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Reborn Coffee, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total net revenues of $4,149,892, a slight decrease from $4,155,503 in the same quarter the previous year. The decline is attributed to a decrease in store revenues, partially offset by an increase in wholesale and online revenues.
Product, food, and drink costs for stores decreased to $1,071,764 from $1,324,465 in the previous year, while the cost of sales for wholesale and online increased to $159,942 from $28,028.
General and administrative expenses increased to $5,844,057 from $5,687,095, reflecting higher operational costs.
The company reported a net loss of $3,026,904 for the quarter, compared to a net loss of $3,006,708 in the previous year.
Cash used in operating activities was $3,319,670, while cash used in investing and financing activities was $641,059 and $3,902,291, respectively.
Reborn Coffee had a cash balance of $105,863 as of September 30, 2024, with total assets amounting to $9,641,267.
The filing also discusses the company's liquidity needs, highlighting the necessity for additional capital to fund future operations.
Reborn Coffee continues to focus on expanding its retail locations and increasing brand awareness in the market.
The company acknowledges its dependence on raising additional capital to support its business model and future growth strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reborn Coffee Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.