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Therapeutic Solutions International, 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 net sales to $19,667 from $25,730 in the same quarter the previous year. This decrease was attributed to a decline in sales of the company's products.
Cost of goods sold for the quarter was $4,409, compared to $7,052 in the same quarter of the previous year. This decrease was mainly a result of decreased net sales.
The company reported a gross profit of $15,258 for the quarter, compared to $18,678 in the previous year, with the decline attributed to reduced sales.
Operating expenses increased to $1,974,779 from $476,013, primarily due to higher consulting and legal fees.
The company reported a net loss of $2,035,427 for the quarter, compared to a net loss of $602,857 in the previous year.
Cash used in operating activities was $278,081, while cash used in investing activities was $95,833. Cash provided by financing activities was $355,324.
Therapeutic Solutions had a working capital deficit of approximately $1.3 million as of September 30, 2024. The company acknowledges its dependence on additional financing to continue operations.
The filing mentions the company's focus on immune modulation for various diseases, including cancer and traumatic brain injury, and highlights its nutraceutical and regenerative medicine divisions.
The report also details several ongoing legal proceedings and the company's efforts to resolve them.
Therapeutic Solutions does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate segregation of duties and insufficient accounting staff.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Therapeutic Solutions International Inc quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.