Content analysis
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New words:
adverse, cold, covenant, Creek, crystal, distribute, Eleventh, firm, Fourteenth, goodwill, iiii, investee, iv, Jun, manufacture, merger, molecule, pharmaceutical, recovering, remitted, research, Schedule, Squared, strategic, summary, sweetener, synthetic, Thirteenth, Twelfth, unconsolidated
Removed:
consisting, grant, prepaid, unrelated
Financial report summary
?Management Discussion
- Revenues. For the year ended December 31, 2020, we generated revenues of $2,008,493, a decrease of $823,933 compared to December 31, 2019. The decrease was due to declining revenue generated by New You LLC as a result of a slowed economy brought about by the global Covid pandemic. At this stage in our development, revenues are not yet sufficient to cover ongoing operating expenses.
- Gross Profit. Our gross profit for the year ended December 31, 2020 was $1,723,334, a decrease of $654,332 compared to December 31, 2019. Our gross margin percentage for the year ended December 31, 2020 was 86%, compared to 84% for the year ended December 31, 2019. The increase in gross profit generated by New You LLC is largely a result of product sales mix and the associated costs for the year.
- Selling, General, and Administrative Expenses. Selling, General, and Administrative expenses for the year ended December 31, 2020 were $4,958,672, an increase of $889,508 compared to December 31, 2019. For the year ended December 31, 2020, the components of the change in Selling, General, and Administrative expenses were: (i) decrease in commission expenses; (ii) decrease in payroll expenses; (iii) decrease in other selling general and administrative expenses; and (iv) increase in stock based compensation.