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Legend Spices, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $1,566 from $1,663 in the same quarter the previous year. The cost of goods sold was $958, resulting in a gross profit of $608.
The company reported operating expenses of $6,970 for the quarter, primarily consisting of general and administrative expenses.
Net loss for the quarter was $6,362, compared to $13,831 in the previous year. The company attributes the loss primarily to high operating expenses.
Legend Spices had a working capital deficit of $946 as of September 30, 2024, with cash on hand of $219.
The company acknowledges substantial doubt about its ability to continue as a going concern and plans to raise additional capital.
The filing details the company's focus on the production and marketing of seasonings, with a current market limited to Armenia.
Legend Spices does not have any off-balance sheet arrangements and did not engage in any significant investing activities during the period.
The company reported a material weakness in its internal control over financial reporting due to inadequate staffing and supervision.
Legend Spices plans to spend $5,000 on research and development over the next twelve months and does not intend to purchase any significant equipment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Legend Spices Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.