Business Warrior Corporation reported its financial results for the three months ended November 30, 2023, revealing a total revenue of $1,119,053, a decline from $1,455,742 in the same period of 2022. This decrease is primarily attributed to the expiration of a client agreement that previously contributed $469,697 in revenue. However, revenue from marketing services increased to $633,299, up from $549,699 in 2022, while revenue from SaaS and software development fell to $485,754 from $906,043.
The company recorded a net loss of $1,022,569 for the quarter, compared to a loss of $990,241 in the prior year. The increase in net loss was influenced by higher interest expenses, which rose significantly to $509,369 from $187,889. Operating expenses also decreased to $776,059 from $1,170,856, reflecting cost-cutting measures in advertising, salaries, and general administrative expenses.
As of November 30, 2023, Business Warrior's total assets were $2,372,218, down from $2,469,268 as of August 31, 2023, primarily due to a reduction in cash and cash equivalents, which decreased to $87,292 from $144,171. The company reported a working capital deficit of $5,604,300 and a stockholders’ deficit of $6,270,555, with an accumulated deficit of $17,773,202.
The company has made strategic acquisitions in recent years, including Helix House, LLC, a marketing agency, and FluidFi Inc., a lending technology company. Goodwill from these acquisitions stood at $1,201,804 as of November 30, 2023. Business Warrior operates through several divisions, including Helix House, Alchemy Technologies, and its own lending software platform, PayPlan.
Management expressed substantial doubt about the company's ability to continue as a going concern for the next twelve months, citing financial conditions and identified material weaknesses in disclosure controls and procedures. The company has also faced legal challenges, including a lawsuit against a former executive related to the acquisition of FluidFi Inc.
In terms of cash flow, net cash used in operations was $266,403, a significant improvement from $(1,038,397) in the same period of 2022. The company reported net cash from investing activities of $22,970, down from $67,330 in the prior year, attributed to the full collection of small business loans and no new loans issued. Net cash from financing activities also decreased to $186,553 from $763,897 in 2022, reflecting reduced proceeds from stock issuance.
About Business Warrior Corp
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.