Thu, Nov 14, 5:55 PM (19 days ago)
Free Flow USA Inc. (OTC: FFLO) reported its Q3 2024 results, showcasing a significant turnaround in financial performance. For the nine months ending September 30, 2024, total revenues increased to $6,123,000 from $4,032,000 in the prior year, driven by improved cost management and a shift in focus towards auto parts and scrap metal trading. Gross profit reached $2,339,000, contrasting with a gross loss of $11,539,000 in 2023. Operational expenses surged to $428,941, primarily due to increased professional and financial costs. Notably, the company recognized a net income of $731,155, a stark recovery from a loss of $71,066 in the same period last year, attributed to a gain from the sale of fixed assets. Cash flow from operations remained negative at $(701,840), but investing activities yielded $1,700,000 from asset disposals. As of September 30, 2024, total current assets stood at $381,121, while liabilities amounted to $729,733, indicating a challenging liquidity position. The company continues to face uncertainties in its operational strategy but aims to stabilize through its focus on the auto parts sector and international scrap metal sales. The management's outlook remains cautious, emphasizing the need for strategic adjustments to enhance financial health.