Mon, Aug 19, 4:20 PM (148 days ago)
Free Flow Inc. reported significant financial changes in its Q2 2024 10-Q filing. The company achieved revenues of $6,123,000 for the six months ended June 30, 2024, up from $4,032,000 in the same period last year, indicating a positive trend in sales. Gross profit improved to $2,339,000 compared to a gross loss of $9,671,000 in 2023, largely due to reduced cost of goods sold. However, operating expenses surged to $382,879,000 due to increased professional and financial costs. The company reported a net income of $821,315, a substantial turnaround from a net loss of $17,440 in the prior year, primarily driven by a gain on the sale of assets. Liquidity remains a concern, with total current assets at $441,146, down from $672,868 at year-end 2023. The company has substantial liabilities totaling $824,906, which exceeds its assets. Free Flow is actively seeking additional capital to support operations and expansion, indicating ongoing financial uncertainties. The management's focus remains on the auto parts business while exploring opportunities in scrap metal trading.