Thu, Aug 15, 8:20 PM (152 days ago)
For the quarter ended June 30, 2024, Elite Performance Holding Corp. reported a significant decline in revenue, generating only $611 compared to $16,800 in the same period last year. The gross loss increased to $(4,949) from a profit of $1,849, reflecting challenges in product sales and production costs. Total operating expenses decreased to $182,061 from $339,311, largely due to reduced advertising and legal costs, yet the company still recorded a net loss of $(238,981), an improvement from $(373,101) year-over-year. Current liabilities rose to $3,101,170, leading to a working capital deficit of $2,965,833. Cash flows from operating activities were negative at $(349,731), while financing activities provided $349,701, mainly from notes payable. The company continues to face substantial doubt regarding its ability to continue as a going concern, with an accumulated deficit of $(9,525,790). Future operations depend on effective capital raising and successful product launches in a competitive market.