Mon, Aug 19, 7:15 PM (148 days ago)
For the quarter ending June 30, 2024, Legend Spices, Inc. reported revenues of $1,217, a 1% increase year-over-year, with a six-month total of $2,986, up 23% from the previous year. Despite revenue growth, the company faced substantial losses, with a net loss of $12,684 for the quarter and $17,860 year-to-date, reflecting increased operating expenses primarily due to legal and accounting fees. The gross profit margin improved significantly, indicating better cost management in production. As of June 30, 2024, total assets were $5,494, up from $4,946 at year-end 2023, while current liabilities decreased slightly. However, long-term liabilities surged to $57,381, raising concerns over financial stability. The company reported a working capital surplus of $1,062, contrasting with a deficit of $216 at the end of 2023. Management anticipates needing an additional $100,000 for operational expenses in the coming year, emphasizing the uncertainty surrounding future financing and operational sustainability. The company remains in the development stage, with substantial doubt regarding its ability to continue as a going concern without securing additional funding.