NetBrands Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in net sales, reporting $0 for the three months ended September 30, 2024, compared to $71.9 million for the same period in 2023. For the nine months ended September 30, 2024, net sales totaled $584,004, indicating a substantial decrease in revenue generation.
Operating expenses for the three months ended September 30, 2024, were $52,122, a decrease from $151,697 in the same quarter of the previous year. For the nine-month period, operating expenses were $792,000, down from $933,818 in 2023. This reduction in operating expenses contributed to a net loss of $(56,239) for the three months ended September 30, 2024, an improvement from a net loss of $(422,740) in the prior year. The net loss for the nine months ended September 30, 2024, was $(1,029,210), compared to $(1,140,565) in 2023.
The company’s total current assets decreased significantly from $13.5 million as of December 31, 2023, to $6,095 as of September 30, 2024. Total assets also fell from $15.1 million to $7.7 million during the same period. Current liabilities increased from $1.4 million to $1.6 million, leading to total liabilities rising from $1.9 million to $2.1 million. Consequently, the total stockholders’ deficit widened from $(1.9 million) to $(2.1 million).
The weighted-average number of common shares outstanding increased, with 22,553,849 shares for the three months ended September 30, 2024, compared to 16,137,930 shares in 2023. Stock-based compensation rose significantly to $425,139 for the nine months ended September 30, 2024, from $164,500 in the previous year.
Cash and cash equivalents at the end of the nine months were reported at $9, a slight increase from $0 at the end of the same period in 2023. The company reported a net cash used in operating activities of $(182,111) for the nine months ended September 30, 2024, an improvement from $(384,447) in 2023. Additionally, NetBrands secured $187,777 in proceeds from convertible notes during the nine months, contrasting with no such proceeds in the previous year.
Overall, NetBrands Corp. faced challenges in revenue generation while managing to reduce operating expenses and improve its net loss position compared to the previous fiscal period.
About NetBrands Corp.
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