Mon, May 20, 7:25 PM (248 days ago)
Limitless X Holdings Inc. reported a significant decline in revenue for the quarter ending March 31, 2024, with total revenue dropping from $6.87 million in Q1 2023 to $1.02 million in Q1 2024. This decrease was primarily due to a reduction in product sales and service revenue, attributed to changes in marketing strategies and performance marketers. The gross profit also fell sharply from $5.64 million to $0.86 million. Operating expenses were reduced from $14.21 million to $1.84 million, a decrease driven by lower advertising, marketing, payroll, transaction, and merchant fees. Despite these reductions, the company reported a net loss of $1.08 million, an improvement from the $8.79 million loss in the same period last year. The company’s liquidity remains a concern, with significant cash outflows from operations and a reliance on borrowing to fund activities. The balance sheet shows a stockholders’ deficit of $13.95 million and total liabilities of $14.31 million. The company has noted substantial doubt about its ability to continue as a going concern, highlighting the need for additional capital to support future operations.