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    CANB   US13470W1036

CAN B

(CANB)
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CAN B CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

05/17/2022 | 05:08pm EDT

Can B? Corp. was originally incorporated as WrapMail, Inc. ("WRAP") in Florida on October 11, 2005. On May 15, 2017, WRAP changed its name to Canbiola, Inc. On January 16, 2020 Canbiola, Inc. changed its name to Can B? Corp. (.

The Company acquired 100% of the membership interests in Pure Health Products, LLC, a New York limited liability company ("PHP" or "Pure Health Products") effective December 28, 2018. The Company runs it manufacturing operations through PHP and holds and sells several of its brands through PHP as well. The Company's durable equipment products, such as sam® units with and without CBD infused pads, are marketed and sold through its wholly-owned subsidiaries, Duramed Inc. (incorporated on November 29, 2018) and Duramed MI LLC (fka DuramedNJ, LLC) (incorporated on May 29, 2019) (collectively, "Duramed"). Duramed began operating on or about February 1, 2019. Most of the Company's consumer products include hemp derived cannabidiol ("CBD"); however, the Company has just recently begun extracting cannabinol ("CBN") and cannabigerol ("CBG") for wholesale to third-parties looking to incorporate such compounds into their products through its wholly owned subsidiaries, Botanical Biotech, LLC (incorporated March 10, 2021) and TN Botanicals LLC and CO Botanicals LLC (both incorporated in August 2021). The three subsidiaries have also begun synthesizing Delta-8 and Delta-10 from hemp. Delta-8 can produce similar, though less potent, effects as delta-9 (commonly referred to as THC); however, the legality of hemp derived delta-8 is in a gray area. The Company's other subsidiaries did not have operations during the three months ended March 31, 2022.

The Company is in the business of promoting health and wellness through its development, manufacture and sale of products containing cannabinoids derived from hemp biomass and the licensing of durable medical devises. Can B?'s products include oils, creams, moisturizers, isolate, gel caps, spa products, and concentrates and lifestyle products. Can B? develops its own line of proprietary products as well seeks synergistic value through acquisitions in the hemp industry. Can B? aims to be the premier provider of the highest quality hemp derived products on the market through sourcing the best raw material and offering a variety of products we believe will improve people's lives in a variety of areas.

The consolidated financial statements include the accounts of CANB and its operational wholly owned subsidiaries.



Results of Operations


Three months ended March 31, 2022 compared to three months ended March 31, 2021.

Revenues increased $1,553,380 from $306,940 in 2021 to $1,860,320 in 2022. The increase is due to the wind down of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company's Duramed product lines and ultrasound device associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company's Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of $564,643.

Cost of revenues increased $1,113,535 from $76,795 in 2021 to $1,190,330 in 2022 due to the increase in sales and overall operations in the three months ended March 31, 2022.

Operating expenses increased $1,839,318 from $2,022,679 in 2021 to $3,861,997 in 2022 as a direct result of professional fees and other accounting and legal fees related to the Company's registration statement S-1 filing efforts.

Net loss increased $1,305,015 from $2,179,757 in 2021 to $3,484,897 in 2022. The increase was due to the $1,839,318 increase in total operating expenses net of the $439,845 increase in gross profit.

Liquidity and Capital Resources

At March 31, 2022, the Company had cash and cash equivalents of $114,992 and negative working capital of $1,948,751. Cash and cash equivalents decreased $334,009 from $449,001 at December 31, 2021 to $114,992 at March 31, 2022 . For the three months ended March 31, 2022, $1,760,521 was provided by financing activities and $2,094,530 was used in operating activities.

The Company currently has no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.

We have no off-balance sheet arrangements.



Trend Information


The novel coronavirus disease of 2019 ("COVID-19") outbreak has affected the Company's operations as set forth above. The full impact of the COVID-19 outbreak continues to evolve. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the foreseeable future. Presently, our Duramed operations are at 80% of pre-COVID operational level. Our expectation that as business open, and in particular medical offices, that our recovery will progress in sync with the speed of the business openings and expect to be back to pre-COVID operational level by end of the 2nd quarter 2022. Sales of CBD and related products continue to moderately recover and we expect to be back at pre-COVID levels by the end of the 3rd quarter 2022.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 16,0 M - -
Net income 2022 -5,67 M - -
Net Debt 2022 - - -
P/E ratio 2022 -2,53x
Yield 2022 -
Capitalization 15,9 M 15,9 M -
Capi. / Sales 2022 0,99x
Capi. / Sales 2023 0,44x
Nbr of Employees 68
Free-Float 57,0%
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Consensus
Sell
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Mean consensus BUY
Number of Analysts 1
Last Close Price 4,30 $
Average target price 10,00 $
Spread / Average Target 133%
EPS Revisions
Managers and Directors
Marco Alfonsi Chairman & Chief Executive Officer
Stanley L. Teeple Chief Financial Officer, Secretary & Director
Philip P. Scala Chief Operating Officer
Alger Boyer Independent Director
James F. Murphy Independent Director
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