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Yuenglings Ice Cream Corp Com (YCRM-15.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that Yuenglings Ice Cream Corp Com, now operating under the name ReachOut Technology, recorded revenue of $1,036,171 for the three months ended September 30, 2024, an increase from $656,624 in the same period the previous year. This increase is attributed to the acquisition of Red Gear in October 2023.
Cost of goods sold for the quarter was $252,593, compared to $376,945 in the previous year. The company reported a gross profit of $783,578 for the quarter, up from $279,679 in the previous year.
Operating expenses for the quarter included $101,830 in general and administrative expenses, $757,765 in compensation, and $115,848 in professional fees. The company reported a loss from operations of $191,865.
Other income and expenses for the quarter included a gain of $12,459,531 from changes in fair market value, a gain on debt extinguishment of $1,497,802, and interest expense of $347,917. Total other income was $13,574,964.
Net income for the quarter was $13,383,099, compared to a net loss of $265,900 in the same quarter the previous year.
For the nine months ended September 30, 2024, the company reported revenue of $4,447,273, up from $2,245,123 in the previous year. Cost of goods sold for the period was $1,688,283, compared to $1,131,701 in the previous year.
The company reported a net income of $2,722,956 for the nine months ended September 30, 2024, compared to a net loss of $213,627 in the previous year.
Yuenglings Ice Cream Corp Com reported a working capital deficit of $18,265,403 as of September 30, 2024, with total liabilities of $21,693,527 and stockholders' deficit of $19,690,066.
The company acknowledges its dependence on generating sufficient cash flows from operations or obtaining financing to meet future obligations. The filing also details various financial agreements and legal proceedings involving the company.
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 January 31, 2025. To report an error, please email earnings@qz.com.