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Kisses From Italy Inc (KITL0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $49,327, a decrease from $203,406 in the same period the previous year. This decline is attributed to the closure of the PSR and 9th Street locations.
Cost of goods sold for the nine months ended September 30, 2024, was $27,380, compared to $96,259 in the same period of the previous year, reflecting lower sales volumes.
Operating expenses were reported at $164,334 for the nine months ended September 30, 2024, down from $3,155,794 in the previous year. This decrease is mainly due to the closure of company store locations.
The company reported other expenses of $56,768, primarily comprising interest expenses of $69,787, offset by $13,019 in other income from the sale of equipment.
Kisses From Italy Inc. incurred a net loss of $199,155 for the nine months ended September 30, 2024, compared to a net loss of $4,554,473 in the previous year.
As of September 30, 2024, the company had cash and cash equivalents totaling $810. Net cash used in operating activities was $56,448, while net cash provided by financing activities was $32,415.
The company acknowledges the need for approximately $1,000,000 to fully implement its business development plans. There is no assurance of obtaining additional financing, which may impact future operations.
The filing also addresses going concern issues, noting negative working capital of $974,517 and an accumulated deficit of $19,598,804 as of September 30, 2024.
Kisses From Italy Inc. does not have any off-balance sheet arrangements and has not identified any recent accounting pronouncements that would materially affect its financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kisses From Italy Inc quarterly 10-Q report dated December 31, 2024. To report an error, please email earnings@qz.com.