Thu, Nov 14, 11:13 AM (93 days ago)
For the quarter ended September 30, 2024, Legend Spices, Inc. (LGSP) reported revenues of $1,566,000, a decrease from $1,663,000 in the same quarter of 2023. The nine-month revenue increased to $4,552,000 from $4,289,000 year-over-year. The cost of goods sold decreased to $958,000 for the quarter and $3,016,000 for the nine months, resulting in a gross profit of $608,000 and $1,536,000 respectively. Operating expenses totaled $6,970,000 for the quarter and $25,758,000 year-to-date, leading to a net loss of $6,362,000 and $24,222,000 for the respective periods. As of September 30, 2024, total assets were $4,233,000, down from $4,946,000 at year-end 2023, with current liabilities of $5,179,000 leading to a working capital deficit of $946,000. The company recognizes significant liquidity risks, projecting a need for $100,000 over the next year to sustain operations. The ongoing losses and accumulated deficit of $102,374,000 raise substantial doubts about the company's ability to continue as a going concern without securing additional financing. Management is actively seeking capital through offerings and loans.