In This Story
The Marygold Companies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $7,910,000 from $8,235,000 in the same quarter the previous year. The decrease is attributed to a reduction in average Assets Under Management (AUM) in their fund management business.
Cost of revenue for the quarter was $2,128,000, representing 27% of revenue, compared to 25% in the same quarter of the previous year.
The company reported a gross profit of $5,782,000 for the quarter, compared to $6,198,000 in the previous year.
Operating expenses increased to $7,952,000 from $7,234,000, primarily due to increased costs associated with Fintech app development and higher stock-based compensation expenses.
Net loss for the quarter was $1,586,000, compared to $500,000 in the previous year.
Cash used in operating activities was $893,000, while cash used in investing activities was $1,325,000.
Marygold had a working capital of $17,127,000 as of September 30, 2024. The company acknowledges its need for additional financing to fund its fintech operations over the coming 12 months.
The filing also details a recent debt financing transaction with Streeterville Capital, LLC, involving a secured promissory note of $4,380,000 with a 9% interest rate.
The company continues to focus on its fintech app development and expansion in the UK market through its subsidiary Marygold UK (MGLD-2.40%).
The filing includes information on ongoing litigation involving its subsidiary USCF Investments, Inc., with no accrual recorded as of September 30, 2024, due to the inability to predict the outcome.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Marygold Companies Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.