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Rocky Mountain High Brands, Inc. Recaps Company’s OTC Quarterly Filings For 2023
Rocky Mountain High Brands, Inc. Recaps Company’s OTC Quarterly Filings For 2023.
About this update from Rocky Mountain High Brands, Inc.
[{"type":"text","content":"\n PLANO, Texas, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTC: RMHB) today briefly explained last year’s quarterly results through September 30, 2023. The following is a recap of 2023 now that the second and third quarters are filed. It includes a comparison of first quarter 2023 to first quarter 2022 and a comparison of nine months 2023 to nine months 2022. Even though the Company limited production in 2023 due to the relocation of the manufacturing facility, the comparison is favorable when gauging past / future growth and illustrates the Company’s decrease in expenses. For further explanation of RMHB’s lost production during the relocation, see the bottom three paragraphs contained on page 26 of the third quarter financials. FIRST QUARTER FISCAL 2023 – Three Month Financial Performance:  1st Quarter 20231st Quarter 2022Net Sales:$2,466,714$121,352Cost of Sales:$1,408,119$35,060Gross Profit:$1,058,594$86,292Operating Expenses (OpEx):$1,276,304$1,427,782Net Loss:($217,709)($1,341,490) In First Quarter 2023, RMHB increased Gross Profit by $972,302 while decreasing OpEx by $151,478 and reducing Net Loss by $1,123,781 for same period in Fiscal 2022. THREE QUARTERS FISCAL 2023 – Nine Month Financial Performance:  9 Months 20239 Months 2022Net Sales:$3,438,121$2,185,450Cost of Sales:$1,766,882$981,081Gross Profit:$1,671,239$1,204,370Operating Expenses (OpEx):$2,717,105$4,089,710Net Loss:($1,045,866)($2,885,340) For nine months 2023, RMHB increased Gross Profit by $466,869 while decreasing OpEx by $1,372,605 with a major reduction in Net Loss of $1,839,474 for same period in Fiscal 2022. The Company is now current with all of its filing requirements with the OTC Markets Group, and certain internal improvements have been implemented to ensure timely filings going forward. Rocky Mountain High Brands, Inc. (RMHB) is a diversified and dynamic Company committed to making a difference by raising the quality and expectations in the beverage sector. Our DNA is rooted in innovation. We have built the teams and assets to ensure our growth continues. The Company is headquartered in Plano, Texas. Rocky Mountain Productions, Inc., a wholly owned subsidiary of RMHB, specializes in cold and hot fill beverages, concentrates and ready-to-drink beverages, and is uniquely positione...