Mon, Aug 19, 8:03 PM (148 days ago)
GPO Plus, Inc. reported significant financial growth for the fiscal year ending April 30, 2024, with revenues reaching $4,356,303, a 567% increase from $653,516 in 2023. However, the company also reported a net loss of $4,937,934, compared to a loss of $4,035,513 in the prior year, primarily driven by increased operating expenses totaling $4,828,673, which rose 27% year-over-year. The gross profit improved to $835,145 from $186,012, indicating enhanced sales efficiency. The company's working capital deficiency increased to $3,744,984, reflecting rising current liabilities of $4,309,483. Cash flows from financing activities provided $1,455,173, crucial for supporting operations. GPO Plus is focused on expanding its Direct Store Delivery model, targeting a fragmented market and aiming for nationwide service by 2025. Despite the growth, risks remain, including reliance on a limited number of customers for sales and ongoing losses that raise doubts about the company's ability to continue as a going concern. The company plans to address these challenges through strategic financing and operational improvements.