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Stemtech Corp (STEK-4.68%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $1,031,630, a decrease from $1,298,322 in the same quarter the previous year. The decrease is attributed to a reduction in available inventory for sale.
Cost of goods sold for the quarter was $380,205, compared to $290,896 in the same quarter of the previous year, reflecting an increase in manufacturing costs and raw materials.
The company reported a gross profit of $651,425 for the quarter, down from $1,007,426 in the previous year.
Commissions expenses decreased to $113,192 from $386,070, while general and administrative expenses increased to $1,179,633 from $1,081,224, primarily due to an increase in professional fees.
Net loss for the quarter was $1,171,405, compared to a net loss of $1,040,093 in the previous year.
Cash provided by operating activities was $418,508, while cash provided by financing activities was $826,893.
Stemtech had a working capital deficit of $8,810,017 as of September 30, 2024. The company acknowledges its dependence on raising additional capital and generating sufficient revenue to meet future obligations.
The filing also details various financial agreements, including a convertible promissory note with an institutional investor for up to $7,000,000.
Stemtech continues to focus on expanding its Independent Business Partner network and enhancing its product offerings, despite current economic challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stemtech Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.