Wed, Aug 14, 6:20 PM (153 days ago)
Blue Line Protection Group, Inc. reported its financial results for the second quarter ended June 30, 2024, revealing a revenue increase to $1,143,143, up from $1,104,501 in Q2 2023. For the six-month period, revenue rose to $2,285,778 compared to $2,113,567 the previous year. However, the company experienced a net loss of $132,131 for Q2 2024, contrasting with a net income of $130,915 in Q2 2023. The increase in costs, primarily from expanded operations and personnel, contributed to this shift. Total assets increased to $1,949,634, while total liabilities rose slightly to $3,247,142, leading to a stockholders’ deficit of $1,297,508. Cash flow from operations improved to $398,065, but financing activities consumed $155,133. The company noted ongoing challenges in securing additional capital, which is critical for sustaining operations and growth amid regulatory uncertainties in the cannabis industry. The management emphasized the need for further financing to support operational expenses projected at $1,200,000 over the next year.