Pervasip Announces Financial Results for Fiscal Year 2023

Reports 2023 Revenues of $15.8 Million from Artizen Corporation

SEATTLE, WA, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its fiscal years ended November 30, 2023.

Key Highlights

• Gross Profit for the year ending November 30, 2023 totaled $4,890,763 on $15.8 million in revenues, compared to gross profits of $2,724,601 during the same period in 2022.
• Gross Margins improved from 17% to 31%, a 182% increase. The improved gross margin reflects increases in production yields and gains in production efficiencies.
• Revenues of $15.8 million equal 2022 revenues, achieved in a market that continues to battle over supply and price compression.
• Operating Loss for the year ending November 30, 2023 totaled ($460,037), compared to an operating loss of $2,422,916 during the same period in 2022.
• Cashflow for the year ending November 30, 2023 totaled $409,507, compared to negative cashflow of ($798,033) during the same period in 2022.
• Income Tax liabilities increased due to a materially improved Gross Profit. Under 280e tax treatment, the Company is being taxed on Gross Profit as compared to non-cannabis businesses being taxed on Net Income.

“We continued to increase yields and margins in a market that is still challenged by oversupply and price compression.” said German Burtscher, Pervasip’s President and Chief Executive Officer.

Since the successful completion of its comprehensive financial audit for fiscal years ending November 30, 2022 and 2021, the Company has entered into debt restructuring efforts for one of its operating companies in preparation for the spin out of its cannabis assets and efforts to further reduce its real estate footprint in Washington State.

Audited 2023 financials are expected to be completed by end of April 2024.

Pervasip Corporation
Pervasip Corp., a developer of companies and technologies in high value emerging markets, owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen brand, including all-time top selling products in flower in Washington state. Additional information on Artizen-branded products is available online at www.artizencannabis.com. Pervasip additionally owns 5% of KRTL Biotech, Inc., a developer of biotechnologies with a focus on pharmaceutical applications of cannabinol and psilocybin. Additional information on KRTL is available online at www.krtlbiotech.com. Additional information on Pervasip can be found at www.pervasip.net.