Support: 888-992-3836
Copyright © 2023 InvestorsHub Inc.
Replies to post #100156 on Kona Gold Beverage Inc (KGKG)
Fallingknife75
01/05/20 4:50 PM
#100157 RE: metslinger61 #100156
justhefax
01/05/20 9:29 PM
#100163 RE: metslinger61 #100156
CPTX
01/05/20 11:59 PM
#100165 RE: metslinger61 #100156
Kona Gold recently missed its third quarter projections, posting revenue of just over $458,000. Several factors contributed to the lower than anticipated revenue for Q3. 1.) Elavon, the only credit card processor for hemp and CBD companies at the time, informed all of its hemp and CBD customers that they would be discontinuing credit card processing in June. This impacted thousands of businesses in the industry, including Kona Gold. To put this in perspective, Kona Gold processed close to $200,000 in credit cards in Q2. The Company found itself without a credit card processor for all of Q3, thus missing out on a significant amount of revenue from its wholesale and ecommerce customers. 2.) While waiting for guidance from the FDA, the Company delayed production of its HighDrate CBD Energy Waters and the launch of its Storm CBD Water in Q3. Delaying production of these product lines in Q3 correlated to a loss of $150,000 - $200,000 in protentional revenue from these product lines. Beginning in early Q4, the two above factors that contributed in lost revenue have been addressed. The Company, in early October, secured an established credit card processing Company that started a pilot program for hemp and CBD companies. We promptly integrated the new credit card processor into our ecommerce websites and began processing ecommerce sales and wholesale accounts again.