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Healthy Extracts Inc (HYEX0.00%). 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 $744,916 from $613,541 in the same quarter the previous year. The increase is attributed to the company's direct consumer sales and marketing efforts.
Cost of revenue for the quarter was $142,456, representing 19% of sales, compared to 20% in the same quarter of the previous year. This decrease in cost ratio is due to efficiencies resulting from increased revenue.
The company reported a gross profit of $602,460 for the quarter, compared to $493,233 in the previous year, with the increase attributed to higher sales.
General and administrative expenses decreased to $517,068 from $754,026, primarily due to reduced consulting fees and advertising expenses.
Net income for the quarter was $354,466, compared to a net loss of $247,924 in the previous year. The improvement is primarily due to an increase in revenue and a decrease in operating expenses.
Cash provided by operating activities was $240,090, while cash used in financing activities was $159,129.
Healthy Extracts had a working capital of $1,732,158 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including unsecured and secured debt arrangements.
The company does not anticipate cash dividend payments to common stockholders in the near future.
The filing highlights a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Healthy Extracts continues to focus on marketing its nutraceutical products and highlights its efforts to increase direct consumer sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Healthy Extracts Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.