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Leafbuyer Technologies Inc (LBUY+5.00%) 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 $1,609,473 from $1,169,622 in the same quarter the previous year. The increase is attributed to additional text services.
Cost of revenue for the quarter was $860,192, compared to $813,344 in the same quarter of the previous year. This increase is due to the inclusion of third-party texting fees in pricing agreements.
The company reported a gross profit of $749,281 for the quarter, compared to $356,278 in the previous year, with the increase attributed to changes in pricing agreements.
Operating expenses for the quarter were $716,794, slightly down from $717,287 in the previous year, primarily due to lower stock-based compensation expenses.
Interest expense for the quarter was $20,986, down from $37,624 in the previous year, due to a reduction in notes payable.
Net income for the quarter was $11,502, compared to a net loss of $398,598 in the previous year.
Cash provided by operating activities was $211,177, while cash used in financing activities was $145,128.
Leafbuyer had $231,381 in cash and cash equivalents as of September 30, 2024, with a working capital deficit of $1,711,749.
The filing also details various financial agreements, including notes payable and convertible notes payable.
Leafbuyer continues to focus on expanding its marketing and sales presence in new markets and developing innovative technologies for cannabis dispensaries and product companies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Leafbuyer Technologies Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.