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XYZ Hemp Inc (GRPS-20.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three-month period ending September 30, 2024, consistent with the same period in the previous year.
Cost of goods sold for the quarter was $196,552, compared to $400,000 in the same quarter of the previous year. The decrease is attributed to less inventory write-off during the current period.
General and administrative expenses decreased to $213,250 from $246,667, primarily due to reductions in legal and professional fees.
Interest expenses increased to $175,836 from $121,551, due to three new notes issued during the period.
The company reported a net loss of $575,325 for the quarter, compared to a net loss of $768,218 in the previous year.
For the nine-month period ending September 30, 2024, total revenues were $315,145, attributed to sales of shrimp for consumption.
Cost of goods sold for the nine-month period was $419,851, resulting in no gross profit, consistent with the previous year.
General and administrative expenses for the nine-month period decreased to $534,633 from $592,242.
Interest expenses for the nine-month period increased to $449,356 from $358,925, due to additional notes issued.
Net loss for the nine-month period was $1,143,656, compared to $1,322,481 in the previous year.
The company has a cash balance of $0 as of September 30, 2024, with current liabilities exceeding current assets by $4,777,659.
The filing details various financing activities, including proceeds from notes payable and issuance of common shares.
The company acknowledges its dependence on additional capital to support operations and address its going concern uncertainty.
XYZ Hemp Inc is in default on a farm property note, with potential foreclosure proceedings if the debt is not resolved by December 1, 2024.
The company is actively seeking additional financing to support its operations and address liquidity challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XYZ Hemp Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.