Fri, Aug 30, 5:06 PM (137 days ago)
For the quarter ending November 30, 2023, Business Warrior Corporation reported revenues of $1,119,053, down from $1,455,742 in the same quarter of 2022, primarily due to the expiration of a significant client agreement. Gross profit decreased to $291,967, with a gross margin of 26.2%. Operating expenses fell to $776,059 from $1,170,856, driven by reductions in advertising, salaries, and general administrative costs. However, the company incurred a net loss of $1,022,569, compared to $990,242 in the previous year, largely due to increased interest expenses of $509,369. Total assets decreased to $2,372,218 from $2,469,268, with cash and cash equivalents at $87,292. Current liabilities also decreased to $6,038,141, mainly from the conversion of a payable related to the Helix House acquisition into equity. The company's working capital deficit and accumulated deficit raised concerns about its ability to continue as a going concern. Cash used in operations improved to $(266,403) from $(1,038,397) year-over-year, while cash from financing activities decreased significantly to $186,554. The outlook remains uncertain, with reliance on future financing to support operations.