The Marygold Companies Reports Financial Results for the Three and Nine Months Ended March 31, 2024
Revenue for the three months ended
For the nine-month period ended
TMC’s balance sheet remained strong at
“Operations overall remained on budget, with increased revenues this quarter over the prior year for our non-financial services subsidiaries,” said
“We anticipate a continued steady flow of revenues from our core business units in the coming quarter and using those cash flows to continue the development and marketing of our newest offering,
“Subsequent to the close of the quarter, we finalized the acquisition of yet another investment advisory firm in the
Business Units
The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in 2016 and based in
Original Sprout, acquired in 2017, with warehouse and office facilities located in
About The
The
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of
THE CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) |
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ASSETS |
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CURRENT ASSETS |
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|
Cash and cash equivalents |
|
$ |
4,490 |
|
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$ |
8,161 |
|
Accounts receivable, net (of which |
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|
2,489 |
|
|
|
3,026 |
|
Inventories |
|
|
2,113 |
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|
|
2,254 |
|
Prepaid income tax and tax receivable |
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|
1,955 |
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|
|
992 |
|
Investments, at fair value |
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|
11,630 |
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|
11,481 |
|
Other current assets |
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3,094 |
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|
904 |
|
Total current assets |
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25,771 |
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26,818 |
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Restricted cash |
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14 |
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|
425 |
|
Property and equipment, net |
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1,195 |
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|
|
1,255 |
|
Operating lease right-of-use assets |
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1,095 |
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|
821 |
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|
2,307 |
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|
2,307 |
|
Intangible assets, net |
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2,003 |
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|
2,330 |
|
Deferred tax assets, net |
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|
771 |
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|
771 |
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Other assets |
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|
553 |
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|
554 |
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Total assets |
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$ |
33,709 |
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$ |
35,281 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
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$ |
3,566 |
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$ |
2,771 |
|
Operating lease liabilities, current portion |
|
|
635 |
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|
457 |
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Purchase consideration payable |
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- |
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|
605 |
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Loans - property and equipment, current portion |
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340 |
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|
359 |
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Total current liabilities |
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4,541 |
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4,192 |
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Loans - property and equipment, net of current portion |
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74 |
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|
88 |
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Operating lease liabilities, net of current portion |
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471 |
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|
381 |
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Deferred tax liabilities, net |
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242 |
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|
242 |
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Total long-term liabilities |
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787 |
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|
711 |
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Total liabilities |
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5,328 |
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4,903 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, par value |
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Series B: 49,360 issued and outstanding at |
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- |
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- |
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Common stock, |
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39 |
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39 |
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Additional paid-in capital |
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12,714 |
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12,397 |
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Accumulated other comprehensive loss |
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(246 |
) |
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(145 |
) |
Retained earnings |
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15,874 |
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18,087 |
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Total stockholders’ equity |
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28,381 |
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30,378 |
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Total liabilities and stockholders’ equity |
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$ |
33,709 |
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$ |
35,281 |
|
THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
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2024 |
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2023 |
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2024 |
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2023 |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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Fund management - related party |
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$ |
4,406 |
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$ |
5,022 |
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$ |
14,453 |
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$ |
15,708 |
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Food products |
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1,836 |
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1,825 |
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5,485 |
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5,702 |
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Beauty products |
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858 |
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|
746 |
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2,475 |
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2,334 |
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Security systems |
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650 |
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|
576 |
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1,773 |
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|
1,871 |
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Financial services |
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130 |
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130 |
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385 |
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|
388 |
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Revenue |
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7,880 |
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|
8,299 |
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24,571 |
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26,003 |
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Cost of revenue |
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2,323 |
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|
2,195 |
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6,449 |
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6,450 |
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Gross profit |
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5,557 |
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|
6,104 |
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18,122 |
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19,553 |
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Operating expense |
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Salaries and compensation |
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2,690 |
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|
2,355 |
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8,279 |
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|
7,530 |
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General and administrative expense |
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2,166 |
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|
1,750 |
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|
6,730 |
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|
5,269 |
|
Fund operations |
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|
1,295 |
|
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|
1,081 |
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|
3,752 |
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|
3,334 |
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Marketing and advertising |
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|
745 |
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|
612 |
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2,426 |
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|
1,936 |
|
Depreciation and amortization |
|
|
132 |
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|
140 |
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|
439 |
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|
437 |
|
Total operating expenses |
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|
7,028 |
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|
5,938 |
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|
21,626 |
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|
18,506 |
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(Loss) income from operations |
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|
(1,471 |
) |
|
|
166 |
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(3,504 |
) |
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|
1,047 |
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Other income (expense) |
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Interest and dividend income |
|
|
259 |
|
|
|
59 |
|
|
|
580 |
|
|
|
174 |
|
Interest expense |
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|
(5 |
) |
|
|
(5 |
) |
|
|
(12 |
) |
|
|
(16 |
) |
Other income (expense), net |
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|
333 |
|
|
|
(97 |
) |
|
|
(116 |
) |
|
|
(68 |
) |
Total other income (expense), net |
|
|
587 |
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|
|
(43 |
) |
|
|
452 |
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|
90 |
|
|
|
|
|
|
|
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|
|
|
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(Loss) income before income taxes |
|
|
(884 |
) |
|
|
123 |
|
|
|
(3,052 |
) |
|
|
1,137 |
|
|
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Benefit (provision) of income taxes |
|
|
355 |
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|
30 |
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|
840 |
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(305 |
) |
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Net (loss) income |
|
$ |
(529 |
) |
|
$ |
153 |
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|
$ |
(2,212 |
) |
|
$ |
832 |
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Weighted average shares of common stock |
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|
|
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Basic |
|
|
40,401 |
|
|
|
40,371 |
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|
40,401 |
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|
40,371 |
|
Diluted |
|
|
40,401 |
|
|
|
40,438 |
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|
|
40,401 |
|
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|
40,402 |
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Net (loss) income per common share |
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|
|
|
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|
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|
|
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|
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Basic |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
Diluted |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
The accompanying notes on Form 10-Q are an integral part of these condensed consolidated financial statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513059996/en/
Media and investors, for more Information, contact:
310-279-5965
rpondel@pondel.com
Contact the Company:
949-429-5370
dneibert@themarygoldcompanies.com
Source: The