Financial Performance - For the three months ended March 31, 2020, the company reported revenue of 9,468,955 in the same period in 2019[150] - Gross profit for the same period was 6,928,505 and a margin of 73% in 2019[152] - Adjusted EBITDA for the three months ended March 31, 2020, was 262,303 for the three months ended March 31, 2020, down from 2,253,956 compared to (1,302,062) for the three months ended March 31, 2020, compared to net cash provided of 4,444,249 as of March 31, 2020, which includes loans payable to related parties of 314,933 and restricted cash of $100,000 as of March 31, 2020[159] Future Plans and Strategies - The company plans to raise additional capital through a line of credit and/or loans for future mergers and acquisitions, which may be impacted by COVID-19[166] - The company intends to expand its online presence and develop new marketing campaigns for organic growth within its current product lines[171] Impact of COVID-19 - The COVID-19 pandemic has significantly impacted global economic activity, potentially disrupting the Company's operations and financial condition[172] - The Company may implement temporary precautionary measures, such as remote work for employees, which could negatively affect business operations[172] Other Considerations - The effect of inflation on the Company's operating results was not significant[176] - The preparation of financial statements requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses[177] - The Company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[179]
Synergy CHC Corp.(SNYR) - 2020 Q1 - Quarterly Report