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Ameriguard Security Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the nine months ended September 30, 2024, showing a slight increase in revenue to approximately $19,282,900 from $18,882,092 in the same period the previous year. This increase is attributed to new federal transportation contracts.
Cost of services for the nine months was $16,673,307, compared to $17,242,005 in the previous year. The decrease in cost is associated with the end of a federal guard contract.
The company reported a gross margin of $2,609,593, up from $1,640,087 in the previous year, due to increased transportation revenue and reduced direct expenses.
Operating expenses increased to $4,428,893 from $3,429,650, primarily due to higher loan interest expenses and professional fees.
Net loss from operations was $1,819,300, slightly higher than the $1,789,563 loss in the previous year. The company attributes this to increased operating expenses.
Cash used in operating activities was $1,438,888, while cash used in investing and provided by financing activities was $515,459 and $685,095, respectively.
Ameriguard had cash on hand of $896,616 as of September 30, 2024, with total current assets of $3,102,833.
The filing also details various financial agreements, including short-term loan agreements with several lenders and a deferral agreement with a shareholder.
The company continues to focus on acquiring new federal contracts and pursuing mergers and acquisitions to drive future growth.
Ameriguard identified a material weakness in its internal controls over financial reporting due to a lack of sufficient resources to separate duties among staff.
The company is negotiating with lenders to refinance its debt obligations and anticipates an influx of capital by the end of the fourth quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ameriguard Security Services Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.