3 unchanged sentences
Significant Accounting Policies — Accounting policies that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.
−Removed: Results of Operations — Analysis of our financial results comparing the quarter ended June 30, 2024 to June 30, 2023.
+Added: Results of Operations — Analysis of our financial results comparing the quarter ended September 30, 2024 to September 30, 2023.
Liquidity and Capital Resources — Analysis of changes in our cash flows, and discussion of our financial condition and potential sources of liquidity.
34 unchanged sentences
Results of Operations
−Removed: Three Months Ended June 30, 2024 and 2023
−Removed: For the quarter ended June 30, 2024, the Company reported revenue of $845,321 an increase of $256,843 or 44% from revenue of $588,478 for the quarter ended June 30, 2023.
+Added: Three Months Ended September 30, 2024 and 2023
+Added: For the quarter ended September 30, 2024, the Company reported revenue of $1,061,645 an increase of $385,698 or 57% from revenue of $675,947 for the quarter ended September 30, 2023.
The increase in revenue was due to strong demand for all products.
−Removed: There was also a significant gain shelf space and new points of sale during the second quarter of 2024.
+Added: There was also a significant gain in shelf space and new points of sale during the third quarter of 2024.
Cost of Revenue
Cost of revenue includes finished goods purchase costs and freight in costs.
−Removed: For the quarter ended June 30, 2024, cost of revenue was $502,838 or 52% of revenue, an increase of 7 percentage points from the same period in 2023.
−Removed: For the quarter ended June 30, 2023, cost of revenue was $307,721 or 52% of revenue.
+Added: For the quarter ended September 30, 2024, cost of revenue was $704,370 or 66% of revenue, an increase of 12 percentage points from the same period in 2023.
+Added: For the quarter ended September 30, 2023, cost of revenue was $367,262 or 54% of revenue.
The increase in in cost of revenue was primarily due to higher ocean freight costs in 2024 compared to the same period in 2023.
Operating Expenses
−Removed: Operating expenses for the quarter ended June 30, 2024 were $297,033 compared to $228,311 for the same period in 2023 excluding restricted, non-trading stock awards issued to officers and directors.
+Added: Operating expenses for the quarter ended September 30, 2024 were $281,316 compared to $229,011 for the same period in 2023 excluding restricted, non-trading stock awards issued to officers and directors.
This $52,305 or 23% increase was primarily due to increased revenue of 57%.
−Removed: During the quarter ended June 30, 2024, 276,000 shares of restricted, non-trading common stock were issued to officers and directors compared to 238,500 shares issued during the same period in 2023.
−Removed: For the second quarter of 2024, the implied cost of the restricted, non-trading common shares was $0.42 per share compared to $0.11 per share for the second quarter of 2023.
−Removed: The increase was due to a higher stock price of the publicly traded shares in 2024.
−Removed: Six Months Ended June 30, 2024 and 2023
−Removed: For the six months ended June 30, 2024, the Company reported revenue of $1,485,975 an increase of $381,862 or 35% from revenue of $1,014,113 for the six months ended June 30, 2023.
+Added: During the quarter ended September 30, 2024, 0 shares of restricted, non-trading common stock were issued to officers and directors compared to 238,500 shares issued during the same period in 2023.
+Added: Nine Months Ended September 30, 2024 and 2023
+Added: For the nine months ended September 30, 2024, the Company reported revenue of $2,547,620 an increase of $767,561 or 43% from revenue of $1,780,059 for the nine months ended September 30, 2023.
The increase in revenue was due to strong demand for all products.
1 unchanged sentence
Cost of revenue includes finished goods purchase costs and freight in costs.
−Removed: For the six months ended June 30, 2024, cost of revenue was $872,908 or 59% of revenue, an increase of 3 percentage points from the same period in 2023.
−Removed: For the six months ended June 30, 2023, cost of revenue was $621,179 or 56% of revenue.
+Added: For the nine months ended September 30, 2024, cost of revenue was $1,577,278 or 62% of revenue, an increase of 6 percentage points from the same period in 2023.
+Added: For the nine months ended September 30, 2023, cost of revenue was $988,441 or 56% of revenue.
Operating Expenses
−Removed: Operating expenses during the six months ended June 30, 2024 were $527,828 compared to $407,031 for the same period in 2023 excluding restricted, non-trading stock awards issued to officers and directors.
+Added: Operating expenses during the nine months ended September 30, 2024 were $809,144 compared to $636,042 for the same period in 2023 excluding restricted, non-trading stock awards issued to officers and directors.
This $173,102 or 27% increase was primarily due to increased revenue of 43%.
−Removed: During the six months ended June 30, 2024, 477,000 shares of restricted, non-trading common stock were issued to officers and directors compared to 477,000 shares issued during the same period in 2023.
−Removed: For the six months ended June 30, 2024, the implied cost of the restricted, non-trading common shares was $0.50 per share compared to $0.08 per share for the first six months of 2023.
+Added: During the nine months ended September 30, 2024, 477,000 shares of restricted, non-trading common stock were issued to officers and directors compared to 790,500 shares issued during the same period in 2023.
+Added: For the nine months ended September 30, 2024, the implied cost of the restricted, non-trading common shares was $0.50 per share compared to $0.20 per share for the same period in 2023.
The increase was due to a higher stock price of the publicly traded shares in 2024.
Liquidity and Capital Resources
−Removed: As of June 30, 2024, the Company had working capital of $345,494 compared to $171,407 for the same period in 2023.
−Removed: Net cash used in operating activities was $160,248 for the six months ended June 30, 2024, a $157,575 increase compared to net cash used in operating activities for the six months ended June 30, 2023 of $2,673.
−Removed: Net cash provided by financing activities was $86,000 for the six months ended June 30, 2024 compared to $26,998 net cash provided by financing activities for the six months ended June 30, 2023.
−Removed: Net cash provided by financing activities was used for operations for the six months ended June 30, 2024.
+Added: As of September 30, 2024, the Company had working capital of $414,521 compared to $235,836 for the same period in 2023.
+Added: Net cash used in operating activities was $135,861 for the nine months ended September 30, 2024, a $148,455 decrease compared to net cash provided by operating activities for the nine months ended September 30, 2023 of $12,594.
+Added: Net cash provided by financing activities was $80,000 for the nine months ended September 30, 2024 compared to $23,002 net cash used in financing activities for the nine months ended September 30, 2023.
+Added: Net cash provided by financing activities was used for operations for the nine months ended September 30, 2024.
Working Capital Needs
Our working capital requirements increase as revenue grows for our products.
−Removed: During the six months ended June 30, 2024, the Company had net borrowings of $86,000.
−Removed: During the first six months of 2023, net borrowings were $65,000.
+Added: During the nine months ended September 30, 2024, the Company had net borrowings of $310,000.
+Added: During the first nine months of 2023, net borrowings were $240,000.
Should the Company require additional working capital during the next twelve months, it may seek to raise additional funds.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.