Business
Pervasip Announces Second Quarter Financials
Pervasip Announces Second Quarter Financials.
About this update from Pervasip Corp.
[{"type":"text","content":"\n SEATTLE, July 18, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, and its wholly owned subsidiary, Artizen Corporation, today announced the filing of its unaudited financial statements for its 2nd Quarter ended May 31, 2023. Key Highlights The Company achieved break-even Net Income from Operations in its second quarter, compared to a loss of $1,111,980 in the same period in 2022.The Company also achieved break-even operating cash during the Six Month Ended on May 31, compared to a $854,221 loss of cash for the same 6 months period in 2022.SG&A in this six-month period is down by $476,308 compared to the same period last year.For the six-month ended period on May 31, 2023, the Company’s EBIDTA grew from about $167,000 to about $726,000, a 437% improvement   For the Six Months Ended   May 31, 2023 May 31, 2022  Net Income attributable to Pervasip Corp$(776,718)$(939,582)  Add:     Interest expense 447,370  140,462   Income tax expense 753,000  425,222   Depreciation and amortization expense 302,652  540,090         EBITDA$726,304 $166,192               The Company’s gross margins improved to 35.11% in Q2 2023 from 19.55% in Q1 2023                   Cost per gram, retail vs wholesaleGross ProfitGross Margin %  2022 CPGQ1 '23Q2 '232022 GPQ1 '23Q2 '232022 GMQ1 '23Q2 '23 Retail Flower$1.81$1.81$1.56$1.09$0.75$0.9837.60%29.40%38.50% Wholesale Flower$1.29$1.29$1.20$0.03$0.17$0.332.30%11.90%21.80% Carts$6.43$6.43$5.27$3.33$3.17$4.7334.10%33.00%47.30% Wax$2.57$2.57$2.82$3.89$1.85$5.5160.20%41.90%66.10% Total       19.55%35.11%             Entered the Oregon market and planted for first harvest in the Fall of 2023.Established Artizen Nano LLC and bringing first nano infused products to market in Washington and Califo...