Arps Dairy 2024 net loss of $525,650; covenant breach on bank debt

BARFRESH FOOD GROUP INC.

Arps Dairy 2024 net loss $525,650 (vs $717,143 income in 2023); sales $21.58M, up 9%.
Gross profit fell to $972,961 (4.5% margin) from $1.86M (9.4% margin) due to higher cost of sales.
At Dec 31, 2024, company violated debt service coverage covenant; no waiver obtained; $2.99M debt reclassified as current.
Customer concentration: two customers accounted for 72% of 2024 sales; $1.21M receivable from single customer.

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