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Upexi Inc. (UPXI-2.87%) 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 $4,356,515 from $8,274,690 in the same quarter the previous year. The decrease is attributed to the discontinuation of certain business operations and a strategic shift in focus.
Cost of revenue for the quarter was $1,426,447, representing a 50% decrease compared to the same quarter of the previous year. This decrease is in line with the reduction in sales.
The company reported a net loss of $1,625,577 for the quarter, compared to a net loss of $1,355,388 in the previous year. The increase in net loss is primarily due to changes in business operations.
Cash provided by investing activities was $5,838,106, primarily from the sale of a building and the collection of the purchase price for E-core. Cash used in operating activities was $1,974,592.
Upexi had a working capital deficit of $2,981,121 as of September 30, 2024. The company plans to focus on product sales and the development of branded products.
The filing also details various financial agreements, including a reverse stock split and the sale of certain subsidiaries.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate segregation of duties and lack of multiple levels of supervision and review.
Upexi continues to focus on its core business operations and anticipates further reductions in general and administrative expenses in future periods.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Upexi Inc. quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.