Tue, Sep 3, 10:16 AM (133 days ago)
Blue Line Protection Group, Inc. reported its financial results for the quarter ending June 30, 2024, in an amended 10-Q filing. The company experienced a revenue increase to $1,143,143, up from $1,104,501 in Q2 2023, attributed to a broader customer base. However, gross profit decreased slightly due to rising costs associated with increased operational activities. Operating income fell to $148,371 from $176,996, while net loss expanded to $132,131 compared to a profit of $130,915 in the prior year, primarily due to losses on derivative securities linked to stock price fluctuations. Cash flow from operations improved to $398,065, from $308,211, indicating better operational efficiency. The company’s total assets rose to $1,949,634, with a notable increase in cash reserves. However, liabilities also grew, leading to a stockholders' deficit of $1,297,508. The company faces ongoing liquidity challenges and anticipates needing additional financing to support operations and growth strategies. Future operations may be impacted by regulatory changes and the broader economic environment affecting the cannabis industry. This report includes a correction in the revenue recognition section, clarifying previously misrepresented figures.