Mon, Jul 15, 8:44 PM (54 days ago)
Lingerie Fighting Championships, Inc. reported a net loss of $2,229,800 for Q1 2024, a significant increase from the $72,126 loss in Q1 2023. Revenues rose by 79% to $45,028, driven by higher sponsorship and advertising income. However, costs of services increased by 38% to $34,203, resulting in a gross profit of $10,825 compared to $349 in the prior year. Operating expenses decreased by 19% to $49,420, but other expenses surged to $2,191,205 due to a $2,108,611 loss on derivative liabilities. The company's working capital deficit widened to $6,409,207, indicating continued financial strain and reliance on external financing. Cash flow from operations was negative, at $2,949, and no significant financing activities occurred during the quarter. The company remains a going concern, with substantial uncertainties about its ability to sustain operations without additional funding.