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GPO Plus Inc (GPOX-7.76%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in revenues to $1,231,766 from $1,089,583 in the same quarter the previous year. The increase is attributed to an increase in the availability of inventory.
Cost of revenue for the quarter was $885,855, compared to $928,413 in the same quarter of the previous year. This decrease in cost is associated with improved inventory management.
The company reported a gross profit of $345,911 for the quarter, compared to $161,170 in the previous year, with the increase attributed to higher sales volume.
Operating expenses decreased to $644,544 from $908,406, primarily due to a reduction in professional fees and management salaries.
Net loss for the quarter was $409,331, down from $883,638 in the previous year. The reduction in net loss is due to increased revenues and decreased operating expenses.
Cash used in operating activities was $770,281, while cash used in investing activities was $30,212. Financing activities provided $740,916 in cash.
GPO Plus had a working capital deficit of $4,841,763 as of January 31, 2025. The company acknowledges its need for additional capital resources to continue operations.
The filing also details various financial agreements, including promissory notes and convertible notes, with specific terms and conditions.
GPO Plus does not anticipate significant changes in its operations or financial condition in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties.
GPO Plus continues to focus on expanding its product line and distribution reach to meet market demand and customer needs.
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 April 3, 2025. To report an error, please email earnings@qz.com.