(TheNewswire)
Vancouver, B C - TheNewswire - May 15, 2023 - BYNDCannasoft Enterprises Inc. (Nasdaq:BCAN ) ( CSE:BYND) (“ BYND ” or the“ Company ”), has released its financialresults for three-month period ended March 31, 2023. Full versions ofBYND’s unaudited consolidated interim financial statements andmanagement discussion and analysis for the period, can be found on www.sedar.com .
Q1 2023 Financial Highlights:
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Revenue decreased 8% to $420,635 in Q1 2023 from$455,279 in Q1 2022.
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Net loss increased 348% to $740,433 in Q1 2023 from$165,283 in Q1 2022.
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Working capital decreased to 2,219,456 for March 31,2023 from $2,987,975 for December 31,2022.
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Total assets decreased to $48,916,130 for March 31,2023 from $49,903,208 for December 31,2022.
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Total shares outstanding as of March 31, 2023 were37,892,659.
Summary of Quarterly Comparison ofRevenue, Gross Profit and Net Loss
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | |
Revenue | $420,635 | $232,186 | $227,954 | $207,653 | $455,279 | $258,303 | $296,428 |
Gross Profit | $316,943 | $96,938 | $126,866 | $37,657 | $355,111 | $149,080 | $150,016 |
Net Loss | $(740,433) | $(700,222) | $(325,793) | $(473,386) | $(165,283) | $(318,368) | $(38,029) |
Mr. Yftah Ben Yaackov, BYND’s CEO noted that “Weare very pleased with the financial results of the Company during Q1of 2023 as we are able to keep revenues flat while investing in ourfuture products. We continue investing in our patents registration andthe creation of the EZ-G prototype and we plan to bring the productsto the market before the end of 2023.”
About BYND Cannasoft EnterprisesInc.
BYND Cannasoft Enterprises is an Israeli-basedintegrated software and cannabis company. BYND Cannasoft owns andmarkets "Benefit CRM," a proprietary customer relationshipmanagement (CRM) software product enabling small and medium?sizedbusinesses to optimize their day?to?day business activities suchas sales management, personnel management, marketing, call centeractivities, and asset management. Building on our 20 years ofexperience in CRM software, BYND Cannasoft is developing an innovativenew CRM platform to serve the needs of the medical cannabis industryby making it a more organized, accessible, and price-transparentmarket. The Cannabis CRM System will include a Job Management(BENEFIT) and a module system (CANNASOFT) for managing farms andgreenhouses with varied crops. BYND Cannasoft owns the patent-pendingintellectual property for the EZ-G device. This therapeutic deviceuses proprietary software to regulate the flowof low concentrations of CBD oil, hemp seed oil, and other naturaloils into the soft tissues of the female reproductive system topotentially treat a wide variety of women's health issues. The EZ-Gdevice includes technological advancements as a sex toy with a morerealistic experience and the prototype utilizes sensors to determinewhat enhances the users' pleasure. The user can control the devicethrough a Bluetooth app installed on a smartphone or other portabledevice. The data will be transmitted and received from the device toand from the secure cloud using artificial intelligence (AI). The datais combined with other antonymic user preferences to improve itsoperation by increasing sexual satisfaction.
For Further Information, please refer to informationavailable on the Company’s website: www.cannasoft-crm.com, theCSE’s website:www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-incand on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
email: ir@cannasoft-crm.com
For Media and Investor Relations, pleasecontact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
Cautionary Note RegardingForward-Looking Statements
This press release contains forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of1995 involving risks and uncertainties, which may cause results todiffer materially from the statements made. We intend suchforward-looking statements to be covered by the safe harbor provisionsfor forward-looking statements contained in Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended. When used in this document, thewords "may," "would," "could,""will," "intend," "plan," "anticipate,""believe," "estimate," "expect,""potential," "continue," "strategy,""future," "project," "target," andsimilar expressions are intended to identify forward-lookingstatements, though not all forward-looking statements use these wordsor expressions. All statements contained in this press release otherthan statements of historical fact, including, without limitation,statements regarding our male treatment device, our Cannabis CRMplatform, our expanded EZ-G patent application, our market growth, ourproprietary CBD oils, our new smart female treatment device and ourobjectives for future operations, are forward looking statements.Additional regulatory standards may be required, including FDAapproval or any other approval for the purpose of manufacturing,marketing, and selling the devices under therapeutic indications.There is no certainty that the aforementioned approvals will bereceived, and all the information in this release is forward-looking.Such statements reflect the company's current views with respect tofuture events and are subject to such risks and uncertainties. Manyfactors could cause actual results to differ materially from thestatements made, including unanticipated regulatory requests anddelays, final patents approval, and those factors discussed in filingsmade by the company with the Canadian securities regulatoryauthorities, including (without limitation) in the company'smanagement's discussion and analysis for the year ended December 31,2022 and annual information form dated March 31, 2023, which areavailable under the company's profile at www.sedar.com, and in filingsmade with the U.S. Securities and Exchange Commission. Should one ormore of these factors occur, or should assumptions underlying theforward-looking statements prove incorrect, actual results may varymaterially from those described herein as intended, planned,anticipated, or expected. We do not intend and do not assume anyobligation to update these forward?looking statements, except asrequired by law. Any such forward-looking statements representmanagement's estimates as of the date of this press release. While wemay elect to update such forward-looking statements at some point inthe future, we disclaim any obligation to do so, even if subsequentevents cause our views to change. Shareholders are cautioned not toput undue reliance on such forward?looking statements.
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