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Limitless X Holdings Inc (LIMX0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in product sales to $607,161 from $1,047,271 in the same quarter the previous year. The decrease is attributed to changes in marketing and selling strategies.
Cost of sales for the quarter was $154,287, representing 25.4% of sales, compared to 63.9% in the same quarter of the previous year. This decrease in cost ratio is due to reduced operations during the period.
The company reported a gross profit of $452,874 for the quarter, compared to $377,732 in the previous year, with the increase attributed to changes in marketing strategies.
Operating expenses decreased to $954,951 from $1,631,895, primarily due to reductions in advertising, marketing, and payroll expenses.
Net loss for the quarter was $726,585, down from $1,705,172 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Cash used in operating activities was $781,709 for the nine months ended September 30, 2024.
Limitless X Holdings Inc. had a working capital deficit as of September 30, 2024. The company acknowledges the need for additional capital to support its business model.
The filing also details various financial agreements, including notes payable to shareholders and related parties.
The company identified a material weakness in its internal controls over financial reporting due to insufficient personnel in its accounting and financial reporting functions.
Limitless X Holdings Inc. continues to focus on its health products and digital marketing services, with plans to expand its marketing services globally.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Limitless X Holdings Inc quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.