As of September 30, 2024, Target Group Inc. reported total assets of $7,585,033, a decrease from $8,840,902 at the end of 2023. Total current assets also fell to $2,591,861 from $3,094,246, while cash holdings increased significantly to $1,284,480, up from $736,323. Long-term assets decreased to $4,993,172 from $5,746,656, with fixed assets declining to $4,686,306 from $5,430,260. Total liabilities decreased to $14,581,694 from $15,813,599, but the accumulated deficit increased to $(31,162,802) from $(31,107,348), and total stockholders’ deficiency rose to $(6,996,661) from $(6,972,697).
For the three months ended September 30, 2024, revenue was reported at $541,113, a significant decline from $1,046,227 in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $4,736,055, compared to $1,805,211 for the same period in the previous year. The gross profit for the three months ended September 30, 2024, was $368,107, down from $591,986 in 2023, while for the nine-month period, gross profit increased to $2,647,101 from $981,709. Total operating expenses for the three months ended September 30, 2024, were $605,888, slightly lower than $648,489 in 2023, but for the nine months, they rose to $1,872,572 from $1,489,649. The net loss before income taxes for the three months ended September 30, 2024, was $(528,950), compared to $(356,812) in 2023, while the nine-month net loss improved to $(55,454) from $(138,705).
The decline in revenue was attributed to delays in shipments to Israel due to ongoing regional issues, and revenue from the joint venture (JVCo) ceased following the termination of the joint venture agreement on April 27, 2023. Consequently, revenue from JVCo was $nil for the nine months ended September 30, 2024, down from $791,285 in the same period of 2023.
Target Group Inc. continues to face challenges, including a working capital deficit of $10,900,226 and an accumulated deficit of $31,162,802, raising concerns about its ability to continue as a going concern without generating sufficient cash flows or obtaining additional financing.
About Target Group Inc.
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