(TheNewswire)
Company reports567% growth in 2022 assets to $50 million and strengthened balancesheet while increasing gross margins and reducing losses
Vancouver, B C - TheNewswire - March 31, 2023 - BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN , CSE: BYND ) (“ BYND ” or the“ Company ”), has released its financialresults for year ended December 31, 2022. Full versions of BYND’saudited consolidated interim financial statements and managementdiscussion and analysis for the period, can be found on www.sedar.com .
2022 Year-End Financial Highlights:
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Revenue decreased 8% to $1,123,072 for the year endedDecember 31, 2022 from $1,217,459 for the same period in2021.
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Gross Profit increased to 55% for the year endedDecember 31, 2022 from 51% for the same period in 2021.
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Net loss decreased 66% to $1,664,684 for the year endedDecember 31, 2022 from $4,878,738 for the same period in2021.
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Working capital decreased to 2,987,975 for December 31,2022 from $5,487,201 for December 31,2021.
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Total assets increased to $49,903,208 for December 31,2022 from $7,490,722 for December 31,2021.
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Total shares outstanding as of December 31, 2022 were37,885,932.
Summary of Quarterly Comparison ofRevenue, Gross Profit and Net Loss
Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | |
Revenue | $232,186 | $227,954 | $207,653 | $455,279 | $258,303 | $296,428 | $418,635 | $244,093 |
Gross Profit | $96,938 | $126,866 | $37,657 | $355,111 | $149,080 | $150,016 | $252,571 | $71,471 |
Net Loss | $(700,222) | $(325,793) | $(473,386) | $(165,283) | $(318,368) | $(38,029) | $(78,597) | $(4,443,744)* |
*Includes a one-time non-recurring non-cash $4,394,390listing expense incurred due to the Business Combination Transactionsand the company’s listing of its shares on the CSE.
Mr. Yftah Ben Yaackov, BYND’s CEO noted that “Weare very pleased with the financial results of the Company during 2022as we have continued our trend from prior periods of increasing grossmargins while decreasing overall losses. We have strengthened ourbalance sheet with the acquisition of Zigi Carmel Initiatives andInvestments Ltd. and believe the EZ-G device will create significantvalue for our shareholders.”
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 aJob Management (BENEFIT) and a module system (CANNASOFT) for managingfarms and greenhouses with varied crops. BYND Cannasoft owns thepatent-pending intellectual property for the EZ-G device. Thistherapeutic device uses proprietary software to regulate the flow oflow concentrations of CBD oil, hemp seed oil, and other natural oilsinto the soft tissues of the female reproductive system to potentiallytreat a wide variety of women's health issues. The EZ-G deviceincludes technological advancements as a sex toy with a more realisticexperience and the prototype utilizes sensors to determine whatenhances the users' pleasure. The user can control the device througha Bluetooth app installed on a smartphone or other portable device.The data will be transmitted and received from the device to and fromthe secure cloud using artificial intelligence (AI). The data iscombined 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 thesafe harbor provisions for forward-looking statements contained inSection 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. When used in thisdocument, the words "may," "would,""could," "will," "intend,""plan," "anticipate," "believe,""estimate," "expect," "potential,""continue," "strategy," "future,""project," "target," and similar expressions areintended to identify forward-looking statements, though not allforward-looking statements use these words or expressions. Allstatements contained in this press release other than statements ofhistorical fact, including, without limitation, statements regardingour proprietary CBD oils, our new smart female treatment device, ourCannabis CRM platform, our expanded EZ-G patent application, ourmarket growth, and our objectives for future operations, are forwardlooking statements. Additional regulatory standards may be required,including FDA approval or any other approval for the purpose ofmanufacturing, marketing, and selling the devices under therapeuticindications. There is no certainty that the aforementioned approvalswill be received, and all the information in this release isforward-looking. Such statements reflect the company's current viewswith respect to future events and are subject to such risks anduncertainties. Many factors could cause actual results to differmaterially from the statements made, including unanticipatedregulatory requests and delays, final patents approval, and thosefactors discussed in filings made by the company with the Canadiansecurities regulatory authorities, including (without limitation) inthe company's management's discussion and analysis for the year endedDecember 31, 2022 and annual information form dated March 31, 2023,which are available under the company's profile at www.sedar.com, andin filings made with the U.S. Securities and Exchange Commission.Should one or more of these factors occur, or should assumptionsunderlying the forward-looking statements prove incorrect, actualresults may vary materially from those described herein as intended,planned, anticipated, or expected. We do not intend and do not assumeany obligation 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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