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 the previous year, reflecting an increase in losses of approximately 243%[252]. - The Company reported a net loss of $49,409,632 for the year ended December 31, 2024, compared to a net loss of $15,083,041 for the year ended December 31, 2023[274]. - The net loss from continuing operations was $48,411,830 for the year ended December 31, 2024, compared to a net loss of $14,821,513 for the year ended December 31, 2023[266]. - Total operating expenses for the year ended December 31, 2024, were $39,611,915, up from $12,524,869 for the year ended December 31, 2023[268]. - 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]. - Other income for the year ended December 31, 2024, included $1,193,666 in realized gains on the sale of marketable securities and $6,567,092 in other income[271]. - The Company incurred legal and professional expenses of $8,063,858 for the year ended December 31, 2024, primarily related to due diligence and legal work on a proposed merger[269]. - The Company had losses from discontinued operations of $997,802 for the year ended December 31, 2024, compared to $261,528 for the year ended December 31, 2023[273]. - The Company has fully offset its deferred tax asset of approximately $14,660,582 for the year ended December 31, 2024, due to a valuation allowance[259]. Product Development and Sales - 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 designed to reduce blood alcohol accumulation, adhering to Good Manufacturing Practices (GMP)[231][233]. - The company plans to relaunch its Photocil product in the U.S. in Q4 2024, following FDA approval, with sales expected through e-commerce channels[237]. - Safety Shot Inc. is focusing on expanding its product line, including a powdered stick pack version of the Safety Shot Beverage and other health-related products such as hair loss treatments and sexual wellness products[234]. - 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, representing a significant increase due to the commencement of marketing and selling its Safety Shot beverage in December 2023[267]. Financial Structure and Risk Management - 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 has no current concentration risk or dependence on major customers, maintaining a diverse network of suppliers for its production processes[237][238]. - The financial statements are prepared in accordance with U.S. GAAP, with significant accounting policies including revenue recognition based on the transfer of control of goods to customers[241][242]. - The Company is in commercialization mode while continuing to pursue the development of its next generation products and new products[277]. Regulatory and Market Changes - Safety Shot Inc. has ceased marketing and selling CBD products due to regulatory changes and declining popularity, seeking to dispose of related assets[239].
JUPITER WELLNESS(JUPW) - 2024 Q4 - Annual Report