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Target Group Inc (CBDY+5.56%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenue of $6,591,625 for the year, an increase from $3,720,169 in the previous year. The revenue was primarily generated from the sale of cannabis products.
The cost of goods sold for the year was $2,866,401, resulting in a gross profit of $3,725,224.
Operating expenses for the year totaled $2,608,508, which included advisory and consultancy fees, management services fees, legal and professional fees, and depreciation expenses.
The company reported a net income of $160,504 for the year, compared to a net loss of $323,670 in the previous year.
As of December 31, 2024, Target Group Inc had a working capital deficit of $9,994,548 and an accumulated deficit of $30,946,844.
The company highlighted its ongoing strategic partnership with Serious Seeds B.V. and its focus on the production and distribution of cannabis products in Canada.
Target Group Inc's management has raised substantial doubt about the company's ability to continue as a going concern, citing the need for additional working capital and financing.
The filing also notes that the company has not paid any dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future.
The company is engaged in various legal proceedings, including a lawsuit filed by a terminated employee and claims for damages by former executives and vendors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Target Group Inc annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.