Frequency Holdings Inc., formerly known as Yuengling's Ice Cream Corporation, reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenue of $250,319 for the third quarter, a substantial decrease of 75.8% compared to $1,036,171 in the same period last year. For the nine months ended September 30, 2025, total revenue was $1,582,935, down 64.4% from $4,447,273 in the prior year. The decline in revenue is attributed to the company's ongoing restructuring efforts.
The company's cost of goods sold also decreased, amounting to $111,478 for the third quarter of 2025, down 55.9% from $252,593 in the previous year. General and administrative expenses rose to $207,938, reflecting a 104.2% increase from $101,830, primarily due to restructuring costs. Compensation expenses decreased significantly to $262,530 from $757,765, a reduction of 65.4%. Despite the drop in revenue, Frequency Holdings reported a net income of $1,648,269 for the third quarter, compared to $13,383,099 in the same quarter of 2024, largely due to changes in the fair value of derivatives.
Operationally, the company has undergone a strategic shift, focusing on its acquisition of ReachOut Technology Corp., a managed service provider specializing in cybersecurity and IT services for small to medium-sized businesses. This acquisition, completed in November 2023, has positioned Frequency Holdings to leverage ReachOut's capabilities and expand its service offerings. The company has also ceased its ice cream operations, transferring those assets to Mid Penn Bank in exchange for debt cancellation, and has restructured its business model to focus on technology and cybersecurity.
As of September 30, 2025, Frequency Holdings reported a working capital deficit of $4,570,545 and a stockholders' deficit of $5,964,281. The company had approximately 22 employees and is classified as an emerging growth company, allowing it to take advantage of reduced disclosure requirements. The management has expressed concerns regarding the company's ability to continue as a going concern, emphasizing the need to generate sufficient cash flows to meet its obligations. The outlook remains cautious, with the company focusing on operational efficiency and potential revenue growth through its new strategic direction in the cybersecurity sector.
About Yuenglings Ice Cream Corp
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