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Dogecoin Cash Inc. (CBDS-20.00%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $189,121 for the three months ended September 30, 2024, compared to $271,207 for the same period in 2023, reflecting a 27% decline. This decrease is attributed to increased competition in the cannabis telemedicine industry.
Cost of revenues decreased by 30% to $70,249 for the quarter, while gross profit declined by 26% to $118,872. The gross profit percentage of sales remained relatively stable at 63%.
Total operating expenses decreased by 41% to $300,719, driven by reductions in professional fees, depreciation, and wages. Despite these cost reductions, the company reported a net loss from continuing operations of $181,847, an 18% improvement from the previous year's loss.
For the nine months ended September 30, 2024, revenue decreased by 31% to $648,643 compared to the same period in 2023. The cost of revenues as a percentage of sales increased slightly to 39%.
The company reported a net loss of $554,583 for the nine-month period, compared to a loss of $417,178 in the previous year. Operating expenses decreased by 24% to $949,857.
Cash used in operating activities was $78,400 for the nine months ended September 30, 2024, with cash on hand totaling $41,352 at the end of the quarter.
Dogecoin Cash Inc. disclosed a material weakness in its disclosure controls and procedures, attributed to the small size of its accounting staff, which may prevent adequate controls in the future.
The company is considering raising capital through public or private offerings to support its business operations. The filing notes that this could result in dilution for current shareholders.
No material legal proceedings were reported, and the company has no off-balance sheet arrangements.
Subsequent to the reporting period, the company announced the acquisition of DogeSPAC, LLC and 600,000,000 Dogecoin Cash tokens, as well as a name change from Cannabis Sativa, Inc. to Dogecoin Cash, Inc. The company also declared a special dividend of preferred shares to common shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dogecoin Cash Inc. quarterly 10-Q report dated December 31, 2024. To report an error, please email earnings@qz.com.