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Yuenglings Ice Cream Corp Com (YCRM0.00%) has submitted its Form 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, reporting revenue of $1,313,873, an increase from $761,209 in the same quarter the previous year, attributed to the acquisition of Red Gear.
Cost of goods sold for the quarter was $390,251, compared to $329,989 in the previous year, also due to the acquisition of Red Gear.
The company reported a net loss of $1,637,434 for the quarter, compared to a net income of $229,088 in the previous year, primarily due to increased compensation and interest expenses.
For the six-month period, revenue increased to $3,411,102 from $1,588,499 in the previous year, with cost of goods sold rising to $1,435,690 from $754,756.
An impairment loss of $2,117,502 was recorded during the six-month period, contributing to a net loss of $10,660,143, compared to a net income of $52,273 in the previous year.
The company reported a working capital deficit of $31,252,329 and a stockholders' deficit of $32,936,041 as of June 30, 2024.
Yuenglings Ice Cream Corp Com's ability to continue as a going concern is dependent on generating sufficient cash flows from operations or obtaining additional financing.
The filing details the acquisition of ReachOut Technology Corp, a Managed Service Provider, completed in November 2023, which is now a subsidiary of the company.
The company has also disclosed ongoing legal proceedings related to the acquisition of Red Gear, with a lawsuit filed against former members for alleged misrepresentations and post-closing activities.
Yuenglings Ice Cream Corp Com continues to face challenges related to its financial position and ongoing litigation, impacting its operational outlook.
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 December 19, 2024. To report an error, please email earnings@qz.com.