Fri, Sep 13, 9:04 PM (98 days ago)
For the quarter ending July 31, 2024, GPO Plus, Inc. reported revenues of $1,207,741, a 24% increase from $970,735 in the same period last year. Gross profit rose 17% to $261,747, although operating expenses decreased significantly by 35% to $746,949, contributing to a reduced net loss of $586,709 compared to $1,217,808 in Q3 2023. The company’s working capital deficiency widened to $4,119,232 from $3,744,984 due to increased current liabilities, primarily in accounts payable and accrued liabilities. Cash flow analysis shows a net cash outflow of $12,691 for the quarter, with $164,788 used in operating activities, offset by $219,971 from financing activities. The company continues to face substantial doubt regarding its ability to sustain operations, necessitating additional capital resources. Management plans to seek equity or debt financing to address ongoing operational costs. The report also highlights a caution regarding the effectiveness of internal controls and a non-material legal complaint filed post-period. Overall, while revenue growth is promising, uncertainties regarding liquidity and operational sustainability persist.