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GPO Plus Inc (GPOX0.00%). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports revenues of $1,189,151 for the three months ended October 31, 2024, a slight decrease from $1,217,570 in the same period the previous year. The decrease is attributed to a reduction in inventory availability.
Operating expenses for the quarter were $726,624, down from $957,138 in the previous year. This decrease was primarily due to reductions in professional fees and related party expenses.
The company reported a net loss of $585,294 for the quarter, compared to a net loss of $975,070 in the previous year. The decrease in net loss is attributed to increased gross profit and reduced operating and other expenses.
For the six months ended October 31, 2024, GPO Plus reported revenues of $2,396,892, an increase from $2,188,305 in the previous year. The increase is due to expanded business activities.
Net loss for the six-month period was $1,172,003, a reduction from $2,192,878 in the previous year, attributed to higher gross profit and lower operating and other expenses.
The company's working capital deficit increased to $4,673,125 as of October 31, 2024, from $3,744,984 as of April 30, 2024, due to increased liabilities and decreased assets.
Cash used in operating activities for the six months ended October 31, 2024, was $410,619, compared to $712,115 in the previous year, reflecting reduced net loss and changes in working capital.
GPO Plus continues to face going concern risks due to its cumulative net loss and the need for additional capital to fund operations. The company plans to seek additional financing to support its business activities.
The filing also notes a legal proceeding involving a breach of contract claim, which the company believes to be non-material and resolved.
GPO Plus's internal controls over financial reporting were deemed ineffective due to a lack of segregation of duties, as noted in the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GPO Plus Inc quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.