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DSwiss Inc (DQWS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,027,198 from $425,569 in the same quarter the previous year. The increase is attributed to higher sales in the nutraceutical and skincare sectors.
Cost of revenue for the quarter was $913,997, representing 89% of sales, compared to 66% in the same quarter of the previous year. This increase in cost ratio is due to higher purchase costs of retail goods.
The company reported a gross profit of $113,201 for the quarter, compared to $144,559 in the previous year, with the decline attributed to increased cost of revenue.
Net loss for the quarter was $61,468, compared to a net profit of $44,996 in the previous year. The loss is attributed to increased selling, general, and administrative expenses.
Cash provided by operating activities was $217,204, while cash used in investing and financing activities was $1,313 and $13,756, respectively.
DSwiss had cash and cash equivalents of $473,250 as of September 30, 2024. The company acknowledges its need for continued financial support from shareholders to meet future obligations.
The filing also details various financial metrics, including an accumulated deficit of $1,272,810 and total assets of $817,007.
DSwiss does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate segregation of duties and insufficient written policies.
DSwiss continues to focus on expanding its nutraceutical and skincare product lines and highlights its efforts to enhance its social media marketing strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DSwiss Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.