GBS(INBS) - 2024 Q2 - Quarterly Report

Revenue and Sales Performance - Revenue for the three months ended December 31, 2023, was $764,063, a significant increase from $356,679 in the same period of 2022, representing a growth of 114%[158] - Revenue from sales of goods increased by $407,385 from $356,679 to $764,064 for the quarter ended December 31, 2023, compared to the same period in 2022, driven by customer base expansion[159] - Revenue from sales of goods increased by $1,203,478 from $356,679 to $1,560,157 for the six months ended December 31, 2023, compared to the same period in 2022, attributed to the acquisition of IFP[160] Profit and Loss - Gross profit for the three months ended December 31, 2023, was $199,248, compared to $244,044 in the same period of 2022, indicating a decrease of 18%[158] - The company reported a net loss of $1,976,383 for the three months ended December 31, 2023, compared to a net loss of $427,071 in the same period of 2022, reflecting an increase in losses of 363%[158] - Net loss attributable to INBS increased by $1,549,041 from $420,600 to $1,969,641 for the quarter ended December 31, 2023, compared to the same period in 2022[185] Operating Expenses - Operating expenses for the three months ended December 31, 2023, totaled $2,343,809, a decrease from $2,644,636 in the same period of 2022, showing a reduction of 11%[158] - Selling, general and administrative expenses decreased by $540,245 to $1,705,044 from $2,245,289 for the quarter ended December 31, 2023, compared to the same period in 2022[168] - Development and regulatory approval expenses increased by $347,261 from $1,191 to $348,452 for the quarter ended December 31, 2023, compared to the same period in 2022[171] Financial Position - Cash and cash equivalents as of December 31, 2023, were $1,119,004, with a working capital deficit of $2,238,430[188] - The company raised approximately $4.38 million through a public offering on October 4, 2023, with net proceeds of approximately $3.79 million to fund ongoing operations[154] - The Company raised approximately $4.38 million through a registered underwritten public offering on October 4, 2023, with net proceeds of approximately $3.79 million[190] Market Expansion and Product Development - The company expanded into the New Zealand market on October 24, 2023, enhancing its global footprint for drug screening products[155] - The company completed 25,000 Intelligent Fingerprinting tests during the quarter, demonstrating growing demand for its drug screening products across various industries[157] - The National Association of Testing Authorities (NATA) accredited the company's laboratory partner for fingerprint confirmatory drug testing, enhancing product quality and reliability[157] Other Financial Metrics - The weighted average shares outstanding for the three months ended December 31, 2023, was 949,660, compared to 75,690 in the same period of 2022, reflecting a significant increase due to stock splits[158] - The company reported a fair value gain on revaluation of financial instruments of $44,488 for the three months ended December 31, 2023, compared to a gain of $1,793,091 in the same period of 2022[158] - Cost of revenue increased by $452,180 from $112,635 to $564,815 for the quarter ended December 31, 2023, compared to the same period in 2022, in line with business growth[161] - Gross profit decreased by $44,796 from $244,044 to $199,248 for the quarter ended December 31, 2023, compared to the same period in 2022, due to increased direct costs[163] - Government support income decreased by $116,421 from $269,625 to $153,204 for the quarter ended December 31, 2023, compared to the same period in 2022[165]