Free Report: IRS Loophole Saves US Retirees

As tax season approaches, many Americans preparing for retirement are nervous about Biden's proposed tax reforms that are targeting high worth individuals. But this IRS Loophole Report offers safety and potentially even opportunity to grow your nest egg.

POSaBIT Systems Reports Financial Performance In Q3 2023, Shows Resilience In Cannabis Payment Industry

Joana Scopel
November 30, 2023

POSaBIT Systems Corporation (CSE:PBIT) (OTC:POSAF), a provider of payments infrastructure in the cannabis industry, has released its financial results for the third quarter of 2023, ending September 30, 2023.

“Since our inception, POSaBIT has remained steadfast in our dedication to delivering unparalleled payment and point-of-sale solutions to the cannabis industry,” stated Ryan Hamlin, co-founder and CEO of POSaBIT. “This commitment was (...) demonstrated as we swiftly navigated through industry service interruptions, achieving a return to 75% of processed volume with an additional 100 locations expected to commence processing in the coming weeks.”

See Also: Ontario To Ohio: RWB's Strategic Leap Fuels Revenue Boost

Financial Highlights for Q3 2023

  • Transactional sales for payment services totaled $157.9 million, up 11% compared with $142 million in the third quarter of 2022.
  • Total revenue was $13.6 million, up 32% compared with $10.3 million in the third quarter of 2022.
  • Gross profit was $3.2 million, or 23% of revenue, up 10% on a dollar basis compared with $2.9 million, or 28% of revenue, in the third quarter of 2022.
  • Operating loss was $0.26 million, inclusive of a $0.25 million non-cash change in the fair value of foreign currencies, compared with an operating loss of $7,300, inclusive of a $0.9 million non-cash change in the fair value of foreign currencies, in the third quarter of 2022.
  • Net loss was $7.5 million, inclusive of a $0.4 million non-cash change in fair value of derivative liabilities and $5.2 million of non-cash impairment of intangible assets, compared with a net loss of $1.2 million, inclusive of a $1.0 million non-cash change in fair value of derivative liabilities in the third quarter of 2022.
  • Adjusted EBITDA was $33 thousand, or 0% of revenue, compared with $290,000, or 3% of revenue, in the third quarter of 2022, per a press release.

Balance Sheet Strength

As of September 30, 2023, POSaBIT had cash and cash equivalents of $3.2 million, demonstrating financial stability compared to $3.1 million as of December 31, 2022.

Positive Developments in PIN Debit Processing: On October 11, 2023, POSaBIT, like the rest of the industry, faced a decline in its PIN Debit Processing acceptance rate. However, the company has since made significant progress, currently processing 75% of its previous transaction volumes and continuing to expand its market share by onboarding new merchants.

Credit Facility Extension and Warrant Agreement: On November 29, 2023, POSaBIT extended the term of its credit agreement with Perga Capital Partners, LP, from three years to five years, with no other material changes. The company also agreed to extend the expiry date of all outstanding warrants held by Perga.

“In alignment with our commitment to operational excellence, we recently initiated a comprehensive cost reduction program aimed at driving efficiencies across our business, with the ultimate goal of achieving profitability. Additionally, we announced our intention to apply to the list on the TSXV to facilitate ownership of our shares and improve trading liquidity. As we approach 2024, I am genuinely excited about the strategic initiatives and opportunities that lie ahead for POSaBIT,” Hamlin concluded.

Price Action

On Thursday afternoon, POSAF shares traded 67.41% higher, reaching $0.45 per share.

Read Next: The Future Of Cannabis Retail Has Arrived: Check Out This Next-Gen Solution

Image by El Planteo

Continue Reading...

Popular

Colombia pauses buying Israeli weapons and president calls war in Gaza 'genocide'

BOGOTA, Colombia (AP) — Colombia’s President Gustavo Petro announced Thursday his government is suspending purchases of weapons from Israel after Palestinians say Israeli troops in Gaza, marking an escalation of tensions between both countries over the .

Why Bitcoin Cash And Ethereum Classic Are Falling

Bitcoin Cash (CRYPTO: BCH) and Ethereum Classic (CRYPTO: ETC) are trading lower by 3.5% to $308.14 and 4.7% to $29.72 Thursday afternoon.

Elon Got This Right... - Ad

Today, a new technology is about to hit with a force even greater than a tidal wave... I'm talking about artificial intelligence, a technology Elon Musk calls: "The most disruptive force in history." It has already started, that's why Eric Fry is issuing an urgent A.I. Code Red today.

Brazil’s finance minister proposes global tax on the super-rich at G20 meeting in Sao Paulo

RIO DE JANEIRO (AP) — Brazil’s finance minister told his peers Thursday at a in Sao Paulo that countries should implement a global tax on the super-rich in an effort to tackle rampant tax evasion.

A Brazilian state in the Amazon has been hit with more than 2,000 fires in February

RIO DE JANEIRO (AP) — The Brazilian state of Roraima in the Amazon rainforest has been hit with more than 2,000 fires in February, according to data released Thursday by the state space agency.

Turn Market Chaos Into Your No. 1 Advantage - Ad

Don't let market volatility erode your hard-earned savings. Our free gold guide shows you how to turn your 401k into a gold IRA and protect your retirement today.

Clark's final regular-season home game to be among priciest tickets in women's college hoops history

IOWA CITY, Iowa (AP) — Caitlin Clark's at Iowa is likely to bring one of the priciest tickets in women's college basketball history.

How GenAI Can Help Find M&A Targets: Private Equity Meets Hi-Tech

Private equity is shifting its approach toward acquiring takeover targets, and then either selling or taking them public.

The Next Great Crypto Bull Market Has Begun... - Ad

The last of three historically bullish crypto events is expected to happen around April 14. It's only the fourth time in crypto history. The last time, in 2020, certain altcoins exploded. Some as high as 531,735% or even a 953,018% gain. A tiny $100 investment would have returned just short of a million dollars.

The jobs market is hot, but layoffs keep coming in a shifting economic environment

The U.S. economy is humming and there are hundreds of thousands of jobs being added every month. In a stunning burst of hiring to start the year, the nation added 353,000 jobs in January....

Analyst Warns Of Potential 10% Stock Correction Based On Technical Signals: 'Market Is Certainly Vulnerable'

Piper Sandler's chief market technician, Craig Johnson, has warned of a potential 10% correction in the stock market. This prediction is based on a series of technical signals indicating that the market may not be ready for a significant upturn.

Nvidia Sparks $100 Billion Sales Surge for A.I. Supplier? - Ad

You better move fast... Because according to Barrons... Nvidia's little-known supplier is set for a $100 BILLLION sales explosion... ...and it's thanks in part to this mysterious device. According to our research, this $100 billion sales boom could even turn this little-known supplier... ...into the the next trillion-dollar stock.

Aid groups appeal to the European Union to release urgent funds for Palestinian refugee agency UNRWA

BRUSSELS (AP) — Humanitarian aid groups appealed on Thursday to the European Union to release tens of millions of euros in funding due to the main U.N. agency that delivers most aid to people in as the organization teeters on the brink of financial collapse.

URGENT: Don't Risk Your Retirement - Ad

A looming recession, inflation, unpayable debt, a failing dollar, and a crumbling housing market all put your savings in extreme risk. Protect your retirement with this free guide that shows you how to guard your money against economic downturns with gold.

Beer maker Anheuser-Busch InBev sees operating profits rise for 2023 despite backlash over Bud Light

FRANKFURT, Germany (AP) — Multinational beer and beverage company Anheuser-Busch InBev — maker of Budweiser, Bud Light, Stella Artois and Corona — reported on Thursday a 7% increase in operating profit for last year, even as as sales sagged in the United States due to a decline in demand for Bud Light.

This Trader Turned $2,708 Into $3.25 Million With Trump-Related MAGA Memecoin

Pseudonymous Erik Stevens, a self-proclaimed "eccentric multi-millionaire," updated his followers on achieving a "1,024X" on MAGA Memecoin (CRYPTO: TRUMP), the

Digital Dollar: Freedom or Financial Slavery? - Ad

Is a digital dollar really America's way to financial freedom? Or is it the start of a wave of financial servitude? Get the details on the potential risks of a digital dollar and what you can do to protect yourself. From privacy concerns to economic control, protect yourself with this free guide.

Will the Reddit IPO Turn Into the Next Meme Stock?

Reddit IPO is around the corner. Here are a few reasons why we think this could turn into the biggest meme stock around.

Could A Second Trump Presidency Disrupt The Stock Market? Capital Economics Analyst Weighs In

Investors are weighing the potential implications of a second term for former President Donald Trump on the stock market. Analysts predict that a Trump 2.0 presidency could significantly impact key macro factors.

MUST SEE By March 11: Beware Biden's Trojan Horse - Ad

It could usher in the most radical transformation of our money we've ever seen in America's history... trigger a surprise election outcome in the coming months... and fundamentally alter the value of your savings forever. One 24-year market veteran warns that most Americans simply aren't prepared for what's coming on March 11.

Tucker Carlson Gets Brutally Mocked By Russian YouTuber For 'Cringe' Bread Shopping: 'You Are Insane'

Carlson, who has been under fire for his recent interview with Russian President Vladimir Putin, posted a video on social media last week where he was seen grocery shopping in Russia. The video went viral and sparked outrage among many.

The Power of Investing in Real Estate: The Oprah Winfrey Way

Oprah Winfrey is one of the most successful women in the world. She is a media mogul, television personality, actress, author, and philanthropist. Her net worth is estimated to be over $2.6 billion, and she has made her fortune through various business ventures, including television, film, and publishing.

Why James Altucher SOLD All His Bitcoin - Ad

Crypto genius James Altucher has been praising Bitcoin since it was trading for $61. But now he's buying another coin like crazy... and it's not Bitcoin!

Smoke Is Smoke: Daily Cannabis Use May Increase Heart Attack, Stroke Risks, New Study Finds

The American Lung Association confirms that cannabis smoke contains many of the same toxins, irritants and carcinogens as tobacco smoke.

2024 Oil Boom - Ad

There is a much better way to profit from oil in 2024. It's NOT oil stocks, futures, or anything you've likely heard about. In fact, one man used it build a small $1,000 investment into a $100,000 income stream over fifty years.

Top 4 Financial Stocks Which Could Rescue Your Portfolio This Quarter

The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.

Putin Rival Alexei Navalny Had This Message Ready For The Russian Public In The Event Of His Untimely Death

On Friday, Alexei Navalny, a staunch critic of the Kremlin and President Vladimir Putin, died while incarcerated in Russia, as confirmed by Russian authorities.

Multimillionaire Investor: "Hands Down the Most Lucrative Discovery of My Entire Career" - Ad

Peabody Award-winning journalist Bill Tucker sat down with a reclusive multimillionaire trader... 858 miles OUTSIDE of Wall Street... to discuss a revolutionary new trading strategy that involves... One ticker... one trade... every week. The fast-hitting profit potential is extraordinary.

Michigan Staff Stunned By $10,000 Tip, Learns Of Solemn Reason Behind Generosity: 'The Waitress Was Absolutely Shocked'

Earlier this month, at the Mason Jar Cafe in Benton Harbor, Michigan, staff members were taken aback when a customer, known only as Mark, left a $10,000 tip on a $32.43 bill.

Buffett-Endorsed Ferrari Stock Breaks Speed Limits, Sets New Annual Record

Ferrari stock hits new high, outperforming S&P 500 by 2X. Positive market sentiment, strong financial performance, and raised forecast are key catalysts. UBS rates it a Buy with 9.8% upside.

Biden's Big Tax Grab (Protect Yourself ASAP) - Ad

Biden's proposed 2024 tax reforms could be a direct threat to your personal wealth and financial freedom. But one IRS Loophole offers protection and can even grow your wealth at the same time. All the details are in this free report.

A collection of the insights Warren Buffett offered in his annual letter Saturday

Billionaire Warren Buffett is known as one of the world's greatest investors, and the 93-year-old has a devout following of people who admire his track record and appreciate his sage advice on life and investing.

Cathie Wood's Ark Invest Offloads $6.9M Worth of Coinbase, Robinhood Shares Each Amid Searing Bitcoin Rally — Nvidia Stock Also Shed

On Monday, Cathie Wood-led Ark Invest adjusted its portfolio, notably selling shares of cryptocurrency-related companies such as Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:

Oil = Monthly Income - Ad

Right now, there's an unusual $25 way to collect MONTHLY income from the oil markets. It's not a stock, bond, or anything you've likely heard about... But it's by far my #1 investment opportunity for 2024.

Apple Investors Vote Down Proposal For Transparency On AI Practices

Apple shareholders have voted against a proposal for an artificial intelligence transparency report. The proposal was put forward by AFL-CIO Equity Index Funds, aiming to examine the ethical use of AI by the company.

Kim Kardashian Flaunts New Tesla Cybertruck On Instagram, Adding To Her Fleet Of Luxury Vehicles

Kim Kardashian, the reality TV star and businesswoman, has taken to social media to showcase her latest acquisition, a Tesla Cybertruck.

IRS Planning to Raid Your Retirement? - Ad

The government's new tax plan could slash your retirement savings, and traditional retirement strategies may no longer be able to shield your IRA or 401(k). An overlooked IRS loophole offers a legal way to protect your nest egg. Learn how to keep your retirement dream intact with this 100% free report.

Tucker Carlson Fires Back After Jon Stewart's Pot Shot At Russian President Interview, Calls Comedian 'A Tool Of Regime'

Conservative commentator, Tucker Carlson accused comedian Jon Stewart of being "a tool of the regime" after Stewart criticized Carlson's interview with Russian President Vladimir Putin.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service