Cost of revenue increased by $4.7 million, or 69 percent, in fiscal 2024, mainly due to a 70 percent increase in the number of telemedicine cases compared to fiscal 2023. Cash used in operating activities in fiscal 2024 was $6.
4 million as compared to $2.2 million in fiscal 2023. The Company's gross profit increased by $1.
4 million, or 132 percent, to $2.5 million during FY 2024, mainly due to the 77 percent year-over-year increase in revenue and an increase in gross profit margin to 18.2 percent during FY24 from 13.
9 percent during FY23. Due however to a $13.9 million, or 316 percent, increase in total operating expenses in fiscal 2024 compared to the previous fiscal year, the company incurred a net loss of $15.
6 million, or $(.56) per share, for fiscal 2024, as compared to a net loss of $3.2 million, or $(.
13) per share, for fiscal 2023. The largest contributor to the $13.9 million increase in fiscal 2024 total operating expenses was a $9.
1 million non-cash, share-based compensation expense during that year, compared to zero for fiscal 2023. This expense consisted primarily of share-based payments to employees pursuant to the Company's established Employee Incentive Plan and to non-employees in consideration for IPO-related and business development services rendered to the Company. Fiscal 2024's increase in total operating expenses also comprised a $3.
0 million increase in selling, general, and administrative expenses mainly due to increases in IPO-related professional fees.
