Business
Pervasip Announces First Quarter Financials
Pervasip Announces First Quarter Financials.
About this update from Pervasip Corp.
SEATTLE, WASHINGTON, April 23, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced its 2024 first quarter financial results. Key Highlights Gross Profit for the quarter ending February 29, 2024 totaled $831,079 on $3,347,086 in revenues, compared to gross profits of $716,213 during the same period in 2023.Gross Margins increased from 20% to 25%, a 25% increase. The improved gross margin reflects increases in production yields and gains in production efficiencies.Revenues of $3.34 million decreased slightly from 2023 first quarter revenues of $3.66 million, achieved in a market that continues to battle over supply and price compression.Operating Loss for the quarter increased to $618,623, deeper than the $501,283 loss reported in the first quarter of 2023. This increase is attributable to one-time expenses related to the restructuring of operational staff and completion of the company’s 2022 audit.  Operating cashflow for the quarter ending February 29, 2024 totaled $98,320 compared to negative cashflow of ($38,044) during the same period in 2023.Generated first retail sales in Oregon recreational market, fulfilling company’s goal of expanding its retail brand on the West Coast. The Company initiated its debt and operational restructuring, continuing to reduce low yielding real estate footprint, entering into a voluntary debt restructuring, consolidating operations, and exiting one of its largest facilities which had seen 65% utilization over the past years. With a focus on higher margin products, operational objectives focus on improving gross and operating margins in preparation for the spin out of all of the Company’s cannabis assets. “We are entering our final phase of restructuring which involves making difficult decisions to ensure additional expense reductions and separating the Company from assets it has held for many years,” said German Burtscher, Pervasip’s president and chief executive officer. As part of the restructuring, George Jordan has resigned from his duties as CFO and COO of the company and will stay on as an advisor, supporting management through its final phase of changes in preparation of the spin out of Artizen Corporation. The Company has engaged ...