Mon, Jun 17, 8:16 PM (271 days ago)
Nightfood Holdings, Inc.'s quarterly report for the period ending March 31, 2024, reveals significant financial and operational updates. The company reported a net loss of $669,719 for the three months and $2,594,215 for the nine months ended March 31, 2024, compared to a net income of $985,894 and a net loss of $4,775,478 for the corresponding periods in 2023. The losses were primarily driven by decreased revenues, increased operating expenses, and substantial inventory impairments as the company shifted from ice cream to cookie sales. Revenue dropped significantly to $1,352 for the quarter, down from $10,605 in the prior year, due to the pivot to direct-to-consumer sales. Total operating expenses rose to $291,492 from $155,660, driven by higher professional fees and inventory write-downs. The company also reported substantial interest and amortization expenses related to its debt. Cash flow from operations was negative at $449,180 for the nine months, and the company had limited cash resources of $186,072 as of March 31, 2024. Nightfood is actively seeking additional financing through the sale of securities and is in the process of acquiring additional revenue-generating businesses to bolster its financial position. The acquisition of Future Hospitality Ventures Holdings Inc. was completed in February 2024, adding a new segment focused on the Robots-as-a-Service market. The report highlights the company's ongoing efforts to raise capital and restructure its operations to achieve profitability.