Fri, Nov 8, 8:48 PM (253 days ago)
For the third quarter ended September 30, 2024, TREES Corporation (TRRC) reported total revenue of $3,310,259, a 19% decline from $4,111,583 in Q3 2023. Retail sales contributed $3,298,839, while cultivation sales were minimal at $11,420. Total costs and expenses also decreased by 24% to $3,581,898, reflecting a reduction in cost of sales and selling, general, and administrative expenses due to the reversal of certain asset acquisitions. The net loss attributable to common stockholders was $509,009, compared to a loss of $815,123 in the prior year, marking a 37% improvement. Cash and cash equivalents fell to $245,367 from $969,676 at year-end 2023. Operating cash flow improved, with net cash used in operations decreasing to $481,939 from $1,147,432 year-over-year. The company faces ongoing uncertainties, including reliance on related-party transactions and the need for additional capital to support operations and growth strategies, raising doubts about its ability to continue as a going concern. The accumulated deficit increased to $103,535,443 as of September 30, 2024. The management remains focused on restructuring and optimizing operations to mitigate these challenges.