Thu, May 16, 10:02 AM (72 days ago)
For the quarter ending March 31, 2024, BrewBilt Brewing Company reported significant improvements in revenue and profitability. Revenues surged to $341,256, up from $76,856 in the same period last year, driven by increased beer and taproom sales. The gross profit was $105,850 compared to a loss of $29,504 in Q1 2023. Operating expenses dropped to $451,425 from $1,187,559, primarily due to a decrease in share-based compensation. Net profit stood at $63,887, a notable improvement from a net loss of $2,716,832 in the prior year, with the gain largely attributable to reduced other expenses and derivative gains. Despite these improvements, the company continues to face a working capital deficit of $16,850,667 and substantial liabilities, raising concerns about its ability to continue as a going concern. The company plans to seek additional funding to support its operations and growth initiatives.