Results of Operations

Our operations for the three and nine months ended September 30, 2022 and 2021are outlined below:





Three months ended September 30, 2022 compared to three months ended September
30, 2021



                                  Three months ended
                                    September 30,                Change
                                2022             2021            Amount
Revenue                      $ 4,275,246     $  3,108,710     $  1,166,536
Cost of goods sold           $ 4,262,151     $  3,094,289     $  1,167,862
Gross profit                 $    13,095     $     14,421     $     (1,326 )
Operating expenses           $   252,137     $    285,854     $    (33,717 )
Other income (expense)       $ 9,079,028     $ (1,821,176 )   $ 10,900,204
Provision for income taxes   $     1,398     $          -     $      1,398
Net income (loss)            $ 8,838,588     $ (2,092,609 )   $ 10,931,197

The revenue for the nine months ended September 30, 2022 increased by $1,166,536 to $4,275,246 compared with the same period in 2021. The increase is mainly due to certain marketing recovery.






         18

  Table of Contents

Cost of goods sold for the three months ended September 30, 2022 increased by $1,167,862 to $4,262,151 compared with the same period in 2021. The increase is mainly due to an increase in revenue in this period.

Operating expenses for the three months ended September 30, 2022 decreased by $33,717 to $252,137 compared with the same period in 2021. The decrease is mainly due to a decrease in general and administrative expenses.

Other income for the three months ended September 30, 2022 increased by $10,900,204 to other income of $9,079,028 from other expense compared with the same period in 2021. The increase in other income is mainly due to change in fair value of derivative liabilities related to convertible notes and warrants.

Net income for the three months ended September 30, 2022 was $8,838,588 compared to net loss of $2,092,609 in the same period in 2021. The change is mainly due to change in fair value of derivative liabilities related to convertible notes and warrants.

For the three months ended September 30, 2022 and 2021 our results of operations segment, are as follows:

© Edgar Online, source Glimpses