REMSleep Holdings Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decline in revenue, with total revenue for the three months at $37,260, down from $51,947 in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $122,735, compared to $196,262 in the prior year. This decrease is attributed to fewer sales of its ResPlus Auto CPAP Machine, which is primarily sold to Durable Medical Equipment companies for sleep apnea patients.
The company's gross margin for the third quarter of 2024 was negative $21,300, contrasting with a positive gross margin of $2,007 in Q3 2023. Despite the revenue drop, total operating expenses decreased to $172,815 from $273,334 year-over-year for the quarter, and to $659,840 from $736,378 for the nine-month period. The loss from operations narrowed to $194,115 in Q3 2024 from $271,327 in Q3 2023, and for the nine months, the loss was $615,195 compared to $713,694 in the previous year.
Net loss for the three months ended September 30, 2024, was $277,909, slightly higher than the $270,433 reported in Q3 2023. For the nine months, the net loss increased to $756,088 from $719,890. The company reported a cash position of $534,714 at the end of the third quarter, down from $904,363 a year earlier, reflecting a net cash used by operating activities of $537,686, an improvement from $617,739 in the prior year.
Strategically, REMSleep received FDA 510(k) approval for its DeltaWave product on July 2, 2024, with inventory expected to be ready for market in Q4 2024. The company also issued a convertible promissory note for $143,000 in January 2024, with a portion converted into common stock in July 2024.
As of September 30, 2024, total current assets were $597,615, down from $835,982 at the end of 2023, while total liabilities decreased to $176,493 from $275,614. Total stockholders' equity also fell to $633,612 from $930,700. The company has expressed substantial doubt regarding its ability to continue as a going concern due to insufficient cash flow from revenue, prompting plans to seek funding from new investors and implement a sales generation strategy.
About RemSleep Holdings Inc.
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