In This Story
Bergio International, Inc. (BRGO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenues of $684,571 for the three months ended September 30, 2024, a decrease from $767,060 in the same period the previous year. The decrease is attributed to declining memberships in the GearBubble software service.
Cost of revenues for the quarter was $424,080, down from $487,162 in the previous year, resulting in a gross profit of $260,491 compared to $279,898 the previous year.
Operating expenses decreased to $399,352 from $602,026, primarily due to reductions in marketing, professional fees, and compensation expenses.
Loss from operations was $138,861, compared to a loss of $322,128 in the previous year. The company reported a net loss attributable to Bergio International, Inc. from continuing operations of $115,628, compared to $246,024 in the previous year.
Income from discontinued operations was $2,000,201, compared to a loss of $159,065 in the previous year. This was due to the sale of the majority-owned subsidiary, Aphrodite's Marketing.
Cash used in operating activities was $130,333 for continuing operations, compared to $577,607 in the previous year. Cash provided by financing activities was $202,561, primarily from advances from the CEO.
The company has a working capital deficit of $3,323,855 as of September 30, 2024, an improvement from a deficit of $4,351,014 at the end of 2023.
The filing also details various financial agreements, including convertible notes and loans payable. Some convertible notes are in default as of September 30, 2024.
Bergio International, Inc. acknowledges the challenges posed by its financial position and is exploring strategies to increase sales and expand its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bergio International, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.