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Focus Universal Inc. (FCUV+16.67%) 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 $74,215 from $71,854 in the same quarter the previous year. The increase is attributed to higher sales of LED products, which yield higher profit margins.
Cost of revenue for the quarter was $42,530, compared to $44,386 in the same quarter of the previous year. This decrease in cost is due to the shift in product sales towards higher-margin items.
The company reported a gross profit of $31,685 for the quarter, compared to $27,468 in the previous year, reflecting the increased revenue and decreased cost of sales.
Selling expenses increased to $30,936 from $25,193, primarily due to higher advertising fees.
Compensation for officers and directors rose to $575,255 from $267,002, while professional fees increased to $278,336 from $132,914, largely due to legal fees.
Research and development expenses were $308,516, slightly up from $305,872 in the previous year.
General and administrative expenses increased to $585,491 from $387,764, attributed to an increase in office employees.
Other income for the quarter was $3,215,560, significantly up from $62,050, primarily due to a gain on the sale of property.
Net income for the quarter was $1,441,927, compared to a net loss of $968,033 in the previous year, due to the factors discussed above.
The company discontinued operations of AT Tech Systems LLC in August 2024, resulting in a loss from discontinued operations of $26,748 for the quarter.
Focus Universal reported cash and cash equivalents of $5,368,273 as of September 30, 2024, and highlighted its reliance on equity and debt financings to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Focus Universal Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.