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Safety Shot Inc. (SHOT-12.16%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's acquisition of the Safety Shot Dietary Supplement from GBB Drink Lab, Inc. in August 2023, which included intellectual property and trademarks. This acquisition led to the company changing its name to Safety Shot, Inc. and launching the product in December 2023.
Safety Shot Inc. reported total revenues of $701,967 for the year ended December 31, 2024, an increase from $202,670 in the previous year. The increase is attributed to the commencement of marketing and sales of the Safety Shot beverage.
The company incurred a net loss of $49,409,632 for the year ended December 31, 2024, compared to a net loss of $15,083,041 in the previous year. The increase in net loss was primarily due to higher operating expenses and costs associated with legal settlements.
Operating expenses for 2024 totaled $39,611,915, up from $12,524,869 in 2023. These expenses included marketing, research and development, legal and professional fees, and stock-based compensation.
Safety Shot Inc. faces ongoing legal proceedings, including settlements with Bigger Capital and Intracoastal Capital, which have impacted the company's financial position.
The company continues to focus on the commercialization of its Safety Shot Dietary Supplement and is exploring additional product lines, including a powdered stick pack version.
Safety Shot Inc. has identified a material weakness in its internal controls over financial reporting, which it plans to address by expanding its management team and enhancing its internal control framework.
The company has a working capital deficit of $6,816,953 as of December 31, 2024, and acknowledges the need to raise additional capital to continue its operations and execute its business plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safety Shot Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.