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Surge Components, Inc.(SPRS) Releases Financial Statemen ts with Net Income of $919,421 and Revenue of $19,390,994 for the Six Months Ended May 31, 2023.
Surge Components, Inc. and its subsidiaries have released their unaudited consolidated financial statements for the six months ended May 31, 2023. The reports reveal the company's financial performance during this period, including both its net income and revenue figures.*
Overview of Assets and Liabilities
The consolidated balance sheets show that Surge Components, Inc.'s total assets as of May 31, 2023, amounted to $24,694,796, a slight increase from the previous year's total of $24,622,774. Current assets stood at $22,879,457, including $8,796,418 in cash, $7,574,984 in accounts receivable, and $5,751,108 in inventory.
On the other hand, the company's total liabilities amounted to $6,176,912 as of May 31, 2023, compared to $7,119,311 on November 30, 2022. Current liabilities were reported at $5,007,694, including accounts payable of $3,410,153 and accrued expenses and taxes of $864,818.
5. Net Income and Revenue
During the six months ended May 31, 2023, Surge Components, Inc. reported net sales of $19,390,994, showing a decrease from the previous year's net sales of $26,419,495 for the same period. Cost of goods sold amounted to $13,820,234, resulting in a gross profit of $5,570,760.
The company's operating expenses for the six months ended May 31, 2023, totaled $4,335,519, including selling and shipping expenses of $1,510,825 and general and administrative expenses of $2,789,683.
Surge Components, Inc. reported a net income of $919,421 for the six months ended May 31, 2023, compared to $1,534,164 for the same period in 2022.
The company's shareholders' equity as of May 31, 2023, amounted to $18,517,884, an increase from $17,503,463 as of December 1, 2022. This increase in equity is primarily due to net income for the period.
The consolidated statements of cash flows show that Surge Components, Inc. generated $138,229 in net cash flows from operating activities during the six months ended May 31, 2023. Additionally, the company invested $31,851 in fixed assets during this period.
Despite a decrease in net sales compared to the previous year, Surge Components, Inc. managed to maintain a positive net income. The company's financial statements indicate a stable financial position, and the management remains optimistic about the future.