Livento Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a decline in revenue compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenues of $527,588, down from $586,643 in the same period of 2023. Similarly, revenues for the nine months decreased to $1,392,916 from $1,509,294 year-over-year. The revenue sources included sales from the Elisee software and management services for Global Dot Logistics.
The company's cost of goods sold (COGS) also saw a reduction, totaling $767,742 for the third quarter of 2024 compared to $827,419 in 2023. Despite this decrease, Livento reported a gross profit of $(240,155) for the third quarter, slightly improved from $(240,776) in the prior year. For the nine-month period, gross profit was $(729,377), an improvement from $(767,935) in 2023.
Livento's total expenses significantly decreased, with Q3 2024 expenses at $169,829, down from $940,059 in Q3 2023. For the nine months, total expenses were $352,390, a substantial drop from $5,372,836 in the same period last year. This reduction in expenses contributed to a net ordinary income loss of $(409,984) for the third quarter, compared to $(1,180,835) in 2023, and a net loss of $(1,081,767) for the nine months, significantly improved from $(6,140,771) in the previous year.
The company’s total current assets increased to $3,220,069 as of September 30, 2024, from $1,067,773 at the end of 2023, driven by a notable rise in accounts receivable, which grew to $2,799,597. However, cash reserves decreased to $2,641 from $30,634 at the end of 2023. Total liabilities rose to $4,094,636, up from $3,838,005, while total equity increased to $43,857,593 from $43,021,998.
Strategically, Livento has shifted its focus towards movie and game development projects, with an emphasis on acquiring intellectual rights. The company is also involved in software development, particularly in artificial intelligence for financial management. The company’s stock is traded on the Pink Sheets under the symbol NUGN, and it aims to become a fully reporting company while navigating the complexities of compliance and market conditions.
As of September 30, 2024, Livento had 776,264,852 shares outstanding and continues to evaluate its operational strategies and financial reporting practices in light of recent accounting standards updates.