The Marygold Companies, Inc. Reports Financial Results for 2025 Second Fiscal Quarter
-Company continued to invest in the Fintech sector through Marygold & Co.-
Revenue for the three months ended December 31, 2024 amounted to
The revenue decline over both comparable prior year periods was primarily due to a reduction in average assets under management (“AUM”) at TMC’s largest subsidiary, USCF Investments, to
Cash and cash equivalents of
“For the quarter just ended, we had budgeted for continued losses, based in large part on cash expenditures incurred by our Marygold fintech subsidiary,” said David Neibert, TMC’s Chief Operations Officer. “To help with cash needs for future development and rollout of our fintech app, we entered into a
“We are pleased that our operating subsidiaries in
Nicholas
“As shareholders, we all have gone through a painful period of enduring losses, while we refocused our corporate resources in the fintech sector. I believe we will turn the corner soon and begin to see some tangible results for those efforts,”
Business Units
The Company’s USCF Investments subsidiary, https://www.uscfinvestments.com/, acquired in 2016 and based in
Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout
Brigadier Security Systems, https://brigadierelite.com/, acquired in 2016 and headquartered in
Acquired in 2017,
Marygold & Co., https://marygoldandco.com/, headquartered in
About The Marygold Companies, Inc.
The Marygold Companies was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in fund management, financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Marygold & Co. Limited, Step By Step Financial Planners, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of
THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) |
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December 31,
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June 30,
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
5,677 |
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$ |
5,461 |
|
Accounts receivable, net (of which |
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2,292 |
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2,678 |
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Inventories |
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2,189 |
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2,191 |
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Prepaid income tax and tax receivable |
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2,246 |
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1,338 |
|
Investments, at fair value |
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9,232 |
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9,551 |
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Other current assets |
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961 |
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3,034 |
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Total current assets |
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22,597 |
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24,253 |
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Restricted cash |
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61 |
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62 |
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Property and equipment, net |
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1,021 |
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1,166 |
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Operating lease right-of-use assets |
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1,262 |
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|
974 |
|
Goodwill |
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2,481 |
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2,481 |
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Intangible assets, net |
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1,218 |
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|
1,375 |
|
Deferred tax assets, net |
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1,969 |
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1,969 |
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Other assets |
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2,389 |
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619 |
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Total assets |
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$ |
32,998 |
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$ |
32,899 |
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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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$ |
3,782 |
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$ |
4,021 |
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Lease liabilities, current portion |
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627 |
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620 |
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Purchase consideration payable, current portion |
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235 |
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277 |
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Notes payable, current portion |
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3,517 |
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315 |
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Total current liabilities |
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8,161 |
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5,233 |
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Notes payable, net of current portion |
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376 |
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- |
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Purchase consideration payable, net of current portion |
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- |
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237 |
|
Lease liabilities, net of current portion |
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748 |
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|
455 |
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Deferred tax liabilities, net |
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360 |
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360 |
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Total long-term liabilities |
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1,484 |
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1,052 |
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Total liabilities |
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9,645 |
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6,285 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, par value |
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Series B: 49 issued and outstanding at December 31, 2024 and June 30, 2024 |
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- |
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- |
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Common stock, |
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40 |
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40 |
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Additional paid-in capital |
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13,196 |
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12,825 |
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Accumulated other comprehensive loss |
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(568 |
) |
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(269 |
) |
Retained earnings |
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10,685 |
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14,018 |
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Total stockholders’ equity |
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23,353 |
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26,614 |
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Total liabilities and stockholders’ equity |
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$ |
32,998 |
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$ |
32,899 |
|
THE MARYGOLD COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
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Three Months Ended
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Six 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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$ |
4,685 |
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$ |
4,997 |
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$ |
9,276 |
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$ |
10,047 |
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Food products |
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1,688 |
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1,920 |
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3,510 |
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3,649 |
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Beauty products |
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832 |
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842 |
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1,430 |
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1,617 |
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Security systems |
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585 |
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570 |
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1,274 |
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1,123 |
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Financial services |
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214 |
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128 |
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423 |
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256 |
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Revenue |
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8,004 |
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8,457 |
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15,913 |
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16,692 |
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Cost of revenue |
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2,076 |
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2,091 |
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4,203 |
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4,128 |
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Gross profit |
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5,928 |
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6,366 |
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11,710 |
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12,564 |
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Operating expense |
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Salaries and compensation |
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2,947 |
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2,999 |
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6,094 |
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5,589 |
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General and administrative expense |
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2,361 |
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2,306 |
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4,926 |
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4,556 |
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Fund operations |
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1,566 |
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1,187 |
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2,978 |
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2,461 |
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Marketing and advertising |
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738 |
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718 |
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1,407 |
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1,685 |
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Depreciation and amortization |
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142 |
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153 |
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301 |
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307 |
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Total operating expenses |
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7,754 |
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7,363 |
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15,706 |
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14,598 |
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Loss from operations |
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(1,826 |
) |
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(997 |
) |
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(3,996 |
) |
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(2,034 |
) |
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Other income (expense): |
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Interest and dividend income |
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1,064 |
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138 |
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1,215 |
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331 |
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Interest expense |
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(362 |
) |
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(3 |
) |
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(393 |
) |
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(7 |
) |
Other expense, net |
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(1,105 |
) |
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(503 |
) |
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(1,124 |
) |
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(458 |
) |
Total other expense, net |
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(403 |
) |
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(368 |
) |
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(302 |
) |
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(134 |
) |
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Loss before income taxes |
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(2,229 |
) |
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(1,365 |
) |
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(4,298 |
) |
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(2,168 |
) |
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Benefit from income taxes |
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|
482 |
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|
182 |
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|
966 |
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|
484 |
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Net loss |
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$ |
(1,747 |
) |
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$ |
(1,183 |
) |
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$ |
(3,332 |
) |
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$ |
(1,684 |
) |
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Weighted average shares of common stock |
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Basic and diluted |
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40,863 |
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40,397 |
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40,855 |
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40,397 |
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Net loss per common share |
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Basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.04 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205192866/en/
Media and investors, for more Information, contact:
Roger S. Pondel
PondelWilkinson Inc.
310-279-5965
rpondel@pondel.com
Contact the Company:
David Neibert, Chief Operations Officer
949-429-5370
dneibert@themarygoldcompanies.com
Source: The Marygold Companies, Inc.