Accredited Solutions, Inc., a company primarily engaged in the high alkaline natural spring water market through its Diamond Creek Water business, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational highlights for the nine months ended September 30, 2023.
Financial Highlights
- Net Sales: $543,116,000, reflecting an increase due to a full nine months of operations in 2023.
- Gross Profit: $128,470,000, showing improvement as a result of increased sales.
- Operating Loss: ($82,249,000), with a slight decrease in operating expenses due to reduced payroll expenses.
- Net Income (Loss) from Continuing Operations: ($1,775,418,000), primarily due to changes in derivative liabilities and other expenses.
- Net Income (Loss) Per Share - Basic: ($0.00), reflecting the net loss per share from continuing operations.
Business Highlights
- Revenue Segments: The company reported $543,116 in revenue for the nine months ended September 30, 2023, primarily driven by the Diamond Creek Water business. This reflects a full nine months of operations compared to only six months in the prior year due to the acquisition of Diamond Creek.
- Geographical Performance: As of September 30, 2023, Diamond Creek water was available in over 1,500 stores across the United States, indicating a significant distribution reach within the country.
- Sales Units: Diamond Creek High Alkaline Water is available in one gallon, one liter, and half-liter bottles, catering to a diverse consumer base seeking high alkaline natural spring water.
- Future Outlook: The company plans to expand its Diamond Creek Water business post the rescission of the PXS acquisition. However, the expansion is contingent on securing additional capital to support growth initiatives.
SEC Filing: