Sentient Brands Hldgs (SNBH) reports earnings

The report was filed on November 19, 2024

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Sentient Brands Holdings Inc. (SNBH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing reports that the company had no revenue for the quarter, reflecting its focus on developing new product lines and preparing related marketing strategies.

Operating expenses for the quarter totaled $228,266, including general and administrative costs of $18,766, legal and professional fees of $40,300, management fees of $19,200, and a write-off of excess inventory valued at $150,000.

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The company reported a net loss of $291,841 for the quarter, compared to a net loss of $77,074 in the same quarter of the previous year.

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As of September 30, 2024, Sentient Brands Holdings Inc. had total current assets of $2,232 and total current liabilities of $2,275,823, resulting in a working capital deficit of $2,273,591.

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The company continues to focus on its luxury and premium market space, with product development efforts centered around its Oeuvre brand, a CBD luxury skincare line.

Sentient Brands Holdings Inc. is pursuing growth through potential mergers and acquisitions, as well as by increasing brand awareness and leveraging social media marketing.

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The company has identified material weaknesses in its internal controls over financial reporting and is planning to address these by engaging a third-party firm to assist in remediation.

Recent developments include the company's entry into a Share Exchange Agreement with AIG, F&B, Inc., which, if consummated, would involve the issuance of shares based on performance-based earnout criteria.

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The company acknowledges its dependence on raising additional capital and achieving profitable operations to continue as a going concern.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sentient Brands Hldgs quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.