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Lingerie Fighting Championships Inc (BOTY-50.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reveals a decrease in revenue to $23,533 for the three months ended September 30, 2024, compared to $32,455 for the same period in 2023. This decrease is attributed to fewer live events during the quarter.
Cost of services increased to $12,509 from $10,449, primarily due to higher monthly commissions to the webmaster.
The company reported a gross profit of $11,024, down from $22,006 in the previous year, reflecting the decrease in revenue and increase in service costs.
Operating expenses rose to $169,120 from $92,225, driven by increased stock-based compensation, accounting fees, and promotional costs.
Other expenses amounted to $612,048, up from $489,621, mainly due to losses on changes in the fair value of derivatives from convertible notes and warrants.
The net loss for the quarter increased to $770,144 from $559,840, influenced by the reduced gross profit and higher operating and other expenses.
For the nine months ended September 30, 2024, revenue increased to $103,041 from $88,758, attributed to higher sponsorship and advertising revenue.
Operating expenses for the nine-month period rose to $329,886 from $204,297, largely due to increased stock-based compensation and professional fees.
The company reported a net loss of $1,610,579 for the nine months ended September 30, 2024, compared to a net income of $235,871 for the same period in 2023, primarily due to increased operating expenses and losses on derivatives.
As of September 30, 2024, Lingerie Fighting Championships Inc had a working capital deficiency of $5,673,702 and an accumulated deficit of $10,913,188, raising substantial doubt about the company's ability to continue as a going concern.
The company plans to fund future operations through equity financing arrangements and is dependent on obtaining additional financing to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lingerie Fighting Championships Inc quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.