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Gold Flora Corp Com (GRAM+10.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $32,621,000, an increase from $31,960,000 in the same quarter the previous year. Wholesale revenues increased significantly due to the launch of the Gramlin brand.
Retail revenues decreased for the quarter, attributed to the closure of non-profitable retail and delivery services. However, for the nine months ended September 30, 2024, retail revenues increased due to the Business Combination in July 2023.
Cost of goods sold for the quarter was $19,138,000, resulting in a gross profit of $13,483,000, compared to $11,314,000 in the previous year. The gross profit margin improved to 41.3% from 35.4% in the previous year.
Selling, general, and administrative expenses decreased to $23,008,000 from $25,617,000, primarily due to efficiencies achieved from integration efforts following the Business Combination.
Net loss for the quarter was $18,886,000, compared to a net income of $22,960,000 in the previous year. The previous year's results included a one-time gain on bargain purchase.
Cash used in operating activities was $5,786,000, while cash used in investing and financing activities was $2,050,000 and $4,536,000, respectively.
As of September 30, 2024, Gold Flora had cash and cash equivalents of $10,166,000. The company acknowledges its dependence on additional capital to continue operations.
The filing also details various financial agreements, including a loan agreement with J.J. Astor & Co. and a limited receivership related to indemnification obligations.
Gold Flora continues to focus on its vertically integrated operations in California, with efforts to improve gross margins and achieve sustainable cash flow.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gold Flora Corp Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.