Artisan Consumer Goods Reports Third Quarter Loss, Ongoing Liquidity Challenges

Artisan Consumer Goods, Inc. reported its financial performance for the three months ended September 30, 2024, revealing significant challenges and strategic developments. The company, which has been operational since its incorporation in 2009, has not generated any revenue during this period, mirroring the same outcome from the previous year. The lack of sales continues to be a critical issue, particularly following the expiration of inventory in February 2023, which led to a complete write-off of remaining stock.

The net loss for the third quarter of 2024 was $8,692, an increase of $2,757 compared to a net loss of $5,935 in the same quarter of 2023. Operating expenses surged to $12,194 in Q3 2024, up from $3,700 in Q3 2023, reflecting a rise of $6,259. This increase in expenses is attributed to ongoing operational costs as the company seeks to stabilize its business model. Additionally, the company recorded other income of $3,502 in Q3 2024, a notable change from $0 in the prior year, due to a change in market value of shares issued to the estate of the late William Drury.

As of September 30, 2024, Artisan Consumer Goods reported an accumulated deficit of $19,286,226. The company’s cash balance was $1,263, with a working capital deficit of $287,280, indicating ongoing liquidity challenges. Current liabilities totaled $288,543, which included related party loans amounting to $210,666 from President Amber Finney. The company has indicated a need for at least $100,000 to commence operations and cover ongoing expenses.

Strategically, Artisan Consumer Goods is in search of a new manufacturer for its Within / Without Granola products, a brand acquired from Paleo Scavenger, LLC in July 2021 for $10,000. The intangible assets associated with this acquisition have been fully amortized as of September 30, 2024. Management has undergone changes, with Amber Finney taking over the responsibilities of the late William Drury in 2023.

The company has not provided any current or deferred U.S. federal income tax provision or benefit due to operating losses since inception, and the federal corporate income tax rate increased from 21% to 28% effective January 1, 2023. Disclosure controls and procedures were noted as ineffective as of the reporting date, further complicating the company’s operational landscape.