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LQR House Inc (LQR0.00%). 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 $624,464, an increase from $170,511 in the same quarter the previous year. This increase is primarily attributed to product revenues generated from the CWS Platform.
Cost of revenue for the quarter was $686,515, compared to $162,892 in the same quarter of the previous year. The increase is due to product and shipping costs associated with the CWS Platform acquisition.
The company reported a gross loss of $62,051 for the quarter, compared to a gross profit of $7,619 in the previous year, with the decline attributed to increased costs.
General and administrative expenses decreased to $1,522,785 from $4,803,821, primarily due to a reduction in non-cash stock-based compensation expenses.
Sales and marketing expenses increased to $1,919,125 from $574,026, primarily due to advertising and marketing campaigns.
Net loss for the quarter was $3,363,380, down from $5,541,228 in the previous year.
Cash used in operating activities was $3,565,293, while cash used in investing and financing activities was $2,688,227 and $562,915, respectively.
LQR had cash and cash equivalents of $247,913 as of September 30, 2024, with marketable securities valued at $3,439,467.
The filing also details a Funding Commitment Agreement with KBROS, LLC, requiring annual funding of at least $2,500,000 for inventory purchases.
LQR does not anticipate cash dividend payments to common stockholders in the near future.
The company identifies substantial doubt about its ability to continue as a going concern due to ongoing losses and negative cash flows.
The filing outlines recent acquisitions, including stakes in Cannon Estate Winery Ltd. and DRNK Beverage Corp., as part of its growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LQR House Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.