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Yuenglings Ice Cream Corp Com (YCRM0.00%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,097,229 from $827,290 in the same quarter the previous year. The increase is attributed to the acquisition of Red Gear in October 2023.
Cost of goods sold for the quarter was $1,045,439, compared to $424,767 in the same quarter of the previous year. This increase is primarily due to the acquisition of Red Gear.
The company reported an impairment loss of $2,117,502 for the quarter, compared to no impairment loss in the previous year.
General and administrative expenses were $308,612 for the quarter, up from $142,029 in the previous year.
Compensation expenses increased to $900,474 from $253,656 in the previous year. Stock compensation expense was $0 for the quarter, compared to $7,500 in the previous year.
Professional fees for the quarter were $335,258, compared to $79,711 in the previous year.
Total other expenses for the quarter were $6,412,653, compared to $96,442 in the previous year. This includes a loss of $16,613,323 from securities issuances having embedded derivatives.
The company recorded a gain on debt extinguishment of $1,170,433 during the quarter.
Interest expense for the quarter was $387,851, compared to $159,958 in the previous year.
Net loss for the quarter was $9,022,709, compared to a net loss of $176,815 in the previous year. The increase in net loss is due to higher impairment, compensation, and interest expenses.
Cash used in operating activities was $163,231 for the quarter, compared to $72,258 in the previous year.
Cash used in investing activities was $53,896 for the quarter, compared to $35,766 in the previous year.
Cash provided by financing activities was $254,635 for the quarter, compared to $279,516 in the previous year.
The company continues to focus on its cybersecurity and IT services for small to medium-sized businesses, following the acquisition of ReachOut Technology Corp.
The filing also details various financial agreements, including convertible notes and preferred stock issuances.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yuenglings Ice Cream Corp Com quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.