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ADM Endeavors, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,166,235 from $1,984,193 in the same quarter the previous year. This increase is attributed to higher school uniform sales and new government contract sales.
Direct costs of revenue increased to $1,600,925 from $1,389,608, resulting in a decrease in gross margin from 30% to 26%.
General and administrative expenses decreased slightly to $393,890 from $400,658, due to efficiencies gained from the acquisition of assets from Innovative Impressions.
Marketing and selling expenses increased to $9,977 from $7,793, reflecting continued investment in web marketing.
Net income for the quarter was $125,809, down from $155,609 in the previous year.
For the nine months ended September 30, 2024, revenue increased to $4,444,973 from $3,915,887, primarily due to increased sales from recently acquired brands and school uniform sales.
Direct costs of revenue for the nine months increased to $3,122,367 from $2,703,206, with gross margin decreasing from 31% to 30%.
General and administrative expenses for the nine months increased to $1,191,459 from $1,065,307, due to expenses related to the acquisition of assets and new government contracts.
Net income for the nine months was $48,374, compared to $162,560 in the previous year.
Cash provided by operating activities was $559,125, while cash used in investing activities was $1,729,585, primarily for property and equipment purchases.
Cash provided by financing activities was $1,618,201, mainly from proceeds of notes payable.
The company continues to focus on expanding its sales through new contracts and acquisitions, while managing costs and investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ADM Endeavors Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.