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Blue Line Protection Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $1,023,208 from $1,105,945 in the same quarter the previous year. The decrease is attributed to a change in the client base.
Cost of revenue for the quarter was $406,004, compared to $388,852 in the same quarter of the previous year. This increase is due to a rise in distance traveled and personnel costs.
The company reported a gross profit of $617,204 for the quarter, compared to $717,093 in the previous year.
General and administrative expenses increased to $616,738 from $495,919, primarily due to higher maintenance and overhead costs.
Net income for the quarter was $79,277, compared to $205,646 in the previous year. The change is attributed to the variation in stock price affecting derivative securities.
Cash provided by operating activities was $464,915, while cash used in investing and financing activities was $7,025 and $195,263, respectively.
Blue Line had a working capital deficit as of September 30, 2024. The company acknowledges its need for additional capital resources to continue as a going concern.
The filing also details various financial agreements, including notes payable to related parties and derivative liabilities.
Blue Line does not anticipate any material capital requirements for the twelve months ending September 30, 2025.
The company is involved in legal proceedings with Hypur Inc., which filed an arbitration claim against Blue Line for $363,500 related to promissory notes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Line Protection Group Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.