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James Maritime Holdings Inc (JMTM0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $989,486, down from $2,382,896 in the same quarter the previous year. The decrease is attributed to the loss of a material customer.
Cost of goods sold for the quarter was $975,139, compared to $1,043,945 in the same quarter of the previous year. The reduction is due to decreased employee compensation.
General and administrative expenses increased to $3,033,815 from $1,176,414, primarily due to expenses from operations and warrants issued for services.
The company reported a net loss attributable to common stockholders of $3,269,390 for the quarter, compared to $268,373 in the previous year, with the increase attributed to decreased sales and increased administrative expenses.
For the nine months ended September 30, 2024, net sales were $4,025,410, down from $6,915,105 in the previous year, again due to the loss of a material customer.
Cost of goods sold for the nine months was $3,411,620, compared to $4,995,598 in the previous year. The decrease is attributed to reduced employee compensation.
General and administrative expenses for the nine months were $5,440,974, an increase from $3,925,755, due to expenses from operations and warrants issued for services.
The company reported a net loss attributable to common stockholders of $4,712,641 for the nine months, compared to $2,476,888 in the previous year.
James Maritime Holdings had cash of $82,534 as of September 30, 2024, with a working capital deficit of $3,093,594. The company anticipates needing additional capital to fund operations.
The filing indicates that the company does not have sufficient cash on hand to operate for the next 12 months and will require additional financing.
James Maritime Holdings is engaged in litigation with Strategic Funding Source, Inc. regarding a financing dispute.
The company has identified material weaknesses in its internal controls over financial reporting due to a lack of resources and segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the James Maritime Holdings Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.