Wed, May 15, 8:41 PM (205 days ago)
The Cannaisseur Group, Inc. reported a significant decline in financial performance for the quarter ended March 31, 2024. Revenues dropped sharply to $415, down 97.5% from $16,463 in Q1 2023, primarily due to the closure of its retail store. Cost of revenue decreased by 79.6% to $2,009, resulting in a negative gross profit margin of -384.1%. Operating expenses surged by 120.6% to $84,196, driven by increased costs associated with public company filings and salaries. The net loss for the quarter widened to $87,330 from $32,394 in the previous year. The company’s total assets decreased to $25,203 from $43,693 at the end of 2023, while total liabilities increased to $174,527 from $136,687, mainly due to higher long-term notes payable. Cash used in operating activities was $57,481, and cash provided by financing activities was $41,000, including proceeds from convertible notes payable. The company faces substantial doubt about its ability to continue as a going concern, given its cumulative net loss of $530,946, working capital deficit, and reliance on additional capital raises. Future operations are uncertain, and the company plans to seek further financing to sustain its activities.