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Safety Shot | 10-Q/A: Quarterly report (Amendment)

SEC announcement ·  Jan 5 00:00
Summary by Moomoo AI
Safety Shot, Inc. has filed an amendment to its Quarterly Report for the period ended September 30, 2023, reflecting a reclassification of financial statements due to the separation of SRM Ltd from the company. The separation, which included an exchange of shares and an IPO for SRM, resulted in Safety Shot owning 4,500,000 shares of SRM's outstanding common stock. Consequently, SRM is no longer consolidated and is accounted for using the equity method. Financial performance for the three and nine months ended September 30, 2023, shows a net loss of $7,738,301 and $9,406,066 respectively, with a basic loss per share of $0.26 and $0.34. The company's cash position improved to $4,387,797 from $1,477,552 at the end of the previous year. Safety Shot, Inc. launched the Safety Shot product in...Show More
Safety Shot, Inc. has filed an amendment to its Quarterly Report for the period ended September 30, 2023, reflecting a reclassification of financial statements due to the separation of SRM Ltd from the company. The separation, which included an exchange of shares and an IPO for SRM, resulted in Safety Shot owning 4,500,000 shares of SRM's outstanding common stock. Consequently, SRM is no longer consolidated and is accounted for using the equity method. Financial performance for the three and nine months ended September 30, 2023, shows a net loss of $7,738,301 and $9,406,066 respectively, with a basic loss per share of $0.26 and $0.34. The company's cash position improved to $4,387,797 from $1,477,552 at the end of the previous year. Safety Shot, Inc. launched the Safety Shot product in December 2023, expanding its product pipeline which includes treatments for various health and wellness concerns. The company generates revenue through sales and licensing royalties, with products available through retailers and e-commerce platforms. Despite the net losses, the company has a positive working capital and continues to invest in research and development for its product lines. The report raises concerns about the company's ability to continue as a going concern, with accumulated deficits of $60,003,740 as of September 30, 2023.

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