Upexi(UPXI)2024-12-19 22:29Revenue Performance - Revenue for the three months ended September 30, 2024, decreased by $3,918,175 or 47% to $4,356,515 compared to $8,274,690 in the same period last year[160]. Cost Management - Cost of revenue decreased by $1,418,754 or 50% compared to the same period last year, with gross margin remaining stable with less than a 2% change[161]. - Sales and marketing expenses decreased by $775,277 or 43% compared to the same period last year, primarily due to the reduction of unnecessary agency expenses[162]. - Distribution costs decreased by $676,167 or 32% compared to the same period last year, attributed to the decline in recommerce revenue[163]. - General and administrative expenses decreased by $210,660 or 13% compared to the same period last year, with expectations for continued declines post-December 31, 2024[165]. - Other operating expenses decreased by $957,965 or 71% compared to the same period last year, mainly due to changes in amortization of acquired intangible assets[166]. Financial Loss - The company reported a net loss of $1,625,577 for the three months ended September 30, 2024, compared to a loss of $1,333,388 for the same period in 2023[168]. Asset and Liability Overview - As of September 30, 2024, current assets were $6,790,280, down from $11,419,918 as of June 30, 2024, while current liabilities decreased to $9,771,401 from $12,655,152[169]. Cash Flow and Working Capital - Net cash provided by investing activities for the three months ended September 30, 2024, was $5,838,106, significantly higher than $145,324 in the same period last year[174]. - The company estimates sufficient working capital to fund operations over the next twelve months and meet all debt obligations[176].