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Safe Pro Group Inc. (SPAI+7.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $330,756 for the quarter, an increase from $163,547 in the same period the previous year. The increase is attributed to higher sales from existing customers and the launch of new products.
Cost of revenues for the quarter was $196,523, resulting in a gross profit of $134,233, compared to $62,446 in the previous year. The gross profit margin improved due to increased sales of higher-margin products.
Operating expenses rose significantly to $3,676,307 from $740,664 in the previous year, primarily due to increased stock-based compensation and professional fees related to the company's initial public offering.
The company reported a net loss of $3,685,456 for the quarter, compared to a net loss of $679,784 in the same period the previous year. The increase in net loss is mainly due to higher operating expenses.
Cash provided by financing activities was $4,922,851, primarily from the proceeds of the initial public offering, which raised $4,179,500.
Safe Pro Group Inc. had a working capital of $2,300,448 as of September 30, 2024, an improvement from a deficit of $142,821 as of December 31, 2023.
The filing includes details on the conversion of preferred stock and convertible notes into common stock, as well as the issuance of new shares for compensation and services.
The company outlines its focus on expanding its product offerings and increasing sales through existing and new customer relationships.
The filing also notes the company's efforts to address material weaknesses in its internal controls over financial reporting, particularly in inventory management and segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safe Pro Group Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.