Fri, Jan 24, 9:39 PM (24 days ago)
Nitches Inc. (NICH) reported its Q3 financials for the period ending May 31, 2024, revealing a significant decline in revenue, totaling $0, down from $835,000 year-over-year. The company's gross loss for the quarter was $500, while operating expenses were $92,390, leading to a loss from operations of $92,890. The net loss reached $159,821, compared to a loss of $252,336 in the same quarter last year. Total assets increased to $261,052,000, primarily due to a rise in inventory, which amounted to $151,530,000. However, liabilities surged to $1,579,597, significantly driven by a derivative liability of $1,303,745. The company has a working capital deficit of $1,389,579 and a cumulative net loss of $32,520,695 since inception. Management has indicated a need for immediate additional financing to support operations and strategic initiatives, focusing on expanding lifestyle brand offerings. The company faces uncertainties regarding its ability to secure necessary capital to continue operations, highlighting a critical need for financial stability moving forward.