GPO Plus, Inc. (GPOX) reported its financial results for the three months ended July 31, 2024, showing notable improvements in revenue and reduced net losses compared to the same period in 2023. The company generated revenues of $1,207,741, a 24% increase from $970,735 in the prior year. Gross profit also rose to $261,747, up 17% from $223,704. This growth in revenue was primarily driven by increased sales, with one customer contributing 97% of total sales during the quarter.

Operating expenses significantly decreased to $746,949 from $1,155,090, reflecting a 35% reduction. This decline was attributed to lower professional fees and management salaries. Consequently, the loss from operations improved to $(485,202), a 48% decrease from $(931,386) in the previous year. The net loss for the quarter was $(586,709), down 52% from $(1,217,808) in 2023, resulting in a net loss per share of $(0.01), compared to $(0.03) in the prior year.

On the balance sheet, total assets increased slightly to $912,616 from $909,997, while total current assets fell to $531,142 from $564,499. Current liabilities rose to $4,650,374 from $4,309,483, leading to a working capital deficiency of $(4,119,232). The total stockholders' deficit widened to $(40,026,756) from $(39,440,047) as of April 30, 2024.

Cash flow from operating activities showed improvement, with net cash used decreasing to $(164,788) from $(314,373) in the same period last year. The company reported net cash provided by financing activities of $219,971, down from $311,277 in 2023. Cash on hand at the end of the period was $56,724, compared to $52,400 a year earlier.

Strategically, GPOX has launched a new "White Glove" Direct to Store (DSD) service, enhancing its distribution capabilities. The company currently services approximately 570 stores across 12 states and plans to activate additional locations in Texas and other states by the end of October 2023. Despite these developments, GPOX has raised concerns regarding its ability to continue as a going concern, citing insufficient ongoing revenue to cover operating costs. Management is actively seeking additional capital resources through equity and debt financing.

As of July 31, 2024, GPOX had 57,633,014 common shares outstanding, with significant ownership held by CEO Brett H. Pojunis at 16.05%. The company continues to navigate challenges while focusing on growth and operational efficiency.