Mon, Aug 19, 4:53 PM (148 days ago)
For the quarter ending June 30, 2024, Spirits Time International, Inc. reported no revenue, continuing a trend of negative performance with a net loss of $600,221, compared to a loss of $53,896 in the prior year. Over the first half of 2024, the company incurred total losses of $651,209 versus $104,047 in 2023. Operating expenses surged, particularly professional fees, which rose significantly due to costs associated with a merger agreement. Cash flow from operations was negative, with $44,326 used compared to $29,794 in the same period last year. The company ended the quarter with $1,367 in cash and negative working capital of $1,551,170, reflecting ongoing financial strain. The total liabilities increased to $1,552,537, driven by rising accounts payable and accrued interest. The management expressed substantial doubt about the company's ability to continue as a going concern without securing additional capital. Future operations depend heavily on raising funds to support ongoing losses and potential acquisitions, as the company has yet to establish a sustainable revenue stream. The report highlights significant uncertainties regarding liquidity and operational viability moving forward.