As of August 31, 2024, AXIL Brands, Inc. (formerly Reviv3 Procare Company) reported a net loss of $109,805 for the three months ended August 31, 2024, a significant decline from a net income of $154,452 during the same period in 2023. This shift reflects a decrease in net sales, which totaled $5,851,272, down 4% from $6,106,269 in the prior year. The gross profit also fell to $4,153,648, resulting in a gross profit margin of 71%, compared to 76.1% in the previous year.
Operating expenses decreased slightly to $4,294,350 from $4,473,809, indicating a 4% reduction. However, the loss from operations was $(140,702), a stark contrast to the income of $173,757 reported in the same quarter of 2023. The cost of sales as a percentage of net revenues increased to 29.0%, up from 23.9% in the prior year.
The company’s total assets rose to $11,356,739 as of August 31, 2024, compared to $10,974,361 at the end of May 2024. Total current assets also increased to $8,343,461 from $7,966,860. Cash balances improved to $4,148,724, up from $3,253,876, with net cash provided by operating activities reaching $897,318, a notable increase from $397,172 in the previous year.
AXIL Brands has undergone significant strategic changes, including a name change effective February 14, 2024, and a successful uplisting to the NYSE American on the same date. The company executed a 1-for-20 reverse stock split on January 16, 2024, and completed the acquisition of certain assets from Axil & Associated Brands Corp. in June 2022.
As of August 31, 2024, the company reported total liabilities of $3,472,894, up from $3,278,575, while total stockholders' equity increased to $7,883,845 from $7,695,786. The accumulated deficit stood at $(244,075).
Management is focused on growing existing product lines, introducing new products, and expanding the customer base to enhance revenues. However, they acknowledge the potential need for additional capital in the future, although they currently believe existing cash and anticipated cash flows will suffice for working capital needs for at least one year.
The company continues to emphasize its direct-to-consumer strategy and aims to enhance its e-commerce capabilities while exploring strategic partnerships to boost distribution and customer acquisition.
About Reviv3 Procare Co
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