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Metalert Inc (MLRT0.00%) 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 total revenues to $52,028 from $85,741 in the same quarter the previous year. The decrease is attributed to delays in production and inventory receipt.
Cost of goods sold for the quarter was $32,715, representing 63% of revenues, compared to 100% in the same quarter of the previous year. This decrease in cost ratio is due to a shift towards higher-margin subscription services.
The company reported a gross profit of $19,313 for the quarter, compared to $77 in the previous year, with the increase attributed to a higher proportion of subscription revenue.
Wages and benefits decreased to $65,460 from $120,865, primarily due to cost-cutting initiatives.
Professional fees decreased to $24,444 from $61,995, reflecting a shift of responsibilities to in-house personnel.
Net loss for the quarter was $197,832, down from $429,561 in the previous year. The decrease is attributed to reduced operating expenses and financing costs.
Cash used in operating activities was $336,174, while cash used in investing activities was $4,875.
Net cash provided by financing activities was $301,917, primarily from the issuance of debt and preferred shares.
Metalert had a working capital deficit of $4,340,509 as of September 30, 2024. The company acknowledges its dependence on additional funding to meet future obligations.
The filing also details various financial agreements, including convertible promissory notes and lines of credit.
Metalert continues to focus on expanding its SmartSole distribution and increasing its subscription base, particularly in international markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Metalert Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.