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Novus Releases Its First Quarter Financial Statements For 2023
Novus Releases Its First Quarter Financial Statements For 2023.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Novus Maintains Growth Despite the Cannabis Index's Lower Pricing and Trading VolumesMIAMI, FL / ACCESSWIRE / May 18, 2023 / Novus Acquisition and Development, Corp. (OTC Markets:NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc. Operates as a national supplemental health insurance carrier and, the nation's first health carrier offering cannabis that is included in health plans for recreational and medicinal users. Today announces the release of its 2023 First Quarter Financial Statements. The drivers that don't affect Novus' business model but negatively affect many cannabis stocks are a) IRS Tax Code 280E and b) Safe Banking Act not passing. Since Novus does not touch the plant, it can deduct business expenses, and price book value is calculated by the Benefit Monetization Ratio. So P/E ratio tends to be higher for insurance carriers that exhibit elevated growth.What's possibly contributing to our underestimated price book value, is the miscategorization of being a cannabis vertical when Novus operates under the HMO insurance business model. We continue to grow organically, concentrating on expanding the sales agent network, and taking advantage of the attention we are getting from health carriers that want to embed our plans with their benefit packages.Financial HighlightsNovus' Interim First Quarter of 2023, below shows the financial condition of the Company's business model.No Dilution: No common stock was issued since June 15, 2021.No Sales of Insider Shares: For more than 2 yearsGross Revenue Increase: Gross Revenue increased 12.9% compared to the three months ending March 31, 2023, and March 31, 2022, respectivelyNet Revenue Increase: Net Revenue increased by 20.1% for the period ending March 31, 2023, and March 31, 2022, respectivelyProfit Margin: On March 31, 2023, the company demonstrated a 40.4% profit margin pricing structure in its business model up from 37.1% for the period ending March 31, 2023, and March 31, 2022, respectivelyShareholder Equity Increase: An increase to $1,588,560 or 1.06% from $1,571,612 for the period ending March 31, 2023, and December 31, 2022, respectivelyCash and Cash Equivalents Increase: Increased to $191,857 on March 31, 2023, or 2.7%, from $186,668 from the period ending December 31, 2022,No Convertible Notes: No convertible notes issued or outstandingDebt: $150,89...