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Hempalta Corp. Announces Financial Results for Three Months Ended December 31, 2024
AgTech Company accelerates strategic focus on Industrial Hemp Carbon Credits business Calgary, A...
About this update from Hempalta Corp
[{"type":"text","content":"Hempalta Corp. Announces Financial Results for Three Months Ended December 31, 2024AgTech Company accelerates strategic focus on Industrial Hemp Carbon Credits businessCalgary, Alberta--(Newsfile Corp. - March 3, 2025) - Hempalta Corp. (TSXV: HEMP) (\"HEMPALTA\" or the \"Company\") has released its financial results for the three months ended December 31, 2024. The Company's unaudited interim condensed consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three-month period are available on www.sedarplus.ca.Financial ResultsAs HEMPALTA sharpens its focus on the high-growth carbon credit market, the Company experienced a transition period in its financials during the last quarter.Revenue for the three months ended December 31, 2024, was $70,497, reflecting a planned transition from consumer packaged goods (CPG) sales to a scalable, high-margin carbon credit model. While this shift resulted in lower short-term revenues (a 41% decrease year over year), it positions HEMPALTA for long-term growth in the voluntary carbon market.Cost of Sales for the three months ended December 31, 2024 decreased 38% to $84,162, compared to the same period in 2023, primarily due to lower production volumes and cost efficiencies as the Company streamlined its operations to align with its carbon credit focus.Net Loss for the three months ended December 31, 2024 was $432,281 ($0.00 per share), a 13% improvement over the same period in 2023, reflecting disciplined cost management and a one-time gain on debt settlement. General & Administrative Expenses for the three months ended December 31, 2024 increased 79% year over year, primarily due to transaction fees associated with acquiring the remaining 49.9% interest in Hemp Carbon Standard Inc. (\"HCS\"), as well as lower expense allocations to cost of goods sold due to decreased production activity.Financial Position & Shareholder SupportAs of December 31, 2024, HEMPALTA had $182,768 in cash and $287,726 in working capital.While the Company completes its planned focus on HCS over the balance of the second quarter, major shareholders Darren Bondar and Prairie Merchant Corporation (the \"Lenders\") have extended a one-year term loan in the aggregate amount of $325,000 at 12% interest (the \"Loan\"). In connection wit...