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Verus International, Inc. (OTC Pink: VRUS) reported financial results for the fiscal year 2020, achieving a record revenue of $21.7 million, a 60% increase from $13.6 million in 2019. Q4 revenue remained stable at $4.8 million. Gross profit margin fell to 12.3% due to transitions. Operating loss was reduced by 77% to $0.6 million, while net loss was $4.5 million, impacted by $3.9 million in non-cash expenses. Stockholders’ equity rose to $1.4 million from a deficit of $0.9 million in 2019. The company is shifting focus towards international food and CBD products.
Verus International has announced a strategic repositioning following the promotion of Andy Dhruv as CEO, previously the President of Verus Foods (Americas). This change aims to narrow the company's focus on CBD products in the U.S. and traditional food lines internationally. The company plans to reduce costs by downsizing office space and outsourcing services. The delayed filing of the 10-K for fiscal year 2020, ending October 31, 2020, will be addressed soon, alongside a detailed operational update.
Verus International (OTCQB: VRUS) has initiated a strategic plan aimed at positioning for an uplist to a major exchange. This plan includes key steps, such as terminating non-core agreements, a focus on domestic sales, and a reverse stock split of 1-for-500. CEO Anshu Bhatnagar emphasized plans to enhance shareholder value through potential mergers and partnerships, targeting a revenue run rate of $50 million in 2021. Verus forecasts domestic sales growth driven by the CBD category, with a goal of achieving 40% gross profit margins.
Verus International, Inc. (OTCQB: VRUS) has issued a Demand and Rescission Letter to ZC Top Apparel Manufacturing, Inc. due to a breach of contract regarding their 51% controlling interest. Verus seeks the return of a $100,000 cash payment along with associated fees within ten days. CEO Anshu Bhatnagar emphasized that the partnership with TAM became unsustainable. The company is redirecting its focus on core consumer product businesses and planning a strategic update by mid-October to outline its growth roadmap for 2021.
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