CAN B CORP.
0.0214+0.00 (+0%)
Sep 24, 4:00:00 PM EDT · OTC Markets OTCPK · CANB · USD
Key Stats
Market Cap
1.66MP/E (TTM)
0.24Basic EPS (TTM)
0.09Dividend Yield
0%Recent Filings
10-Q
Q3 FY2024 results
Can B Corp. posted Q3 revenue of $15K, down sharply from $419K a year ago as hemp operations wound down, leaving service revenue as the sole stream; nine-month totals hit $657K, a 63% y/y drop (derived). Gross losses narrowed to $401K from $817K y/y, but operating losses widened to $2.8M amid $2.4M SG&A, while nine-month operating loss ballooned to $10.1M from $6.8M, driven by a $3.1M asset sale loss. Diluted EPS improved to -$0.05 from -$0.36 y/y, backed by 65M weighted shares versus 12M prior, with no anti-dilution flags. Cash dwindled to $8K from $34K year-start, offset by $95K operating cash flow; debt lingers at $8.6M, mostly past due, with a new $300K related-party note secured by Nascent Pharma equity. Patent commercialization via Nascent offers a pivot, yet litigation with creditors poses immediate threats.
8-K
Holding company merger completed
Can B Corp. completed a holding company reorganization on October 25, 2024, merging its subsidiary into itself under a plan dated October 23, resulting in Nascent Pharma Holdings, Inc. owning all of Can B as a wholly owned subsidiary. Stockholders' shares converted automatically into equivalent Nascent shares with identical rights, preserving assets and operations while qualifying as tax-free. Nascent assumes Can B's equity compensation plans, converting options seamlessly. Can B filed Form 15 on October 28 to suspend reporting obligations post-succession.
10-Q
Q2 FY2024 results
Can B Corp. posted Q2 revenue of $272K, down 35% y/y from $421K amid the hemp division's wind-down, yet service revenue climbed 64% y/y to $272K as Duramed collections held steady. Gross loss widened to $393K from $514K, while operating loss narrowed to $1.6M from $1.8M, thanks to lower SG&A; YTD, net loss hit $8.2M versus $3.8M last year, swollen by a $3.1M asset sale loss and $1.2M stock comp. Cash drained to zero, with $86K from operations offset by financing outflows; debt lingers at $8.0M, mostly past due, and equity deficit deepened to $6.2M. The pivot to Nascent's patent commercialization offers fresh potential. Litigation shadows progress.
8-K
Hemp division shutdown announced
Can B Corp. shut down its hemp division effective immediately after an auction of equipment fetched $300,000, applied to convertible notes owed to Arena Special Opportunities Partners. The board deemed operations unfeasible post-sale. Expect 4,825,000 common shares issued and 1.4 million pounds of biomass returned to end a processing deal, plus up to $132,000 in lease termination costs. This pivot scraps hemp product development amid mounting obligations.
8-K
Auditor switch announced
Can B Corp. switched its independent auditor to Haynie & Company on May 28, 2024, with Audit Committee approval. No prior consultations occurred with the new firm over the last two fiscal years or interim periods, avoiding any disagreements or reportable events. This change streamlines compliance. Smooth transition ahead.
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