Fri, Aug 16, 7:11 PM (151 days ago)
For the quarter ending June 30, 2024, The Cannaisseur Group, Inc. reported a significant decline in revenue, totaling $0, compared to $19,050 in the same period last year, primarily due to the closure of its retail store. Gross profit margins plummeted to -501%, driven by obsolete inventory write-offs. Operating expenses surged to $1,069,581, up 1,748.4% year-over-year, largely from increased non-cash compensation and public company costs. The net loss for the quarter was $1,071,626, compared to a loss of $43,844 in Q2 2023. Total assets decreased dramatically to $4,280 from $43,693 at the end of 2023, with cash dropping to $1,471. Liabilities rose to $204,230, reflecting increased accounts payable and long-term notes payable. Cash used in operations was $86,919, with financing activities providing $50,000. The company’s ability to continue as a going concern is uncertain, given its accumulated deficit of $1,602,210 and substantial doubt about meeting future capital needs. Management plans to seek additional funding through equity and debt securities to support operations.