Tue, Nov 19, 7:53 PM (90 days ago)
Spirits Time International, Inc. (Ticker: STII) reported no revenue for the third quarter ended September 30, 2024, consistent with the same period in 2023. The company incurred a net loss of $52,906 for the quarter and $704,115 for the nine months, compared to losses of $43,033 and $147,080 in the respective prior periods. Total liabilities rose to $1,604,600, with negative working capital of $1,604,076, reflecting ongoing financial distress. Cash and equivalents increased slightly to $524 from $493. The company's operational expenses surged, particularly professional fees, which jumped to $599,563 for the nine months, largely due to costs associated with a merger agreement. Interest expenses also increased, totaling $96,507 for the nine months. Management expressed concerns regarding the company's ability to continue as a going concern without additional capital, as it has not yet generated sustainable revenue streams. The company relies heavily on related-party loans, and its future operations are uncertain, hinging on successful financing efforts.