Sales Performance - EWCP product sales increased due to higher customer orders, while TPA product sales decreased due to lower customer orders[82]. Profitability - Gross profit increased as raw material costs declined, aligning with existing customer price reductions[82]. Cash Flow - Cash provided by operating activities was $5,568,346 in 2024, down from $6,116,171 in 2023[84]. Working Capital - Working capital increased to $22,714,190 in 2024 from $20,172,833 in 2023[84]. Interest Income - Interest income rose due to increased interest rates and higher term deposits[82]. One-time Loss - The company incurred a one-time loss on the sale of 30.1% of a Florida-based LLC[82]. Research and Development - Research expenses increased due to new product development initiatives[82]. Financial Commitments - The company has no substantial commitments or capital requirements for the coming fiscal year[84]. Consulting Costs - Increased reliance on consultants led to higher consulting costs[82]. Currency Exchange - Currency exchange impacts were noted due to fluctuations in the US/Canadian dollar exchange rate[82].
Flexible Solutions International (FSI) - 2024 Q4 - Annual Report