Blue Line Protection Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting notable changes in revenue, profitability, and overall financial position compared to the previous fiscal period.
For the three months ended September 30, 2024, the company generated revenue of $1,023,208, a decrease from $1,105,945 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased to $3,308,986 from $3,219,512 year-over-year. Gross profit for the third quarter also declined to $617,204 from $717,093 in 2023, while gross profit for the nine-month period remained relatively stable at $2,107,019 compared to $2,102,081 in the prior year.
General and administrative expenses surged to $616,738 for the three months ended September 30, 2024, up from $495,919 in the same quarter of 2023. This increase contributed to a significant drop in operating income, which was reported at $466 for the third quarter of 2024, compared to $221,174 in the previous year. Net income for the third quarter also fell to $79,277 from $205,646 in 2023. For the nine-month period, net income decreased to $104,455 from $330,996 in the prior year.
The company’s cash position improved, with cash and equivalents increasing to $848,407 as of September 30, 2024, up from $585,780 at the end of 2023. Total current assets rose to $1,190,636 from $988,306, while total assets increased slightly to $1,898,550 from $1,860,839. Total current liabilities also grew to $2,179,554 from $1,950,018, but total liabilities decreased to $3,107,845 from $3,233,767. The total stockholders’ deficit improved to $(1,209,295) from $(1,372,928).
The company reported a net cash provided by operating activities of $464,915 for the nine months ended September 30, 2024, down from $598,210 in the same period of 2023. The net increase in cash for the nine months was $262,627, compared to $234,622 in the prior year.
As of September 30, 2024, the company had no allowance for doubtful customer receivables, consistent with the previous reporting period. Notably, one major customer accounted for 10% of total revenue for both the nine months ended September 30, 2024, and 2023.
About Blue Line Protection Group, Inc.
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