US Lighting Group, Inc. (USLG) reported significant financial challenges in its latest 10-Q filing for the period ending June 30, 2024. The company experienced a substantial decline in net sales, with revenues for the three months ending June 30, 2024, totaling $74,895, a decrease of $1,236,938 from $1,311,833 in the same quarter of 2023. For the six-month period, net sales were $365,437, down from $2,337,570 in the prior year. This decline is attributed to a decrease in shipments of fiberglass campers under the Cortes Campers brand, which sold 26 units in the first half of 2024 compared to 11 units in the same period in 2023.
The company's gross profit for the three months ended June 30, 2024, was a loss of $(107,389), compared to a profit of $440,917 in the same quarter of 2023. For the six-month period, gross profit also reflected a loss of $(156,578), down from $815,335 in 2023. Operating losses increased significantly, with a loss from operations of $(401,404) for the second quarter of 2024, compared to a profit of $13,724 in the same quarter of the previous year. The net loss for the three months ended June 30, 2024, was $(423,452), contrasting sharply with a net income of $4,455 in Q2 2023.
Total current assets decreased to $335,615 as of June 30, 2024, from $365,335 at the end of 2023, while total assets fell from $3,069,889 to $3,001,678. Current liabilities surged from $1,877,622 to $3,112,979, contributing to an increased accumulated deficit of $(27,498,694) from $(26,636,288). Shareholders’ equity also declined, moving from $(4,649,213) to $(5,511,619).
In terms of strategic developments, USLG is undergoing a leadership transition following the resignation of CEO Anthony R. Corpora on May 31, 2024. CFO Michael A. Coates is currently serving as the interim principal executive officer. The company is actively seeking a new CEO while also focusing on expanding its manufacturing capabilities and product offerings in the RV, marine, and composite housing sectors.
Despite these challenges, the company reported new purchase orders from dealers totaling approximately $440,000 in July 2024, indicating potential for future revenue growth. However, substantial doubt remains regarding the company's ability to continue as a going concern, necessitating additional capital or borrowing to support operations.
About U.S. Lighting Group, Inc.
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