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1847 Holdings LLC (EFSH+6.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $4,759,090, an increase from $4,676,365 in the same quarter the previous year. The increase is attributed to improved supply chain conditions and increased multi-family projects.
Cost of revenues for the quarter was $2,002,772, representing 42.1% of sales, compared to 40.0% in the same quarter of the previous year. This increase in cost ratio is due to increased material costs.
The company reported a loss from operations of $3,413,238 for the quarter, compared to $1,207,243 in the previous year, with the decline attributed to increased personnel costs and management fees.
Interest expense for the quarter was $1,140,526, while amortization of debt discounts was $2,107,104.
Net loss from continuing operations before income taxes was $5,914,789, compared to $5,586,715 in the previous year. After income tax benefit, net loss from continuing operations was $5,557,789, compared to $5,136,715 in the previous year.
Cash used in operating activities was $11,688,488, while cash provided by investing and financing activities was $17,501,868 and $3,730,366, respectively.
The filing also details various financial agreements, including amendments to existing promissory notes and new financing arrangements.
1847 Holdings LLC completed the sale of High Mountain Door & Trim Inc. for $17,000,000, which is reported as discontinued operations.
The company acknowledges its dependence on securing additional financing through debt and equity offerings to continue operations.
The filing identifies material weaknesses in internal controls over financial reporting, including a lack of written documentation and insufficient personnel in the accounting department.
1847 Holdings LLC continues to focus on acquiring and managing small businesses with stable earnings and cash flows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 1847 Holdings LLC quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.