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Sunstock, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $2,998,619, a slight decrease from $3,003,336 in the same quarter the previous year. The decrease is attributed to fewer sales days in the quarter.
Cost of sales for the quarter was $2,845,117, compared to $2,971,787 in the same quarter of the previous year. Professional fees increased to $19,539 from $15,353, while lawsuit judgment expenses were $0 compared to $77,863 in the previous year.
The company reported a net income of $200,961 for the quarter, compared to a net loss of $91,734 in the previous year. This improvement is attributed to a higher gross profit and an unrealized gain on investments in precious metals.
For the nine months ended September 30, 2024, revenues were $6,287,496, down from $9,501,467 in the previous year. The decrease is due to the CEO's absence for surgery early in the year.
Cost of sales for the nine months was $5,936,622, down from $9,389,237 in the previous year. Professional fees increased to $117,119 from $97,634, while other operating expenses decreased to $19,689 from $23,388.
The company reported a net income of $463,785 for the nine months, compared to a net loss of $263,891 in the previous year. This change is due to higher gross profit and an unrealized gain on investments in precious metals.
As of September 30, 2024, Sunstock had $15,758 in cash and $2,675,646 in inventory of precious metals and coins, compared to $13,790 in cash and $2,087,573 in inventory at the end of 2023.
Net cash used in operating activities was $95,267 for the nine months ended September 30, 2024, compared to $102,295 in the previous year.
The company continues to face challenges as a going concern, with an accumulated deficit of $65,446,307 as of September 30, 2024. Management is considering raising funds through a private placement of equity to address this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunstock Inc quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.