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Moving iMage Technologies, 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 net sales to $5.252 million from $6.635 million in the same quarter the previous year. The decrease is attributed to higher one-time sales in the previous year.
Gross profit for the quarter was $1.372 million, down from $1.819 million in the previous year, with the decline attributed to lower margin revenues.
Research and development expenses decreased to $61,000 from $67,000, due to lower compensation expenses.
Selling, general, and administrative expenses increased slightly to $1.379 million from $1.368 million, primarily due to fewer payroll hours allocated to cost of goods sold.
Other income was $43,000, compared to $55,000 in the previous year, due to a lower cash balance and related lower interest income.
The company reported a net loss of $25,000 for the quarter, compared to a net income of $439,000 in the previous year. The loss was due to lower gross profit and slightly higher operating expenses.
Cash used in operating activities was $32,000, primarily due to decreases in working capital and net losses, offset by non-cash expenses.
Cash balance at the end of the period was $5.246 million, compared to $5.278 million at the beginning of the period.
The filing also details changes in the company's executive leadership, with Francois Godfrey appointed as President and COO, and Bevan Wright resigning from the Board to serve as an advisory board member.
Moving iMage Technologies continues to focus on expanding its customer base and introducing new products, despite challenges from the COVID-19 pandemic and industry disruptions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Moving iMage Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.