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US Lighting Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $151,798, a decrease from $755,152 in the same quarter the previous year. The decrease is attributed to fewer campers sold by Cortes Campers (USLG+18.75%) due to an industry downturn.
Cost of goods sold for the quarter was $196,841, compared to $688,585 in the same quarter of the previous year, reflecting lower sales.
Selling, general, and administrative expenses were $247,825 for the quarter, down from $652,467 in the previous year, primarily due to reduced sales.
The company reported a net loss of $338,981 for the quarter, compared to a net loss of $640,835 in the previous year, primarily due to reduced operating expenses.
Net cash used in operating activities for the nine months ended September 30, 2024, was $262,267, compared to $196,505 for the same period in 2023.
Net cash used in investing activities was $151,588 for the nine months ended September 30, 2024, compared to $521,467 in the previous year.
Net cash provided by financing activities for the nine months ended September 30, 2024, was $416,702, which included proceeds of $484,546 from related party loans.
US Lighting Group continues to focus on expanding its manufacturing footprint and developing more products in the RV, marine, and composite housing sectors.
The company identified a material weakness in its internal controls over financial reporting due to limited personnel, resulting in a lack of segregation of duties.
US Lighting Group is addressing growth capital needs through loans from related parties, with several loans currently in default, but expects to make payments from future operating cash flow.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the US Lighting Group Inc quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.