Yerbaé Brands Corp. reported significant financial changes in its 10-Q filing for the three and nine months ended September 30, 2024. The company, which specializes in plant-based energy drinks, experienced a notable decline in revenue, with revenues for the three months falling to $1.6 million, a 45% decrease from $3.0 million in the same period of 2023. For the nine months, revenues dropped 54% to $4.6 million from $10.0 million year-over-year. This decline in revenue was accompanied by a decrease in gross profit, which fell to $1.0 million for the three months and $2.5 million for the nine months, compared to $1.6 million and $5.0 million, respectively, in the prior year.
Despite the revenue drop, total expenses for the three months ended September 30, 2024, decreased significantly to $2.1 million from $5.5 million in the same period of 2023. For the nine-month period, total expenses were $8.6 million, down from $21.3 million. The net loss before income taxes improved to $(1.5 million) for the three months and $(7.0 million) for the nine months, compared to $(4.1 million) and $(16.7 million) in the prior year, indicating a reduction in losses.
As of September 30, 2024, the company reported total assets of $2.5 million, a decrease from $4.1 million at the end of 2023. Current assets also fell significantly to $2.4 million from $3.8 million, with cash reserves dwindling to $269,148 from $977,373. The total liabilities increased to $7.6 million from $5.4 million, primarily due to a rise in the current portion of notes payable, which surged to $4.1 million from $340,178.
Yerbaé's accumulated deficit grew to $(41.5 million) from $(34.5 million) at the end of 2023, reflecting ongoing financial challenges. The company also reported a working capital deficit of $5.1 million, compared to a surplus of $843,478 previously. Management has expressed substantial doubt about the company's ability to continue as a going concern, citing recurring losses and limited cash reserves.
In terms of financing, Yerbaé raised $2.9 million through various financing activities in the nine months ended September 30, 2024, a decrease from $10.0 million in the same period of 2023. The company is exploring additional financing options to address liquidity concerns.
About YERBAE BRANDS CORP.
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