As of September 30, 2024, Sharing Services Global Corporation (SHRG) reported total assets of $6.3 million, a decrease from $6.6 million as of March 31, 2024. Current assets also fell to $4.2 million from $4.4 million, while total liabilities increased to $10.5 million from $9.4 million, resulting in a stockholders’ deficit of $(4.2 million), up from $(2.8 million) in the previous period.

For the three months ended September 30, 2024, net sales were $2.1 million, a decline of 13.5% from $2.4 million in the same period of 2023. Gross profit decreased to $1.5 million, down 16.0% year-over-year, with a gross margin of 70.1% compared to 72.2% in 2023. Operating expenses also saw a significant reduction, totaling $2.1 million, down 26.7% from the previous year. This led to an operating loss of $(634,546), an improvement of 43.4% from the $(1.1 million) loss reported in Q3 2023. The net loss for the quarter was $(466,145), a substantial decrease from $(1.5 million) in the prior year, resulting in a basic and diluted loss per share of $(1.68) compared to $(5.40).

For the six months ended September 30, 2024, net sales totaled $4.3 million, down 18.5% from $5.3 million in 2023, primarily due to reduced orders from independent distributors and adverse consumer buying trends. Gross profit for this period was $3.0 million, with a gross margin of 69.8%, down from 71.3% in the previous year. The net loss for the six months was $(1.4 million), significantly improved from $(3.9 million) in 2023, with a basic and diluted loss per share of $(5.26) compared to $(14.51).

The company has been actively managing its expenses, with total operating expenses for the six months ending September 30, 2024, at $4.3 million, down from $6.6 million in 2023. Interest expenses also decreased to $309,854 from $1.1 million in the prior year. Cash and cash equivalents at the end of the period were $729,576, down from $1.4 million in 2023.

Strategically, the company is focusing on expanding its health and wellness product offerings and plans to re-launch its subscription-based travel services in Q1 2025. Additionally, it has entered into various financing agreements, including a $500,000 borrowing secured by its assets, to support its operations. The company continues to face substantial doubt regarding its ability to continue as a going concern, necessitating additional capital resources.