Forward Solutions saw a 40.88% decrease in revenue during Q2 due to a decrease in e-commerce store operations and the lack of asset sales. Revenue totalled $64,862.67 USD of which 93.9% were related to e-commerce stores.
Costs Of Sales
The product cost for the four e-commerce stores during Q2 totalled $34,130.57 USD which results in a 43.9% profit margin before operating expenses.
Wages & Salaries continue to be the highest expense for us at $36,177.70 USD during Q2. The second biggest expenses to Forward Solutions were once again processing fees and exchange rate loss from operating in US Dollars within Canada.
We are currently in talks with other processors and with financial institutions on how to minimize our processing fees and exchange rate loss. We are looking forward to drastically reducing those figures in Q3.
Forward Solutions saw a $14,884.65 USD loss in Q2 which was the result of salary backpay from Q1.
Overall after Q1 & Q2 Forward Solutions sat at a $3,675.02 USD profit going into Q3.
CBO | Forward Solutions Inc.