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Pacific Ventures Group, Inc. [PACV] released its financial report for the quarter ended June 30, 2023, showcasing a net loss of $2.2 million. The company's revenue for the quarter decreased to $7.4 million compared to $10.5 million in the same period last year.
Despite the decline in revenue, Pacific Ventures Group managed to maintain a gross profit of $878,779, albeit lower than the $1.5 million recorded in the previous year. The company's operating expenses came in at $1.4 million, resulting in an operating loss of $574,000.
The decrease in revenue can be attributed to various factors, including the ongoing challenges in the market and a decrease in sales volume. The cost of goods sold also had a significant impact on the company's profitability.
Pacific Ventures Group's balance sheet reflects a total asset value of $5.6 million as of June 30, 2023, with current assets accounting for $2.1 million and fixed assets at $487,464. The company's total liabilities stand at $27.4 million, resulting in a stockholders' equity deficit of $21.9 million.
The basic and diluted loss per share for Pacific Ventures Group's common stock are both reported at $0.00145 for the quarter. This represents a decrease compared to the previous year's loss per share of $0.01026.
Looking ahead, Pacific Ventures Group remains focused on implementing strategic initiatives to improve its financial performance. The company is actively working to increase sales volume and reduce operating expenses to enhance profitability.
Despite the challenging financial results for the quarter, Pacific Ventures Group is committed to driving growth and profitability in the upcoming periods. The company will continue to leverage its strengths and explore new opportunities to deliver value to its shareholders.