Safety Shot, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial results for the quarter, including revenue of $110,213 compared to $11,877 in the same quarter the previous year. The increase in revenue is attributed to the launch of the Sure Shot Dietary Supplement.
Cost of sales for the quarter was $402,399, resulting in a gross loss of $292,186. This is compared to a gross loss of $34,561 in the same quarter of the previous year.
Operating expenses for the quarter were $11,348,320, an increase from $4,090,608 in the previous year. The increase is primarily due to higher marketing and legal expenses.
The company reported a net loss of $11,929,277 for the quarter, compared to a net loss of $7,738,301 in the previous year.
Safety Shot, Inc. continues to face challenges with ongoing litigation, including cases filed by Intracoastal Capital, LLC and Sabby Volatility Warrant Master Fund Ltd. The company is actively defending against these claims.
The filing also highlights the company's reliance on third-party manufacturers and potential risks related to regulatory compliance and product liability.
The company acknowledges the need for additional capital to continue its operations and expansion plans, noting a decrease in cash and cash equivalents from $3,833,349 at the end of 2023 to $1,360,401 as of September 30, 2024.
Safety Shot, Inc. emphasizes its commitment to research and development, with expenses in this area totaling $271,719 for the nine months ended September 30, 2024.
The filing outlines potential risks related to the company's ability to protect its intellectual property and the impact of regulatory changes on its business operations.
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. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.