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Intelligent Bio Solutions Inc.(INBS), a biotechnology company focused on c utting-edge research and development, has released its Condensed Consolidated Balance Sheets and Statements of Operations for the fiscal year ending on June 30, 2023. The financial data showcases the company's performance during its inaugural year of operations, revealing both its revenue and net income/loss figures.
Intelligent Bio Solutions Inc. reported a net loss of $10.6 million for the fiscal year 2023. This financial result highlights the challenges and investments associated with the company's pioneering efforts in the biotechnology sector. The net loss reflects various operating expenses, including selling, general and administrative expenses, development and regulatory approval expenses, and significant impairment charges.
In its debut year, Intelligent Bio Solutions Inc. generated revenue amounting to $1.26 million. This revenue stream underscores the company's commitment to advancing research and development initiatives, with a focus on innovative solutions within the biotechnology field. The company's efforts have begun to translate into tangible revenue, signaling its potential for growth and technological advancement.
The balance sheets reveal Intelligent Bio Solutions Inc.'s asset composition as of June 30, 2023, and compare it to the previous fiscal year. The company's current assets include cash and cash equivalents, accounts receivable, net inventories, grant receivables, research and development tax incentive receivables, and other current assets, totaling $3.86 million. Notably, the company has invested in property and equipment, netting $690,175, and has acquired intangible assets, netting $5.26 million. These investments align with the company's research-oriented business model.
The Statements of Operations provide a comprehensive overview of Intelligent Bio Solutions Inc.'s financial performance during the fiscal year. The company's revenue of $1.26 million is offset by costs of revenue amounting to $930,204, resulting in a gross profit of $326,668. The company also benefited from government support income, contributing $737,628 to its financial position.
However, operating expenses, including selling, general and administrative expenses, and development and regulatory approval expenses, totaled $13.66 million. The company also incurred significant charges related to depreciation, amortization, and goodwill impairment, contributing to a net loss of $10.66 million.
Despite the net loss, the company achieved other income of $1.93 million from various sources, including fair value gains on revaluation of financial instruments. This income helped mitigate the overall financial impact.
Intelligent Bio Solutions Inc.'s financial data for the fiscal year 2023 underscores its commitment to pioneering advancements in biotechnology. While the company reported a net loss of $10.6 million, its revenue of $1.26 million within its first year of operation demonstrates its potential for growth and innovation in the biotech sector. As the company continues to invest in research and development, its financial performance may evolve, setting the stage for further advancements and breakthroughs.