Mon, Jun 3, 6:29 PM (140 days ago)
James Maritime Holdings Inc. reported a net loss of $268,374 for Q3 2023, a significant reversal from the net income of $789,826 in Q3 2022. This decline was primarily due to a 41% drop in net sales to $2,382,896, attributed to decreased operating activities of subsidiary Gladiator. Cost of Goods Sold also fell by 53%, reflecting the reduced operations. For the nine months ended September 30, 2023, net sales increased to $6,915,105 due to the full-period impact of acquisitions, but the company still posted a net loss of $2,633,986, compared to a net income of $405,744 in the same period of 2022. This loss was exacerbated by a $911,467 impairment on intangible assets. The company faces liquidity challenges, with cash reserves at $21,756 and a working capital deficit of $2,526,844. Management expressed substantial doubt about the company's ability to continue as a going concern without additional financing. No significant off-balance sheet transactions were reported.