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Samsara Luggage, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a change in business direction towards emergency response technologies, following the acquisition of a controlling interest by Ilustrato Pictures International Inc. in January 2024.
Revenues for the nine months ended September 30, 2024, were $2,694,000, compared to $358,000 for the same period in 2023. The increase is attributed to acquisitions.
Cost of sales for the nine months ended September 30, 2024, was $1,803,000, compared to $203,000 in the previous year, reflecting increased production and labor costs.
The company reported a gross profit of $891,000 for the nine months ended September 30, 2024, with a gross profit margin of 33%.
Operating expenses increased to $3,033,000 for the nine months ended September 30, 2024, compared to $541,000 in the previous year, due to acquisitions.
The net loss for the nine months ended September 30, 2024, was $2,153,000, compared to a net loss of $876,000 in the previous year.
As of September 30, 2024, Samsara Luggage had $102,000 in cash, with total current assets of $3,785,000 and total current liabilities of $5,303,000, resulting in a working capital deficit of $1,518,000.
Cash used in investing activities was $9,784,000 for the nine months ended September 30, 2024, primarily due to acquisitions.
The company issued a series of convertible notes and preferred stock to finance its operations and acquisitions.
Samsara Luggage acknowledges the need for additional financing to implement its business plan and address its working capital deficit.
The filing also includes details on the company's financial controls, risk factors, and legal proceedings, with no significant changes reported.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Samsara Luggage Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.