Mon, Aug 19, 8:37 PM (148 days ago)
Kisses From Italy Inc. reported significant declines in financial performance for the quarter ended June 30, 2024, compared to the same period in 2023. Revenue dropped to $15,493 from $61,379, primarily due to the closure of certain restaurant locations. Gross profit also fell sharply to $7,678 from $32,259. Total operating expenses decreased substantially to $28,806 from $1,227,075, largely attributed to the absence of non-cash stock-based compensation, which was $980,300 in the previous year. The company faced a net loss of $31,735, a notable improvement from a loss of $1,358,646 in the prior year. Cash and cash equivalents dwindled to $1,167, reflecting ongoing liquidity concerns, with negative working capital of $965,158. Management plans to explore potential financing options to support operations, although uncertainties surrounding future funding remain. The company's ability to continue as a going concern is under scrutiny, given the negative cash flows and reliance on external financing. Overall, Kisses From Italy Inc. is navigating significant operational challenges while attempting to stabilize its financial health.