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Financial report summary
?Management Discussion
- During fiscal year ended June 30, 2023, the Company’s sales were $3,446,234, as compared to sales of $3,064,443 for fiscal year ended June 30, 2022. The 12.5% increase in volume coupled with various price increases, 7.4% increase in cost of sales and 3.7% increase in operating expenses resulted in a change in profitability during the year, as reflected in the income from operations of $163,363 for fiscal year 2023 compared to the loss from operations of $22,264 for fiscal year 2022. Working capital increased $120,935 to $682,537 for the fiscal year 2023 from $561,602 for the fiscal year 2022 due primarily to an increase in accounts receivable.
- Management’s discussion and analysis of financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
- The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.