Novus Acquisition and Development Corp. (OTC PINK:NDEV) reported its financial results for the year ending December 31, 2020. Revenue rose by 11% to $242,382, with a 34% profit margin in Q4. Operating income increased by 37% to $21,047 in the fourth quarter. Shareholder equity grew to $1,468,783, and cash reserves improved to $156,422. The company secured contracts with various health carriers, integrating its cannabis health plans into their offerings. No dilution occurred in Q4 2020, highlighting stability amid market challenges.
Novus Acquisition and Development, Corp. (NDEV) reported its operational and financial results for Q3 2020, highlighting a significant integration of cannabis health plans with guaranteed issued carrier plans. Revenue rose 9% to $61,299 year-over-year, with net income increasing 35% to $20,686. Key partnerships were established with Medova Healthcare and Unique Insurance Concepts, expanding their service offerings. Notably, Novus maintains a strong balance sheet with increased shareholder equity and cash reserves, while also implementing a COVID-19 strategy to retain members during employment disruptions.