Safety Shot, Inc. (Safety Shot) reported its financial performance for the quarter ended March 31, 2024, revealing a net loss of $15,674,671, a significant increase from the $1,292,412 loss in the same period the previous year. The company's revenue from sales was $170,732, compared to $34,788 year-on-year, while the cost of sales surged to $2,383,285 from $23,965. This resulted in a gross profit of negative $2,212,553, a stark contrast to the modest profit of $10,823 in the prior year. Operating expenses also rose sharply to $12,956,552 from $1,244,953. Basic net loss per share for the quarter was $(0.33), compared to $(0.05) in the previous year. Total assets decreased to $9,214,880 from $12,709,180, and total liabilities and shareholders' equity also saw a reduction. The company's cash position weakened, with cash and cash equivalents...Show More

Safety Shot, Inc. (Safety Shot) reported its financial performance for the quarter ended March 31, 2024, revealing a net loss of $15,674,671, a significant increase from the $1,292,412 loss in the same period the previous year. The company's revenue from sales was $170,732, compared to $34,788 year-on-year, while the cost of sales surged to $2,383,285 from $23,965. This resulted in a gross profit of negative $2,212,553, a stark contrast to the modest profit of $10,823 in the prior year. Operating expenses also rose sharply to $12,956,552 from $1,244,953. Basic net loss per share for the quarter was $(0.33), compared to $(0.05) in the previous year. Total assets decreased to $9,214,880 from $12,709,180, and total liabilities and shareholders' equity also saw a reduction. The company's cash position weakened, with cash and cash equivalents falling to $2,046,355 from $3,833,349 at the end of the previous year. In terms of business development, Safety Shot, which specializes in an over-the-counter dietary supplement designed to reduce blood alcohol content, launched its flagship product in December 2023. The company's future plans involve continued investment in product development and expansion, despite the substantial losses incurred. Safety Shot's management has expressed optimism about future operating results and product development, although they acknowledge the significant costs associated with their expansion and development plans. The company's ability to continue as a going concern has been questioned due to its accumulated deficits and cash flow used in operations, with auditors raising substantial doubt.Safety Shot's financial statements also reflect the impact of an asset purchase agreement with GBB Drink Lab Inc., which included the acquisition of patents for the Safety Shot product. The purchase price was allocated entirely to the patents, which will be amortized over twelve years. The company also reported a write-down of inventory due to rebranding issues and recognized significant stock-based compensation expenses.