Mon, Jul 15, 8:59 PM (54 days ago)
Kisses From Italy, Inc. (KFI) has reported its 2023 financial performance with significant changes impacting its operations. Total revenues decreased to $225,953 from $391,447 in 2022, largely due to the closure of the Wyndham Palm-Aire location. Operating expenses surged to $3,669,458 from $676,580, driven by $2,793,843 in non-cash stock-based compensation. Net loss widened to $4,871,545 from $847,385 in 2022. Cash and equivalents dropped to $24,842 from $324,493. The company has a working capital deficit of $789,627 and an accumulated deficit of $19,577,936, raising substantial doubt about its ability to continue as a going concern. KFI is focusing on acquisition transactions and needs approximately $1,000,000 for business development. The company has been actively seeking financing through convertible notes and equity lines, raising $535,399 in 2023.