$GDMK Financial highlights for the full year ended
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Posted On: 04/26/2022 8:59:32 AM
$GDMK Financial highlights for the full year ended December 31st, 2021, compared to the full year ended December 31st, 2020, were as follows:
Revenue increased to $2,665,017 in 2021 compared to $1,660,726 in 2020, an increase of 60.5%.
Gross profit margin was 38.9% in 2021 compared to 39.1% in 2020.
The net loss of $1,213,879 for the year ended December 31st, 2021, includes non-cash stock-based compensation of $1,121,592 expense paid to consultants and employees, compared to one-time non-operating stock-based compensation of $26,020,400 relating to the issuance of super-voting preferred stock to the Company’s Chief Executive Officer, and $168,529 in stock-based compensation to consultants during 2020. Excluding those charges, the Company’s Adjusted Net Profit (Loss) was a loss of $92,287 for the 2021 period compared to a net profit of $33,868 in 2020, or a decrease of $126,155.
Operational Achievements in 2021
Launched with a major national club store in the Northeast in the first quarter.
Entered nutraceutical segment and launched three new SKUs in a gummy form.
Reduced our dependence on invoice factoring.
Paul Adler, Chairman, and CEO stated, “Our ability to deliver record results year after year has demonstrated that we can operate efficiently, as well as significantly grow our revenues to record levels, even during a difficult operating environment. Despite the effects of the Covid-19 pandemic, we were able to achieve record revenue growth in 2021, with steady gross margins.
During 2021, we invested in infrastructure by hiring a top-notch executive to a newly formed Director of Operations position. Additionally, we were impacted by the worldwide supply chain issues, which resulted in the tripling of our shipping and logistics cost. These additional costs impacted our profitability. However, our strong inventory management systems helped mitigate the impact of these additional costs. In 2022 we expect to leverage our overhead and have signed an agreement with a larger and more efficient warehouse, which will enable us to handle more containers than we were previously constrained from doing in our previous location.
https://finance.yahoo.com/news/global-diversi...00269.html
Revenue increased to $2,665,017 in 2021 compared to $1,660,726 in 2020, an increase of 60.5%.
Gross profit margin was 38.9% in 2021 compared to 39.1% in 2020.
The net loss of $1,213,879 for the year ended December 31st, 2021, includes non-cash stock-based compensation of $1,121,592 expense paid to consultants and employees, compared to one-time non-operating stock-based compensation of $26,020,400 relating to the issuance of super-voting preferred stock to the Company’s Chief Executive Officer, and $168,529 in stock-based compensation to consultants during 2020. Excluding those charges, the Company’s Adjusted Net Profit (Loss) was a loss of $92,287 for the 2021 period compared to a net profit of $33,868 in 2020, or a decrease of $126,155.
Operational Achievements in 2021
Launched with a major national club store in the Northeast in the first quarter.
Entered nutraceutical segment and launched three new SKUs in a gummy form.
Reduced our dependence on invoice factoring.
Paul Adler, Chairman, and CEO stated, “Our ability to deliver record results year after year has demonstrated that we can operate efficiently, as well as significantly grow our revenues to record levels, even during a difficult operating environment. Despite the effects of the Covid-19 pandemic, we were able to achieve record revenue growth in 2021, with steady gross margins.
During 2021, we invested in infrastructure by hiring a top-notch executive to a newly formed Director of Operations position. Additionally, we were impacted by the worldwide supply chain issues, which resulted in the tripling of our shipping and logistics cost. These additional costs impacted our profitability. However, our strong inventory management systems helped mitigate the impact of these additional costs. In 2022 we expect to leverage our overhead and have signed an agreement with a larger and more efficient warehouse, which will enable us to handle more containers than we were previously constrained from doing in our previous location.
https://finance.yahoo.com/news/global-diversi...00269.html
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