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POSaBIT Systems (CSE: PBIT, OTC: POSAF) has announced a delay in filing its interim financial statements and management's discussion for Q1 2024, initially due by May 30, 2024. The delay stems from the late filing of the company's annual financials. POSaBIT anticipates completing the Q1 filings by June 13, 2024. In response, POSaBIT has applied for a voluntary management cease trade order (MCTO) from the British Columbia Securities Commission, which will restrict the trading activities of the company's CEO and CFO until the filings are completed. This order does not impact other shareholders. The company will issue bi-weekly default status reports until the filings are submitted.
POSaBIT Systems (CSE: PBIT, OTC: POSAF) reported 2023 financial results, highlighting a 23% overall revenue growth excluding licensing. Point of Sale revenue grew by 51%, and payment revenue increased by 20%. Despite industry-wide payment disruptions, gross profit margin fell to 21% from 42%, leading to a net loss of $13.76 million. Operating income saw a significant loss of $9.55 million. The company aims for positive free cash flow in Q2 2024. Stephen Gledhill will replace Matthew Fowler as CFO in May 2024. The company is working to list shares on the TSX Venture Exchange, but approval is uncertain. A non-cash earnings restatement for 2022 resulted in reduced revenue recognition by $3 million.
POSaBIT Systems (CSE: PBIT, OTC: POSAF) has announced the rescheduled fourth quarter and full year ended December 31, 2023 financial results earnings call on May 14, 2024. The company will host a conference call and live webcast at 4:30 PM ET. Investors are encouraged to submit questions prior to the call for the CEO to address.
POSaBIT Systems , trading as PBIT on the CSE and POSAF on the OTC, is expecting a delay in filing its 2023 annual financial statements by April 29, 2024, due to a change in auditors. The company aims to complete the filings by May 17, 2024, and has applied for a management cease trade order (MCTO) until then. The delay will postpone a scheduled conference call and webcast.
