EQUATOR Beverage Company, headquartered in Jersey City, NJ, reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company, which specializes in developing and marketing beverage products, experienced a notable increase in revenue, with Q3 2024 revenue reaching $1,061,645, a 57% increase from $675,947 in Q3 2023. For the nine months ended September 30, 2024, total revenue was $2,547,620, up 43% from $1,780,059 in the same period of 2023.
Despite the revenue growth, the company reported a net loss of $(94,131) for the nine months ended September 30, 2024, compared to a loss of $(30,596) for the same period in 2023. The increase in losses was attributed to rising selling, general, and administrative expenses, which totaled $1,046,924 for the nine months ended September 30, 2024, compared to $812,222 in 2023. Additionally, the cost of revenue increased significantly, rising to $1,577,278 (62% of revenue) in 2024 from $988,441 (56% of revenue) in 2023, primarily due to higher ocean freight costs.
The company’s total assets increased to $838,442 as of September 30, 2024, up from $581,493 at the end of 2023. Current liabilities also rose, from $310,621 to $423,921 during the same period. However, total stockholders' equity improved from $270,872 to $414,521, reflecting a positive shift in the company's financial position.
EQUATOR Beverage Company issued 477,000 restricted and non-trading shares valued at $237,780 to directors and officers during the nine-month period ended September 30, 2024, compared to 790,500 shares valued at $158,567 in the same period of 2023. The company did not repurchase any shares during Q3 2024, following a repurchase of 401,269 shares at a cost of $51,814 in the previous fiscal year.
The company continues to face challenges, including cost pressures that may lead to price increases for its products, potentially affecting sales volume. Additionally, evolving consumer preferences and increased scrutiny regarding sustainability practices pose risks to its operations. The company remains committed to sustainability, utilizing eco-friendly packaging and renewable products, while also adapting to market demands and competition in the beverage industry.
About EQUATOR Beverage Co
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