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The Marygold Companies Inc. (MGLD-5.46%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in revenue to $8,004,000 from $8,457,000 in the same quarter the previous year. This decline was primarily due to lower revenue in the fund management segment and the food products segment.
Gross profit for the quarter was $5,928,000, down from $6,366,000 in the previous year, reflecting the reduced revenue.
Operating expenses increased to $7,754,000 from $7,363,000, driven by higher fund operations costs.
The company reported a net loss of $1,747,000 for the quarter, compared to a net loss of $1,183,000 in the previous year. The increase in net loss was attributed to decreased profits in the fund management segment and increased losses in the financial services segment.
The filing also details a recent debt financing transaction with Streeterville Capital, LLC, involving a secured promissory note of $4,380,000, with provisions for additional financing.
As of December 31, 2024, the company had $5,738,000 in cash, cash equivalents, and restricted cash. The company also reported a working capital of $14,436,000.
The Marygold Companies does not anticipate cash dividend payments to common stockholders in the near future.
The filing includes information on ongoing litigation involving its subsidiary, USCF Investments Inc., related to securities and derivative claims.
Marygold Companies continues to invest in its fintech application and reports that the app has generated minimal revenue to date. The company may seek additional financing to support its development.
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 February 5, 2025. To report an error, please email earnings@qz.com.