Financial Performance - Total revenue for the year ended December 31, 2023 was 263,445,adecreaseof33394,004 in 2022[362] - Gross profit for 2023 was 208,267,down12235,691 in 2022[364] - The total net loss for 2023 was 7,259,918,anincreaseof265,779,841 in 2022[370] - The company incurred a net loss of 7,259,918fortheyearendedDecember31,2023,withnetcashusedinoperatingactivitiesdecreasingto3,232,759 from 5,097,126in2022[381]−CashbalanceasofDecember31,2023was4,447,003, down from 5,700,709in2022[376]−Workingcapitaldecreasedto4,687,149 as of December 31, 2023, compared to 5,557,595in2022[376]−AsofDecember31,2023,thecompanyhadanaccumulateddeficitof29,360,235 and expects to incur losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[388] Expenses - Research and development expenses increased by 151% to 1,938,234 in 2023, primarily due to IPR&D costs associated with a transaction with Yaaran Investment Ltd.[365] - Selling and marketing expenses decreased by 52% to 271,966 in 2023, reflecting cost reduction measures implemented by the company[366] - General and administrative expenses rose by 18% to 5,575,843in2023,mainlyduetoincreasedshare−basedcompensation[367]−Netcashusedininvestingactivitiesincreasedsignificantlyto1,519,560 in 2023, compared to 51,689in2022,primarilyduetoinvestmentsinPlantify[382]−Thecompanyprovided3,472,712 from financing activities in 2023, a decrease from 4,094,940in2022,attributedtolowerproceedsfromequityofferings[383]CorporateActions−ThecompanyexecutedasecuritiesexchangewithPlantify,issuing166,340sharesofcommonstock,representing19.990.01 per share, increasing its ownership to approximately 23%[379] - The company entered into a Standby Equity Purchase Agreement on December 22, 2023, allowing for the purchase of up to 20millionofcommonstockover36monthsat943,000,000 under the Purchase Agreement, with each pre-advance subject to a 3% discount and an 8% annual interest rate[387]
