Synergy CHC Corp. Files Q3 2024 10-Q
Ticker: SNYR · Form: 10-Q · Filed: Dec 6, 2024 · CIK: 1562733
| Field | Detail |
|---|---|
| Company | Synergy Chc CORP. (SNYR) |
| Form Type | 10-Q |
| Filed Date | Dec 6, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.00001, $0 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, company-information
TL;DR
Synergy CHC Corp. filed its 10-Q for Q3 2024. Financials are in.
AI Summary
Synergy CHC Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, formerly known as Synergy Strips Corp. and Oro Capital Corporation, Inc., is incorporated in Nevada and operates in the medicinal chemicals & botanical products sector. Its principal executive offices are located at 865 Spring Street, Westbrook, Maine.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Synergy CHC Corp. for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate high risk.
Key Numbers
- 001-42374 — Commission File Number (Identifies the company's filing with the SEC)
- 20240930 — Period End Date (The end of the reporting quarter)
Key Players & Entities
- Synergy CHC Corp. (company) — Registrant
- September 30, 2024 (date) — Quarterly period end date
- Synergy Strips Corp. (company) — Former company name
- Oro Capital Corporation, Inc. (company) — Former company name
- Nevada (jurisdiction) — State of incorporation
- 865 Spring Street, Westbrook, Maine (address) — Principal executive offices
FAQ
What is the primary business of Synergy CHC Corp.?
Synergy CHC Corp. operates in the MEDICINAL CHEMICALS & BOTANICAL PRODUCTS sector, as indicated by its SIC code [2833].
When was the company incorporated?
The company is incorporated in Nevada.
What was the previous name of Synergy CHC Corp.?
Synergy CHC Corp. was formerly known as Synergy Strips Corp. and Oro Capital Corporation, Inc.
Where are Synergy CHC Corp.'s principal executive offices located?
Its principal executive offices are located at 865 Spring Street, Westbrook, Maine, 04092.
What is the SEC file number for Synergy CHC Corp.?
The SEC file number for Synergy CHC Corp. is 001-42374.
Filing Stats: 4,413 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-12-06 16:05:25
Key Financial Figures
- $0.00001 — ich registered Common stock, par value $0.00001 per share SNYR The Nasdaq Stock Market
- $0 — 23, allowance for doubtful accounts was $0 and $ 149,446 , respectively. Adverti
Filing Documents
- ea0223497-10q_synergy.htm (10-Q) — 823KB
- ea022349701ex31-1_synergy.htm (EX-31.1) — 17KB
- ea022349701ex31-2_synergy.htm (EX-31.2) — 17KB
- ea022349701ex32-1_synergy.htm (EX-32.1) — 4KB
- ea022349701ex32-2_synergy.htm (EX-32.2) — 4KB
- 0001213900-24-106476.txt ( ) — 6697KB
- snyr-20240930.xsd (EX-101.SCH) — 64KB
- snyr-20240930_cal.xml (EX-101.CAL) — 47KB
- snyr-20240930_def.xml (EX-101.DEF) — 307KB
- snyr-20240930_lab.xml (EX-101.LAB) — 557KB
- snyr-20240930_pre.xml (EX-101.PRE) — 322KB
- ea0223497-10q_synergy_htm.xml (XML) — 725KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION 1
Financial Statements
Item 1. Financial Statements 1
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 38
Controls and Procedures
Item 4. Controls and Procedures 38
—OTHER INFORMATION
PART II—OTHER INFORMATION 39
Legal Proceedings
Item 1. Legal Proceedings 39
Risk Factors
Item 1A. Risk Factors 39
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 39
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 39
Other Information
Item 5. Other Information 40
Exhibits
Item 6. Exhibits 40
SIGNATURES
SIGNATURES 41 i PART I—FINANCIAL INFORMATION Item 1. Financial Statements. Synergy CHC Corp. Condensed Interim Financial Statements For the Nine Months Ended September 30, 2024 and 2023 Unaudited (Expressed in U.S. Dollars) 1 MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING CONDENSED INTERIM FINANCIAL REPORTING The accompanying unaudited condensed interim financial statements of Synergy CHC Corp. ("the Company") have been prepared by management in accordance with accounting principles generally accepted in the United States (GAAP). Management acknowledges responsibility for the preparation and presentation of the unaudited condensed interim financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances. 2 Synergy CHC Corp. Condensed Consolidated Balance Sheets September 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current Assets: Cash $ 259,375 $ 632,534 Restricted cash 100,000 100,000 Accounts receivable, net 4,072,030 2,106,094 Loan receivable (related party) 4,438,727 4,459,996 Prepaid expenses (including related party amount of $ 570,000 and $ 501,321 , respectively) 1,072,639 797,985 Inventory, net 1,910,515 3,726,240 Total Current Assets 11,853,286 11,822,849 Intangible assets, net 316,667 416,667 Total Assets $ 12,169,953 $ 12,239,516 Liabilities and Stockholders' Deficit Current Liabilities: Accounts payable and accrued liabilities (including related party payable of $ 129,091 and $ 26,885 , respectively) $ 5,082,140 $ 11,727,490 Income taxes payable, net 254,272 185,665 Contract liabilities 2,100 14,202 Short term loans payable, related party 2,915,692 - Current portion of long-term debt, net of debt discount and debt issuance cost, related party 3,000,000 - Current portion of long-term debt, net of debt discount and debt i
financial statements as of and for the year ended December 31, 2023 and footnotes thereto
financial statements as of and for the year ended December 31, 2023 and footnotes thereto. All amounts referred to in the notes to the consolidated financial statements are in United States Dollars ($) unless stated otherwise. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Reverse Stock Split On September 11, 2024, we effected a 1-for-11.9 reverse stock split with respect to our common stock. The reverse stock split did not change the number of authorized shares of common stock or par value. All references in these condensed consolidated financial statements to shares, share prices, exercise prices and other per share information in all periods have been adjusted, on a retroactive basis, to reflect the reverse stock split. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates included are assumptions about collection of accounts receivable, current income taxes, deferred income taxes valuation allowance, useful life of intangible assets, impairment analysis of intangible assets, estimates used in the fair value calculation of stock based compensation, assumptions used in Black-Scholes-Merton, or BSM, valuation methods, such as expected volatility, risk-free interest rate and expected dividend rate, accrual of sales returns, and accrual of legal expense. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the changes become evident. Estimates and assumptions are re