Intelligent Bio Solutions Inc. (INBS) reported its financial performance for the quarter ended December 31, 2023. The company saw an increase in revenue to $764,063, up from $356,679 in the same period last year, primarily due to the expansion of its customer base and entry into new markets. Cost of revenue also rose to $564,815, resulting in a gross profit of $199,248. Government support income decreased to $153,204. Operating expenses totaled $2,343,809, with selling, general and administrative expenses at $1,705,044, development and regulatory approval expenses at $348,452, and depreciation and amortization at $290,313. The company experienced a net loss of $1,969,641, an increase from the previous year's $420,600, attributed to the combined operations post-acquisition of IFP and the absence of a fair value gain recognized in the prior year. Other comprehensive...Show More

Intelligent Bio Solutions Inc. (INBS) reported its financial performance for the quarter ended December 31, 2023. The company saw an increase in revenue to $764,063, up from $356,679 in the same period last year, primarily due to the expansion of its customer base and entry into new markets. Cost of revenue also rose to $564,815, resulting in a gross profit of $199,248. Government support income decreased to $153,204. Operating expenses totaled $2,343,809, with selling, general and administrative expenses at $1,705,044, development and regulatory approval expenses at $348,452, and depreciation and amortization at $290,313. The company experienced a net loss of $1,969,641, an increase from the previous year's $420,600, attributed to the combined operations post-acquisition of IFP and the absence of a fair value gain recognized in the prior year. Other comprehensive income included a foreign currency translation gain of $75,133. The company's cash and cash equivalents stood at $1,119,004, with a working capital deficit of $2,238,430. INBS acknowledged the need to raise additional funds within the next 12 months to support its operations and maintain its going concern status. The company's internal control over financial reporting was deemed ineffective due to material weaknesses, and efforts are ongoing to remediate these issues. INBS also completed a reverse stock split to comply with Nasdaq's minimum bid price requirement.