10-Q - Samsara Luggage, Inc. (0001530163) (Filer)

Fri, May 31, 4:55 PM (143 days ago)

For the quarter ending March 31, 2024, Samsara Luggage, Inc. reported significant changes due to a strategic shift towards Emergency Response Technologies. The company’s revenue increased to $1,099,000 from $248,000 in the same quarter last year, reflecting the new business direction. Gross profit improved to $320,000, with a margin of 25%. However, operating expenses surged to $1,234,000 from $222,000, driven by increased general and administrative costs. Consequently, the net loss widened to $993,000 from $238,000. The balance sheet showed total assets of $12,729,000, with a substantial increase in non-current assets due to acquisitions. Current liabilities rose to $5,407,000, creating a working capital deficit of $2,198,000. Cash flow from operations was negative at $230,000, while investing activities used $9,523,000, primarily for acquisitions. The company is focused on acquiring complementary businesses to accelerate growth, but faces significant liquidity challenges. Additional financing is critical for continued operations and executing its business plan.