LQR House Inc., a company operating in the beverage alcohol industry, reported its financial performance for the quarter ended March 31, 2024. The company's total revenues increased significantly to $481,094, up from $150,563 in the same period last year, primarily due to product revenues of $437,303 following the acquisition of the CWS Platform in November 2023. However, the company experienced a net loss of $2,427,392, a substantial increase from the previous year's loss of $322,074. This was attributed to higher operating expenses, including general and administrative costs of $1,606,461 and sales and marketing expenses of $786,415. The company's cash and cash equivalents decreased to $1,781,907 from $7,064,348 at the end of the previous quarter. LQR House's business development included the acquisition of the CWS Platform and the expansion...Show More

LQR House Inc., a company operating in the beverage alcohol industry, reported its financial performance for the quarter ended March 31, 2024. The company's total revenues increased significantly to $481,094, up from $150,563 in the same period last year, primarily due to product revenues of $437,303 following the acquisition of the CWS Platform in November 2023. However, the company experienced a net loss of $2,427,392, a substantial increase from the previous year's loss of $322,074. This was attributed to higher operating expenses, including general and administrative costs of $1,606,461 and sales and marketing expenses of $786,415. The company's cash and cash equivalents decreased to $1,781,907 from $7,064,348 at the end of the previous quarter. LQR House's business development included the acquisition of the CWS Platform and the expansion of its product offerings, such as SWOL Tequila. Looking ahead, the company plans to raise additional capital to fund operations and continue its growth strategies, which include collaborative marketing, brand expansion, and potential acquisitions. Despite the net loss and substantial doubts about the company's ability to continue as a going concern, LQR House is focused on generating cash from operating activities and securing additional funding.