GBS(INBS) - 2024 Q3 - Quarterly Report

Financial Performance - Revenue for the quarter ended March 31, 2024, increased by $366,742 to$823,800 compared to $457,058 in the same period in 2023, attributed to customer base expansion[174] - Gross profit for the quarter ended March 31, 2024, was$178,489, a significant increase from $33,049 in the same period in 2023[172] - The company reported a net loss of$2,986,765 for the quarter ended March 31, 2024, compared to a net loss of $6,352,017 in the same period in 2023[172] - Revenue from sales of goods increased by$1,570,220, reaching $2,383,957 for the nine months ended March 31, 2024, compared to the same period in 2023[175] - Gross profit increased by$332,975 to $610,068 for the nine months ended March 31, 2024, due to revenue growth from an expanded customer base[180] - Net loss attributable to INBS decreased by$600,287 to $7,372,512 for the nine months ended March 31, 2024, primarily due to prior goodwill impairment charges[202] Operating Expenses - The total operating expenses for the quarter ended March 31, 2024, were$3,216,066, a decrease from $6,694,128 in the same period in 2023[172] - Selling, general and administrative expenses increased by$993,473 to $6,587,934 for the nine months ended March 31, 2024, primarily due to marketing and compliance costs[186] - Development and regulatory approval expenses increased by$543,349 to 923,712 for the nine months ended March 31, 2024, driven by in-house R&D staff costs[189] - Interest expenses decreased by 51,367 to $112,590 for the nine months ended March 31, 2024, due to the conversion of convertible notes into common shares[193] Cash Position - As of March 31, 2024, the company had a cash balance of$9.40 million after raising approximately $10.76 million through a warrant inducement transaction and a private placement offering[171] - Cash and cash equivalents as of March 31, 2024, were$9,397,523, with working capital of $5,814,284[204] - The company expects its cash and cash equivalents may be insufficient to fund its current operating plan for at least the next twelve months[205] Customer and Market Development - The company secured 26 new customer accounts during the quarter, representing a combined headcount of approximately 16,779 employees[171] - The company announced a partnership with Cliantha Research to conduct pharmacokinetic studies as part of its FDA 510(k) clinical studies plan, aiming for a product launch in the U.S. in 2025[171] - A new European patent for the DSR-Plus Cartridge Reader was granted, effective in 17 European countries[171] Risks and Uncertainties - The company operates in a competitive environment with ongoing risks and uncertainties that may affect future results[161] - Unrealized foreign currency translation loss increased by$66,239 to $144,026 for the quarter ended March 31, 2024, compared to the same period in 2023[199] Equity Interest - The company has a 50$1,237,245 to $1,773,889 for the nine months ended March 31, 2024, driven by the increase in revenue from the acquisition of IFP[177]