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Healthy Extracts Inc. (HYEX-0.62%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports revenues of $3,113,279 for the year, an increase from $2,485,866 in 2023. The cost of revenue was $1,201,959, resulting in a gross profit of $1,911,320.
Operating expenses totaled $2,094,469, down from $3,865,654 in the previous year. The decrease was primarily due to a reduction in stock-based compensation expenses.
The company reported a net loss of $840,671, compared to a net loss of $2,472,931 in the previous year. The improvement in net loss was attributed to increased revenues and reduced operating expenses.
Healthy Extracts Inc. focuses on acquiring, developing, and marketing plant-based nutraceuticals targeting heart, brain, and immune health. Its subsidiaries, BergaMet NA, LLC and Ultimate Brain Nutrients, LLC, contribute to its operations.
The company faces competition from larger and more established entities in the nutraceutical market. It continues to explore new sales channels and product launches to drive growth.
Healthy Extracts Inc. has identified material weaknesses in its internal controls over financial reporting, specifically in the areas of documentation and segregation of duties. The company plans to address these issues by engaging third-party assistance and hiring additional personnel.
The company's financial statements have been prepared on a going concern basis, reflecting its need to raise additional capital to continue operations.
Healthy Extracts Inc. does not anticipate paying cash dividends in the foreseeable future, intending to reinvest earnings into business expansion.
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. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.