Acquisition and Expansion - The company completed the acquisition of Intelligent Fingerprinting Limited (IFP) on October 4, 2022, expanding its portfolio of rapid, non-invasive diagnostic testing technologies[168]. - The IFP acquisition involved issuing 2,963,091 shares of common stock and 2,363,003 shares of Series C Convertible Preferred Stock as consideration[169]. - IFP expanded its customer base by entering sales contracts with several UK companies, including Glass Systems and Eastern Airways[180]. - The company aims to increase market share in the UK and West Europe while commencing distribution in the Asia region and pursuing FDA regulatory approval for the US market[175]. Financial Performance - Revenue from sales of goods increased from 356,679 for the quarter ended December 31, 2022, compared to the same period in 2021, due to the acquisition of Intelligent Fingerprinting Limited (IFP) during the current quarter[199]. - Gross profit for the quarter ended December 31, 2022, was 2,644,636, resulting in a loss from operations of 427,071, compared to a net loss of 1,415,111, compared to a comprehensive loss of 2,911,682, with working capital of 1,563,530[226]. - The company expects its cash and cash equivalents will be insufficient to fund its current operating plan for at least the next twelve months[227]. Research and Development - The company is developing a Saliva Glucose Biosensor (SGB) to replace invasive blood glucose monitoring for diabetic patients, with ongoing clinical studies involving 40 adult subjects[174]. - The Saliva Glucose Test (SGT) is expected to substitute invasive blood glucose monitoring for diabetic patients, utilizing a non-invasive method to measure glucose levels in saliva[188]. - The Biosensor Platform Technology allows for the detection of multiple biological analytes, with the potential to develop tests for cancer biomarkers and hormones[197]. - The SGB (Saliva Glucose Biosensor) can detect glucose in saliva at concentrations between 8 and 200 µM, exhibiting sensitivity 100 times lower than blood glucose levels[190]. - The company has completed the development of an intermediate device that communicates with smart devices, enhancing the functionality of the SGB[194]. - The company is developing an R&D and manufacturing facility at the University of Newcastle, Australia, with construction expected to start in Q2 2023[180]. Stock and Shareholder Information - A reverse stock split at a ratio of 1-for-20 became effective on February 9, 2023, reducing the number of outstanding shares from approximately 18.3 million to about 916,265[178]. - The company has reserved up to 1,649,273 shares of Series C Preferred Stock for potential future issuance related to the IFP acquisition and employee stock options[170]. - The weighted average shares outstanding for the quarter ended December 31, 2022, was 908,283, compared to 744,126 for the same period in 2021[198]. Government Support and Expenses - The company reported government support income of 269,625 for the quarter ended December 31, 2022, compared to 1,242,045 to 1,003,244 in the same period in 2021, largely due to the acquisition of IFP[207]. - Development and regulatory expenses decreased by 1,191 for the quarter ended December 31, 2022, compared to 91,834 to 177,791 in the same period in 2021[203]. Other Financial Metrics - The outstanding fair value of convertible notes as of December 31, 2022, was 354,242 to 7,355 in the same period in 2021[221]. - Net loss attributable to INBS decreased by 420,600 for the quarter ended December 31, 2022, compared to $3,459,998 in the same period in 2021[223].
GBS(INBS) - 2023 Q2 - Quarterly Report