Tuesday, June 08, 2021 10:38:52 AM
I assume you're referring to the roughly $49 million loss on the annual 10-K. From the 10-K...
BTZI 10-K
Of the total net loss for FY2021 (ending January 31, 2021) of $49,470,848, $49,204,508 of it came from non-cash stock based compensation. This consisted primarily of one time sign up bonuses to attract the company's new management team. These would not be repeated each year as they would be replaced by much lower (or deferred) salary compensation. At the end of the year, the value of the stock is added to the accumulated deficit according to GAAP rules. The new year (net profit/loss) is then started out with a clean slate.
In their 5/17/21 PR the company stated...
OBITX, INC. FILES ANNUAL REPORT WITH SEC RELEASES ADJUSTED ANNUAL EARNINGS REPORT
So they're saying if you discount the non-cash stock transactions from last year (counter to GAAP accounting rules) the adjusted numbers actually show that the company made $1.1 million in profit, thus proving that they aren't in any danger of running out of cash. It is common practice for companies to report adjusted Non-GAAP numbers so that their shareholders can get a better picture of their cash picture by discounting non-cash values/transactions such as depreciation and one time stock compensation.
Les
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