Upexi(US:UPXI)2023-05-15 21:11Revenue Growth - Revenue for the three months ended March 31, 2023, increased by $19,792,547 or 447% to $24,219,445 compared to $4,426,898 in the same period last year [174]. - For the nine months ended March 31, 2023, revenue increased by $49,582,563 or 373% to $62,863,128 compared to $13,280,565 in the same period last year [184]. Cost of Revenue - Cost of revenue for the same period increased by $13,516,617 or 1,230% to $14,614,754 compared to $1,098,137 in the prior year [176]. - Cost of revenue for the nine months ended March 31, 2023, increased by $33,823,415 or 1,098% to $36,904,527 compared to $3,081,112 in the prior year [185]. Net Loss - Net loss attributable to Upexi, Inc. for the three months ended March 31, 2023, was $1,643,884 compared to a net loss of $52,667 in the prior year [174]. - Net loss for the nine months ended March 31, 2023, was $1,571,720 compared to net income of $523,877 in the prior year [191]. Expenses - Sales and marketing expenses for the three months ended March 31, 2023, increased by $2,391,095 or 220% compared to the same period last year [177]. - Distribution costs for the same period increased by $1,972,812 or 326% compared to the prior year [178]. Cash Position - The company had cash of $1,181,042 as of March 31, 2023, a decrease of $5,968,764 from June 30, 2022 [195]. Financing Activities - Net cash used by financing activities for the nine months ended March 31, 2023, was $6,836,829, an increase from $2,125,888 during the same period in 2022 [198]. - The company repaid $6,826,338 to the line of credit and terminated the senior convertible note, while also utilizing proceeds from the issuance of convertible debt for investing activities [198][199]. - On October 19, 2022, the company received $3,000,000 from a loan agreement with Professional Bank, to be repaid over ten years, which was used to pay down a loan facility with Acorn Capital, LLC [200]. - On October 31, 2022, the company made a total payment of $5,146,437 to holders of senior secured convertible notes, terminating the agreement with noteholders [201]. - The company executed a promissory note with an investor on February 22, 2023, for $2,150,000, which includes the issuance of 134,000 restricted shares at a price of $4.53 per share [203]. Future Outlook - Management anticipates significant opportunities for organic growth within newly acquired businesses over the next 12 months [175]. - The company estimates sufficient working capital to fund operations over the next twelve months and meet all debt obligations [205]. - There are no off-balance sheet arrangements that could materially affect the company's financial condition or results of operations [206].