Financial Performance - Total revenues for Q1 2024 were $481,094, a 220% increase from $150,563 in Q1 2023[83] - Product revenues in Q1 2024 were $437,303, compared to $0 in Q1 2023, attributed to the CWS Platform acquisition[85] - Service revenues decreased by $106,772 to $43,791 in Q1 2024, reflecting a strategic shift towards the CWS Platform[84] - Gross profit for Q1 2024 was a loss of $79,497, compared to a profit of $47,566 in Q1 2023, marking a 267% decline[83] - Net loss for Q1 2024 was $2,427,392, compared to a loss of $322,074 in Q1 2023, representing a 654% increase in losses[90] Expenses - General and administrative expenses surged to $1,606,461 in Q1 2024, a 400% increase from $321,317 in Q1 2023[88] - Sales and marketing expenses rose dramatically to $786,415 in Q1 2024, a 1527% increase from $48,323 in Q1 2023[89] Cash Flow - Cash and cash equivalents decreased to $1,781,907 as of March 31, 2024, down from $7,064,348 at the end of 2023[91] - Net cash used in operating activities was $1,374,040 in Q1 2024, significantly higher than $233,433 in Q1 2023[94] Capital and Financing - The company plans to raise additional capital through debt and/or equity financings to support operations and growth strategies[93] Accounting Policies - There have been no material changes in the company's critical accounting policies from those disclosed in the 2023 Annual Report on Form 10-K[103] - The financial statements are prepared in accordance with GAAP, requiring estimates and assumptions that affect reported amounts of assets and liabilities[102] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[104]
LQR House (LQR) - 2024 Q1 - Quarterly Report