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Allied Corp (ALID0.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing shows that Allied Corp reported revenue of $27,669 for the three-month period ended November 30, 2024, an increase from $19,039 in the same period the previous year.
Gross margin for the quarter was $13,611, compared to $17,036 in the previous year. The decrease in gross margin is attributed to higher costs of sales.
Total expenses for the quarter were $793,901, down from $853,709 in the previous year. This decrease was primarily due to a reduction in consulting fees.
The company reported a net loss of $780,290 for the quarter, compared to a net loss of $836,673 in the previous year.
As of November 30, 2024, Allied Corp had a working capital deficit of $8,874,738. The company continues to rely on equity sales and convertible notes to finance its operations.
The filing details the issuance of 1,950,000 shares of common stock at $0.20 per share, generating gross proceeds of $390,000 during the quarter.
Allied Corp's secured convertible notes had an outstanding principal of $3,774,891 as of November 30, 2024, with accrued interest payable of $1,196,843.
The company highlights its focus on developing Colombian-produced medicinal cannabis for various medical conditions and aims to maintain a vertically integrated supply chain.
The filing also discusses the company's ongoing legal proceedings related to a building and lease in Nevada, which is currently subject to litigation.
Allied Corp continues to face challenges related to liquidity and financing, with management planning to secure additional funding through equity and debt offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allied Corp quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.