Bhang Inc. (CSE: BHNG) reported today its interim financial statements for the quarter ending March 31, 2021. The results highlighted a quarterly revenue of US$272,584, down from Q1 2020’s revenue of US$789,091.
The company posted an operating loss of US$396,509 but due to a US$447,599 unrealized gain on marketable securities and a US$16,054 government assistance, the company ended the quarter with US$50,335 in net income. This is a notable increase from last year’s net loss of US$390,512.
The company also ended the quarter with US$1.1 million in cash, compared to the US$69,654 balance at the start of the quarter. The increase in cash is attributable to the US$1.5 million inflow provided by financing activities.
Bhang issued 6.9 million shares at US$0.05 per share in January 2021 to fulfill a number of debt settlements.
The filing of the interim financial statements is expected to finally remove the company’s standing management cease trade order issued by the Ontario Securities Commission. The order was issued on May 3, 2021 after the company requested such as it anticipated the delay in its filing of the financial statements. The company is expecting the order to lapse today as a result.
Bhang last traded at $0.085 on the CSE.
Information for this briefing was found via Sedar and Bhang. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
