Sugarmade, Inc.
CIK:0000919175|SEC Filings
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Income Statement [Abstract] | ||||||
| Revenues, net | $ 499,441 | $ 538,815 | $ 1,208,592 | $ 977,358 | ||
| Revenues, Related Party, net | 631 | |||||
| Cost of goods sold | 257,821 | 461,873 | 720,730 | 848,812 | ||
| Gross profit | 241,620 | 76,942 | 488,493 | 128,546 | ||
| Selling, general and administrative expenses | 382,989 | 336,980 | 734,545 | 655,637 | ||
| Advertising and promotion expense | 4,474 | 4,474 | ||||
| Marketing and research expense | 19,768 | 36,992 | 46,430 | 71,420 | ||
| Professional expense | 181,287 | 83,549 | 258,783 | 280,115 | ||
| Salaries and wages | 73,337 | 87,150 | 121,814 | 226,607 | ||
| Stock compensation expense | 3,500 | 22,500 | 7,500 | 124,000 | ||
| Total operating expenses | 660,881 | 571,645 | 1,169,073 | 1,362,253 | ||
| Loss from operations | (419,261) | (494,704) | (680,580) | (1,233,706) | ||
| Non-operating income (expense): | ||||||
| Other (expense) income | 2,079 | 7,886 | 17,170 | 2,997 | ||
| Interest expense | (391,525) | (1,093,182) | (584,571) | (1,251,050) | ||
| Bad debts | (7) | (7) | ||||
| Change in fair value of derivative liabilities | (2,433,745) | (390,306) | 1,264,186 | (65,073) | ||
| Warrant Expense | (560,738) | 6,347 | (558,696) | 14,637 | ||
| Loss on asset disposal | (17,986) | (17,986) | (28) | |||
| Amortization of debt discount | (386,874) | (24,071) | (676,675) | (156,651) | ||
| Amortization of intangible assets | (1,050) | |||||
| Other Income - Gain on debt extinguishment | 112,051 | |||||
| Unrealized gain on securities | (215,862) | (857,979) | ||||
| Total non-operating expenses, net | (3,788,789) | (1,709,195) | (444,520) | (2,314,205) | ||
| Equity Method Investment Loss | (16,270) | (60,747) | ||||
| Loss before income taxes | (4,208,050) | (2,220,169) | (1,125,100) | (3,608,658) | ||
| Income tax expense | ||||||
| Net loss from continuing operations | (4,208,050) | (2,220,169) | (1,125,100) | (3,608,658) | ||
| Discontinued Operations: | ||||||
| Loss from discontinued operations | (24,950) | (690,833) | (37,397) | (1,205,064) | ||
| Net loss | (4,233,000) | (2,911,002) | (1,162,497) | (4,813,722) | ||
| Less: net loss attributable to the noncontrolling interest | (11,701) | (54,168) | (14,701) | (361,519) | ||
| Net loss attributable to SugarMade Inc. | $ (4,221,301) | $ (2,856,834) | $ (1,147,796) | $ (4,452,203) | ||
| Basic net income (loss) per share | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) | ||
| Diluted net income (loss) per share | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) | ||
| Basic and diluted weighted average common shares outstanding | [1] | 12,195,967,869 | 8,728,862,892 | 12,063,196,489 | 8,509,797,777 | |
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