In This Story
Spirits Time International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue and a net loss of $52,906 for the three months ended September 30, 2024, compared to a net loss of $43,033 for the same period in the previous year.
Professional fees for the three months ended September 30, 2024, increased to $17,843 from $9,714 in the same quarter of 2023, primarily due to expenses related to a merger agreement with BioSculpture Technology, Inc.
Interest expenses for the quarter were $32,817, compared to $31,067 in the previous year, reflecting the costs associated with notes payable and loans.
The company reported a net loss of $704,115 for the nine months ended September 30, 2024, compared to a net loss of $147,080 for the same period in 2023.
Spirits Time International had cash and cash equivalents of $524 as of September 30, 2024, with a negative working capital of $1,604,076.
The company noted its dependence on additional capital to fund operations and continue as a going concern, highlighting the need for equity or debt financing.
The filing also addresses a claimed default on a promissory note issued to Auctus Fund, LLC, with the company seeking to resolve the issue but acknowledging the risk of potential legal proceedings.
Spirits Time International's business plan focuses on acquiring rights to market beverage brands, with the Tequila Alebrijes brand as its primary product.
The company intends to build a portfolio of beverage brands and develop distribution channels, subject to obtaining sufficient financing.
The filing includes management's discussion on the company's financial condition, liquidity, and plans for future operations, emphasizing the need for additional capital to achieve its business objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spirits Time International Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.