Financial Performance - Safety Shot Inc. reported a net loss of $51.7 million for the year ended December 31, 2024, compared to a net loss of $15.1 million for 2023, reflecting an increase in losses of 243%[252] - The Company generated revenues of $701,967 for the year ended December 31, 2024, compared to $202,670 for the year ended December 31, 2023, reflecting an increase due to the commencement of marketing and selling its Safety Shot beverage in December 2023[267] - Total operating expenses for the year ended December 31, 2024, were $39,611,915, significantly higher than $12,524,869 for the year ended December 31, 2023[268] - The net loss from continuing operations was $48,411,830 for the year ended December 31, 2024, compared to $14,821,513 for the year ended December 31, 2023[266] - The Company had a gross profit (loss) of $(2,445,757) for the year ended December 31, 2024, compared to $(74,457) for the year ended December 31, 2023[266] - Losses from discontinued operations were $997,802 for the year ended December 31, 2024, compared to $261,528 for the year ended December 31, 2023[273] - Other income for the year ended December 31, 2024, included realized gains of $1,193,666 on the sale of marketable securities[271] - The Company incurred a deemed dividend of $2,293,301 related to the settlement with Bigger Capital, which is considered in the determination of earnings per share[275] Product Development and Strategy - The company launched its e-commerce sales of the Safety Shot Beverage in December 2023, following the acquisition of the product and related assets in August 2023[230] - The Safety Shot Beverage is formulated with 28 active ingredients and is manufactured in a facility adhering to Good Manufacturing Practices (GMP)[231][233] - The company plans to relaunch its Photocil product in the U.S. in Q4 2024 after receiving FDA approval, with current sales occurring in India through a licensing agreement[237] - Safety Shot Inc. is focusing on expanding its product line, including a powdered stick pack version of the Safety Shot Beverage, while discontinuing its CBD product offerings[234][239] - The Company is in commercialization mode while continuing to pursue the development of next-generation products and new products[277] Operational Efficiency - The weighted average number of common shares outstanding increased from 30.9 million in 2023 to 54.4 million in 2024, impacting the loss per share calculation[252] - The company maintains a diverse network of raw material suppliers, ensuring high-quality production for its beverage and other health products[238] - Safety Shot Inc. does not experience concentration risk or dependence on major customers, indicating a stable revenue generation strategy[237] - The company has not recognized any allowance for doubtful collections during the years ended December 31, 2024, and 2023, indicating effective receivables management[255] Financial Position - The deferred tax asset at December 31, 2024, was $14,660,582, fully offset by a valuation allowance due to the Company's lack of earnings history[259] - Research and development expenses amounted to $271,719 for the year ended December 31, 2024, compared to $100,591 for the year ended December 31, 2023[260] - The company aims to partner with industry leaders to access the latest technologies and expand its market reach[236]
Safety Shot(SHOT) - 2024 Q4 - Annual Report