Mon, Jul 15, 9:02 PM (54 days ago)
Kisses From Italy Inc.'s Q1 2024 financials reveal a challenging quarter. The company reported a significant decline in revenue to $33,119 from $115,460 in Q1 2023, mainly due to the closure of the PSR location. Cost of goods sold decreased proportionately to $16,495 from $58,871. Operating expenses also reduced sharply to $116,974 from $531,283, primarily due to lower consulting fees and administrative expenses. However, the company recorded an impairment of fixed assets worth $34,221. Net loss for the quarter was $110,118, a substantial improvement from the $952,381 loss in Q1 2023. Cash on hand was $2,008, with negative working capital of $908,324. The company is exploring relocation within South Florida to optimize operations. Management acknowledges substantial doubt about the company's ability to continue as a going concern without additional financing.