10-Q - Business Warrior Corp (0001830503) (Filer)

Mon, Dec 23, 5:46 PM (56 days ago)

For the quarter ended February 29, 2024, Business Warrior Corporation (BZWR) reported revenues of $678,276, a decline from $877,281 in the same period last year, primarily due to client losses in its FluidFi subsidiary. The company's cost of sales also decreased to $506,916 from $609,208. Operating expenses fell significantly to $749,283 from $983,920, driven by reduced salaries and administrative costs. Despite these reductions, the net loss increased to $3,194,774 from $2,496,253, largely due to higher interest expenses of $465,554. As of February 29, 2024, total assets decreased to $2,163,485 from $2,469,268, while total liabilities rose to $11,760,926, up from $8,707,254, primarily due to new convertible notes payable. The company reported a working capital deficit of $5,167,714 and an accumulated deficit of $20,559,643, raising substantial doubt about its ability to continue as a going concern. The management aims to improve profitability through operational efficiencies and potential financing, but uncertainties remain regarding future sales levels and capital acquisition.