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Nightfood Hldgs Inc (NGTF+6.98%). 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 revenues to $24,454 from $8,935 in the same quarter the previous year. This increase is attributed to a shift from retail distribution to direct-to-consumer sales.
Cost of product sold for the quarter decreased to $12,649 from $56,663 in the same quarter of the previous year, primarily due to the cessation of slotting fees.
The company reported operating expenses of $336,760 for the quarter, compared to $304,876 in the previous year, with the increase attributed to a write-down of accounts receivable and other current assets.
Professional fees remained stable at $212,620 compared to $213,080 in the previous year.
Net loss for the quarter was $764,611, down from $1,318,933 in the previous year. The reduction in net loss is attributed to a decrease in other expenses, particularly financing costs.
Cash used in operating activities was $128,241, while cash used in investing activities was $128,580, primarily for acquisition costs secured by promissory notes.
Cash provided by financing activities was $402,050, raised through the issuance of debt in the form of convertible notes and secured promissory notes.
Nightfood had a working capital deficit of $5,196,374 as of September 30, 2024. The company acknowledges its dependence on raising additional funds through debt and equity financing to meet future obligations.
The filing also details the acquisition of Future Hospitality Ventures Holdings Inc., a new entrant in the Robots-as-a-Service space, and the ongoing process of acquiring additional operating companies.
Nightfood continues to focus on expanding its portfolio in the hospitality, food services, and consumer goods sectors, with plans to transition to the NASDAQ as soon as practicable.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nightfood Hldgs Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.