Moolec Science SA(MLEC) - 2024 Q2 - Quarterly Report

Financial Performance - Revenue for the three months ended December 31, 2024, was $4,199,966, a 110.4% increase compared to $1,992,163 for the same period in 2023[5] - The company reported a basic and diluted loss per share of $0.11 for the three months ended December 31, 2024, compared to $0.09 for the same period in 2023[5] - For the six months ended December 31, 2024, the company reported revenue of $4,199,966, a significant increase from $1,992,163 in the same period of 2023, representing a growth of approximately 110.4%[31] - The company had a loss for the period of $4,342,806 for the six months ended December 31, 2024, compared to a loss of $3,374,520 in the same period of 2023[31] - For the six-month period ended December 31, 2024, the Group reported a net loss of $4,342,806 compared to a net loss of $3,374,520 for the same period in 2023, representing an increase of approximately 28.7%[72] - The basic and diluted loss per ordinary share for the six-month period ended December 31, 2024, was $(0.11), compared to $(0.09) for the same period in 2023, indicating a worsening of 22.2%[72] Expenses and Costs - Cost of sales for the six months ended December 31, 2024, was $3,317,333, significantly higher than $20,040 for the same period in 2023[5] - The cost of sales for the six months ended December 31, 2024, was $4,859,562, compared to $1,539,682 for the same period in 2023, indicating an increase of about 215.5%[31] - Research and development expenses decreased to $298,003 for the six months ended December 31, 2024, from $516,022 in 2023, reflecting a 42.3% reduction[5] - Research and development expenses for the six months ended December 31, 2024 totaled $723,545, down from $903,757 in the same period of 2023[69] - The company recognized a financial cost of $1,214,190 for the six months ended December 31, 2024, compared to $196,706 for the same period in 2023[67] - The total depreciation charge for fixed assets was $(100,723) for the six months ended December 31, 2024, compared to $(58,716) for the same period in 2023, reflecting an increase of approximately 71.6%[41] Assets and Liabilities - Total assets decreased to $31,381,363 as of December 31, 2024, down from $34,786,924 as of June 30, 2024[8] - Cash and cash equivalents dropped to $1,929,911 as of December 31, 2024, compared to $5,389,928 as of June 30, 2024, indicating a 64.2% decline[8] - Total equity decreased to $2,796,578 as of December 31, 2024, from $6,815,760 as of June 30, 2024, a decline of 59.0%[8] - Financial debts increased to $19,372,053 as of December 31, 2024, compared to $11,703,708 as of June 30, 2024, marking a 65.7% rise[8] - As of December 31, 2024, total financial debt amounted to $21,737,947, an increase from $14,259,391 as of June 30, 2024[66] - Total financial liabilities increased to $28,268,746 as of December 31, 2024, compared to $27,899,068 as of June 30, 2024[79] Cash Flow and Management - The net cash used in operating activities for the six months ended December 31, 2024, was $2,016,632, a decrease from $5,647,859 in the prior year, reflecting improved cash flow management[31] - The company reported a net decrease in cash and cash equivalents of $3,447,549 for the six months ended December 31, 2024, compared to a decrease of $908,876 in the same period of 2023[31] - The Group's cash and cash equivalents decreased to $925,794 as of December 31, 2024, down from $3,296,554 as of June 30, 2024[79] Shareholder and Corporate Actions - The Company has received a notification from Nasdaq regarding non-compliance with the listing rule due to the closing bid price remaining below $1.00 per share for over 30 consecutive business days[80] - The Board of Directors has proposed a reverse stock split to regain compliance with Nasdaq listing requirements, with a recommended ratio between 2:1 and 10:1[85] - The Company is in the process of transferring its jurisdiction of incorporation from Luxembourg to the Cayman Islands[86] - The Company will consider the potential appointment of two new members for its Board of Directors[89] - The new Chief Executive Officer will be announced before April 22, 2025[89] - All Board members remain committed to the Company's operations and strategic objectives[89] Other Financial Results - Other comprehensive income for the three months ended December 31, 2024, was $660,622, contrasting with a loss of $913,537 for the same period in 2023[5] - The total other financial results for the six months ended December 31, 2024 were $1,326,093, significantly higher than $431,865 in the same period of 2023[67] - The company recognized a deferred tax benefit of $252,900 for the six months ended December 31, 2024, contrasting with a deferred tax expense of $451,281 in the same period of 2023[31] - The company recorded an income of $281,807 related to the reversal of previously recognized share-based payment expenses as of December 31, 2024[68]