Financial Performance - The company reported a net loss of approximately $3.2 million for the three months ended September 30, 2024, compared to a net loss of $2.3 million for the same period in 2023, indicating a worsening financial performance [227]. - For the nine months ended September 30, 2024, the company reported a net loss of approximately $8.6 million, an improvement from a net loss of $10.0 million in the same period of 2023 [240]. - The company incurred net losses of approximately $8.5 million and $10.0 million for the nine months ended September 30, 2024 and 2023, respectively [262]. Revenue and Profit - Revenues from operations decreased by approximately $41,000 or 9%, totaling around $423,000 for the three months ended September 30, 2024, down from $464,000 in 2023 [228]. - Revenues for the nine months ended September 30, 2024, were approximately $1,437,000, reflecting a decrease of about $186,000 or 11% from $1,623,000 in 2023 [242]. - Gross profit for the three months ended September 30, 2024, was approximately $69,000, a decrease of about $74,000 from $143,000 in the same period of 2023 [229]. Expenses - Selling and marketing expenses significantly decreased by approximately $200,000 or 98%, totaling around $5,000 for the three months ended September 30, 2024, compared to $205,000 in 2023 [230]. - Selling and marketing expenses for the nine months ended September 30, 2024, were approximately $228,000, a decrease of about $425,000 or 65% from $653,000 in 2023 [244]. - General and administrative expenses increased by approximately $1,007,000 or 79%, reaching about $2,274,000 for the three months ended September 30, 2024, compared to $1,267,000 in 2023 [231]. - General and administrative expenses increased by approximately $1,959,000 or 41%, totaling approximately $6,694,000 for the nine months ended September 30, 2024, compared to $4,735,000 in 2023 [245]. Interest and Cash Flow - Interest expense decreased by approximately $947,000 or 82%, totaling around $210,000 for the three months ended September 30, 2024, compared to $1,157,000 in 2023 [236]. - Interest income decreased by $151,000 or 90%, amounting to approximately $17,000 for the nine months ended September 30, 2024, down from $168,000 in 2023 [249]. - Interest expense decreased by approximately $2,031,000 or 72%, totaling approximately $794,000 for the nine months ended September 30, 2024, compared to $2,824,000 in 2023 [250]. - Net cash used in operating activities was approximately $6,865,000 for the nine months ended September 30, 2024, compared to $4,984,000 in 2023 [259]. - Net cash provided by financing activities amounted to approximately $6,493,000 for the nine months ended September 30, 2024, compared to $5,529,000 in 2023 [261]. Other Financial Metrics - The company recorded a loss of approximately $566,000 due to the termination of a lease in Miami, Florida, during the three months ended September 30, 2024 [233]. - The company recorded a loss of approximately $566,000 upon the termination of the Miami Lease during the nine months ended September 30, 2024 [248]. - Gains from foreign currency remeasurement decreased by approximately $281,000 or 81%, totaling approximately $66,000 for the nine months ended September 30, 2024 [254]. - The company had a working capital deficiency of approximately $5,000,000 as of September 30, 2024 [256]. - Cash and cash equivalents were approximately $213,000 as of September 30, 2024, down from $428,000 at the end of 2023 [256].
Gaucho (VINO) - 2024 Q3 - Quarterly Report