Thu, May 16, 8:08 PM (71 days ago)
VPR Brands, LP reported a net income of $203,059 for Q1 2024, a significant increase from $25,314 in Q1 2023. Total revenues decreased to $1,518,759 from $3,081,021, driven by a decline in product sales but offset by an increase in royalty revenue. Gross profit also decreased to $476,856 from $523,673, with gross margins improving to 31% from 17% due to a favorable product mix. Operating expenses rose to $646,866 from $404,665. The company reported a positive cash flow from operations of $23,444, down from $281,528 in Q1 2023, primarily due to changes in working capital. Cash on hand was $1,522,455. Total liabilities decreased to $2,285,900 from $2,576,936, and total assets were $3,103,269. The company repaid $91,860 in convertible notes and $165,810 in related party notes. The company initiated a voluntary recall of lighters, impacting revenues and receivables. Future operations may be influenced by the resolution of ongoing legal proceedings and the ability to secure additional financing.