Tue, Nov 19, 9:36 PM (55 days ago)
Sentient Brands Holdings Inc. (SNBH) reported a significant decline in financial performance for Q3 2024, with no revenue generated compared to minimal revenue of $150 in Q3 2023. The company incurred a net loss of $291,841 for the quarter, markedly higher than the $77,074 loss the previous year. Total operating expenses surged to $228,266, primarily due to a $150,000 inventory write-off and increased legal and management fees as the company pursues strategic transactions. As of September 30, 2024, total assets plummeted to $23,066, down from $183,494 at year-end 2023, while liabilities increased, leading to a working capital deficit of $2,273,591. The company’s accumulated deficit reached $4,467,129, raising substantial doubt about its ability to continue as a going concern. Cash flow from operations showed a negative trend, with $190,347 used in the first nine months of 2024 compared to $60,794 in the same period last year. The company has plans to raise capital through equity and debt financing but faces uncertainties in achieving profitable operations and maintaining liquidity. The upcoming integration with AIG-F&B, Inc. is anticipated to enhance operational efficiency and revenue potential, contingent on successful execution of the share exchange agreement.