Tue, Oct 15, 4:19 PM (79 days ago)
In the quarterly report for Adamas One Corp. (JEWL) for the period ending June 30, 2024, the company reported a significant decline in revenue, with net sales decreasing to $179.8K from $290.9K year-over-year, and total revenues for the nine months dropping to $411.0K from $1.13M. The gross profit for the quarter was $18.5K, a stark contrast to $73.1K in the prior year, leading to a net loss of $2.2M compared to a loss of $4.5M in Q3 2023. Operating expenses also decreased to $1.9M from $4.5M, largely due to reduced stock compensation. However, the company faced substantial liabilities totaling $13.0M, with a current cash position of $16.1K, down from $26.1K at the end of the previous fiscal year. Cash flow from operations showed a net outflow of $2.1M, with financing activities providing $2.1M primarily through new debt. Adamas One Corp. continues to face liquidity challenges and is dependent on future financing to sustain operations, raising uncertainties about its ability to continue as a going concern. The company is also exploring strategic acquisitions to bolster its market position.