Fri, Jun 7, 7:42 PM (92 days ago)
Elite Performance Holding Corp. reported a net loss of $496,619 for Q1 2024, an increase from the $363,959 loss in Q1 2023. Revenues plummeted to $70 from $9,908 year-over-year, largely due to decreased sales. The company's gross profit marginally improved to $70 from a loss of $5,350, attributed to reduced cost of goods sold. Operating expenses surged to $455,064 from $321,379, driven by a significant rise in consulting costs due to shares and warrants issued for services. Interest expenses also increased to $43,070 from $37,230, reflecting higher vehicle lease and note obligations. Current liabilities rose to $3,151,154 from $2,964,683, exacerbating the working capital deficit to $3,116,172. Cash flow from operations was negative at $102,348, though an improvement from the $184,574 outflow in Q1 2023, due to better working capital management. Financing activities provided $102,408, primarily from notes payable and advances. The company continues to face substantial doubt about its ability to continue as a going concern, needing additional capital and successful implementation of its business plan to stabilize operations.