Tue, May 21, 10:12 AM (303 days ago)
**Abstract:** EOS Inc. reported a significant decline in financial performance for the quarter ending March 31, 2024. Net sales fell by 68% to $54,124, primarily due to reduced consumer demand and the phasing out of older products. Despite a reduction in cost of sales by 13%, gross profit plummeted to $3,618, with a gross profit margin of 7%, down from 66% in the same period last year. Selling, general, and administrative expenses decreased by 15% to $205,644 due to lower lease expenses. However, the company experienced an increased loss from operations of $202,026, up by 56%. A notable turnaround in other income, primarily from bad debt recovery, resulted in a net loss reduction to $43,208, a 67% improvement from the previous year's loss. Cash and cash equivalents rose to $64,506, but the company continues to face liquidity challenges with a working capital deficit of $1,042,955. The company's financial stability remains uncertain, with ongoing efforts to generate revenue and raise additional funds.