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SRM Entertainment Inc. (SRM-2.10%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines SRM's financial performance, showing a decrease in sales to $4,311,382 from $5,760,533 in the previous year. This decline is attributed to reduced orders from major theme parks due to expansion activities and cautious buying during an election year.
Cost of sales for the year was $3,456,151, resulting in a gross profit of $855,231, compared to $1,317,450 in the previous year.
The company reported total operating expenses of $5,194,576, up from $3,371,309 in the previous year. This increase is primarily due to higher stock-based compensation and costs associated with being listed on Nasdaq.
Net loss for the year was $4,339,345, compared to a net loss of $2,053,859 in the previous year.
SRM raised net proceeds of $2,501,255 from the sale of securities under a Form S-3 registration statement during the year.
The company ended the year with $1,352,373 in cash and cash equivalents, down from $2,980,741 at the end of the previous year.
SRM's business focuses on designing and developing toys and souvenirs for major theme parks and entertainment venues. The company emphasizes creating products that resonate with pop culture and fan loyalty.
The filing also details recent developments, including a new employment agreement with CFO Douglas McKinnon and stock options issued to the CEO and CFO.
SRM received a Nasdaq listing deficiency notice regarding its stock price, which the company is actively addressing.
The company completed an asset purchase agreement with Suretone Entertainment, acquiring assets related to the movie 'The Kid' for $3,000,000.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SRM Entertainment Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.