In This Story
American Rebel Holdings Inc. (AREB-4.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $2,337,786 for the quarter, compared to $3,345,552 in the same quarter of the previous year. The decline is attributed to slower sales and current market conditions.
Cost of goods sold for the quarter was $2,835,763, leading to a negative gross margin of $497,977. This reflects an increase in costs and a decrease in sales volume.
Operating expenses for the quarter decreased significantly to $542,695 from $3,179,246 in the previous year, primarily due to adjustments in deferred compensation expenses.
The company reported a net loss of $1,747,957 for the quarter, compared to a net loss of $2,793,670 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
American Rebel Holdings has experienced cash flow constraints and missed payments under several financing agreements, but is actively working with lenders to remedy these issues.
The company is focused on expanding its product offerings, including the launch of American Rebel Beer and new safe models, as part of its growth strategy.
American Rebel Holdings is currently negotiating a forbearance or other cure for a default on its $2 million line of credit with Bank of America, which expired in February 2024.
The company has identified material weaknesses in its internal control over financial reporting and is working to remediate these issues to ensure accurate and timely financial statements.
American Rebel Holdings is in the growth and acquisition stage, relying on equity and debt offerings to fund operations and expansion efforts, with a focus on achieving profitability in the future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Rebel Holdings Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.