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Allied Corp (ALID0.00%) has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing includes financial statements for the year, showing revenue of $96,180, up from $72,096 in the previous year. This increase is attributed to multiple sales contracts.
The company reported a gross loss of $323,132 for the year, compared to a gross loss of $1,461,767 in the previous year. The improvement is primarily due to a lower inventory write-off.
Operating expenses decreased to $3,653,052 from $6,380,166, largely due to a reduction in stock-based compensation.
Net loss for the year was $3,976,184, down from $10,675,671 in the previous year, with the decrease driven by lower inventory write-offs and consulting fees.
As of August 31, 2024, Allied had a working capital deficit of $8,834,739, compared to a deficit of $8,379,055 the previous year.
The company continues to seek funding to meet operational needs, primarily through equity sales and convertible notes.
Allied's Colombian operations focus on the cultivation and export of cannabis, with several international shipments completed in 2024.
The company has secured additional equity financing and loans to support ongoing operations in Colombia and Canada.
Allied's strategic objectives include scaling production in Colombia and expanding distribution and commercialization efforts globally.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allied Corp annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.