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LFTD Partners Inc (LIFD0.00%) 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 $8,691,675, a decrease from $13,106,280 in the same quarter the previous year. The decrease is attributed to regulatory changes and increased competition in the hemp-derived products market.
Cost of goods sold for the quarter was $4,933,780, resulting in a gross profit of $3,757,895. Gross margin was 43%, compared to 34% in the previous year.
Operating expenses for the quarter were $3,898,598, with significant contributions from payroll expenses of $1,360,035 and bad debt expense of $864,345.
The company reported a net loss of $194,399 for the quarter, compared to a net income of $617,648 in the previous year.
Cash used in operating activities was $67,154 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $743,001 in the previous year.
Net cash used in investing activities was $480,611, primarily due to purchases of fixed assets and merger-related payments.
Net cash used in financing activities was $634,969, driven by loan repayments and stock buybacks.
LFTD Partners had cash and cash equivalents of $3,174,805 as of September 30, 2024. The company continues to face significant financial obligations and regulatory risks.
The filing details various legal proceedings involving the company, including lawsuits where LFTD Partners is both plaintiff and defendant.
The company acknowledges the challenges posed by regulatory changes and market competition and is taking measures to address these issues, including rebranding efforts and increased marketing initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LFTD Partners Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.