Safety Shot(US:SHOT)2024-04-01 21:06Financial Performance - Safety Shot Inc. reported a net loss of $15,083,041 for the year ended December 31, 2023, compared to a net loss of $15,223,028 for 2022, resulting in a basic and diluted loss per share of $0.49[229] - The Company reported revenues of $202,670 for the year ended December 31, 2023, a significant increase from $120,727 in 2022, attributed to the launch of the Safety Shot beverage in December 2023[244] - Total operating expenses decreased to $12,524,869 in 2023 from $14,078,784 in 2022, reflecting a reduction in various operational costs[246] - Research and development expenses were $100,591 in 2023, down from $1,637,117 in 2022, indicating a shift in focus or reduced activity in R&D[237] - The net loss from continuing operations for 2023 was $14,821,513, slightly improved from a loss of $15,567,200 in 2022[243] - The Company incurred other expenses of $2,222,187 in 2023, compared to $1,283,874 in 2022, primarily due to increased legal and professional fees[243] - Losses from discontinued operations were $261,528 in 2023, contrasting with income of $344,172 in 2022, indicating challenges in that segment[250] - The Company’s gross profit (loss) for 2023 was $(74,457), an improvement from $(204,542) in 2022, suggesting better cost management despite ongoing losses[243] - The Company has fully offset its deferred tax asset of approximately $8,658,484 for 2023 with a valuation allowance due to a lack of earnings history[236] - The Company reported a net loss of $15,083,041 for 2023, a slight improvement from a net loss of $15,223,028 in 2022[251] Product Development and Innovation - The company launched its e-commerce sale of the Safety Shot Beverage in December 2023, which is designed to reduce blood alcohol accumulation and contains 28 active ingredients[207][208] - Safety Shot Inc. plans to relaunch its Photocil product in the US in Q4 2024 after receiving FDA approval for its labeling and composition, with sales currently occurring in India through a licensing agreement[214] - The company is actively pursuing a future product line, including a powdered stick pack version of the Safety Shot Beverage, to meet evolving consumer demands[211] - The company is committed to innovation and adaptability, with a product pipeline that includes hair loss treatments and sexual wellness products, while focusing on the commercialization of the Safety Shot Beverage[211] - The Company is in commercialization mode while pursuing the development of next-generation products and new product initiatives[253] Operational Aspects - The workforce currently consists of eight full-time employees, focusing on advancing the company's health and wellness vision through product development[210][213] - Revenue is generated through various channels, including e-commerce sales of suncare products and licensing revenues, with no significant concentration risk on major customers[214] - Safety Shot Inc. has ceased marketing and selling CBD products due to recent legal changes and declining popularity, and is seeking a partner to dispose of its CBD-related assets[216] - The company maintains a diverse network of raw material suppliers, including reputable entities such as Jiaherb and Mitsubishi Ingredients, to ensure high-quality production[215] Compliance and Reporting - Safety Shot Inc. operates under US GAAP, with financial statements prepared in accordance with these principles, reflecting the company's financial condition and results of operations[205][218]