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Blue Line Protection Group Inc (BLPG-15.53%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include providing armed protection, transportation, currency processing, and compliance services primarily for businesses in the legal cannabis industry. The company operates in Colorado, Arizona, Nevada, and New Mexico.
For the year ended December 31, 2024, Blue Line Protection Group reported total revenue of $4,365,122, a slight decrease from $4,408,311 the previous year. The revenue was primarily derived from transportation services (46%) and currency processing services (53%).
The cost of revenue increased to $1,591,011 from $1,542,450, attributed to increased distance traveled and personnel costs. General and administrative expenses also rose to $2,429,139 from $2,103,148 due to higher maintenance and overhead costs.
The company reported a net income of $241,741 for the year, down from $351,181 in the previous year. The decrease in net income is primarily due to increased expenses.
Blue Line Protection Group's balance sheet shows total assets of $1,355,101 and total liabilities of $1,988,259 as of December 31, 2024, resulting in a stockholders' deficit of $633,158.
The company continues to face challenges related to the banking and regulatory environment for cannabis businesses, which impacts its operations and financial condition.
Blue Line Protection Group is involved in ongoing legal proceedings with Hypur Inc., which filed an arbitration claim for $363,500 related to promissory notes. The company has counterclaimed against Hypur for breach of contract.
The company identified a material weakness in its internal controls over financial reporting, specifically in the areas of related party transactions and segregation of duties.
Blue Line Protection Group's management plans to address these weaknesses and improve internal controls as financial resources allow.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.