on the debt forgiveness that was settled with numerous; a gain on sale investment of $1,575; and last other income of $49 comprising mainly of interest income.

Last month, THC Biomed finalized a Capital Commitment Deal with GEM Global for a capital commitment of $10 million. Proceeds raised from this investment will be utilized for general corporate and working capital purposes.

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