Denver, Colorado--(Newsfile Corp. - May 2, 2024) - CBD of Denver, Inc. (OTC Pink: CBDD) has filed its financial results for the year ended December 31, 2023. The results highlight significant financial improvements and strategic achievements.
Financial Highlights:
Total Current Assets increased to $117,218 in 2023, up from $28,043 in 2022, marking significant progress in strengthening the company's balance sheet.
Gross Profit for 2023 was $595,417, a significant recovery from a gross loss of $(284,734) in 2022, due to a 27% increase in sales and reduction in Cost of Goods Sold, reflecting improved operational efficiency and product demand.
Net Income Before Provision for Income Tax showed improvement with a loss of $(377,729) in 2023, compared to a loss of $(3,257,710) in 2022. This underscores the company's efforts to enhance operational efficiency and improve cost management. Strategies include adopting a lean approach to minimize fixed expenses to the absolute bare minimum and managing variable expenses prudently, all while aiming to boost top-line growth.
Operational Highlights:
Net Income from Operations showed improvement with a reduced loss in 2023 compared to 2022. These figures represent diligent efforts in operational adjustments and cost management.
Accounts Payable decreased significantly to $297,164 in 2023, down from $961,651 in 2022.
"It is with great pride that I report on the robust financial performance and strategic achievements of CBD of Denver for the year 2023," said Axel Reinke, CEO of CBD of Denver. "The transformation from substantial losses in the previous year reflects the determination and adaptability of our team. We remain dedicated to driving growth, maximizing shareholder value, and spearheading innovation in our industry."
Three notes (Capitoline Ventures II LLC, Goldberg AG, and Pascal Siegenthaler) have been extended for an additional two years. These notes are held by friendly debt holders who have, and the company believes, will continue, to support CBD of Denver Inc.
About CBD of Denver, Inc. (BERLINER INNOVATION)
CBD of Denver, Inc. is focused on acquiring profitable assets at attractive valuations to create value for shareholders. The company's team is dedicated to sourcing high-margin, innovative products that align with its values. The Company is offering a number of innovative consumer products through Libra 9 GmbH, such as the Magic Lappen and the BerlinR13 Anti-Slip solution.
Follow Magic Lappen on Twitter, Instagram, Facebook and TikTok for more information and updates.
Follow The Magic Lappen on Instagram: @themagiclappen
Shop on our website: https://www.the-magic-lappen.com/
Visit the CBDD/ Berliner Innovation: www.berlinerinnovation.de
See our innovative Anti-Slip product: www.berlinr13.de
For questions, please contact us at: investors@libra9.de
About LUXORA Inc.
LUXORA Inc. is a trailblazing entity in the European cannabis industry, with offices spanning the USA and Europe. Our core expertise revolves around unlocking the potential of the legalized cannabis market, offering infrastructure solutions and consulting tailored to the dynamic needs of this rapidly expanding sector. With a profound understanding of the opportunities and challenges brought forth by legalization, our experienced team is dedicated to pioneering the future of the legal cannabis market in Europe. Our offerings range from consulting and market research to product development and distribution solutions, aimed at simplifying the path to legalization for our esteemed clients.
For inquiries, please contact Investor Relations: investors@luxora-holding.com.
For more information, please visit: www.luxora-holding.com.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207767
SOURCE: CBD of Denver Inc.
