Ludwig Enterprises, Inc. reported a net loss of $3,016,884 for the fiscal year ending December 31, 2024, compared to a net loss of $2,456,550 in the previous year. The company generated minimal revenue of $217 in 2024, a significant increase from $0 in 2023, indicating the potential for future sales as it prepares to launch products based on its proprietary mRNA technology. Operating expenses decreased slightly to $1,298,406 from $1,375,761, primarily due to reduced research and development costs, which fell to $165,621 from $411,014. The overall financial condition remains precarious, with a working capital deficit of $2,378,145 and an accumulated deficit of $7,259,366 as of December 31, 2024.
Strategically, Ludwig Enterprises has undergone significant organizational changes, including the dissolution of its subsidiaries, mRNA for Life, Inc. and Precision Genomics, Inc., in October 2024. The company also entered into a Stock Purchase Agreement on December 31, 2024, selling its subsidiary Exousia Ai, Inc. to Marijuana, Inc. for a total consideration of approximately $203,000. This transaction is expected to impact the company's operational focus and financial results moving forward. The company anticipates that revenues from its planned products will begin in the third quarter of 2025, contingent upon securing approximately $1,500,000 in funding.
Operationally, Ludwig Enterprises has made strides in product development, with a focus on mRNA-based genetic markers for inflammatory diseases. The company reported a cash balance of $6,741 at year-end, down from $7,263 in 2023, and has indicated that it will require additional capital to fund its operations through at least the first quarter of 2025. The company’s employee headcount remains unspecified, but it has engaged various consultants to support its strategic initiatives.
Looking ahead, Ludwig Enterprises has expressed uncertainty regarding its ability to continue as a going concern, citing the need for additional funding to support its business plans. The management's forward-looking statements highlight the challenges of raising capital and the potential for fluctuations in market conditions that could impact future performance. The company is actively seeking strategic partnerships and acquisitions to bolster its position in the healthcare technology sector, aiming to leverage its innovative mRNA technology to improve patient outcomes in inflammatory diseases.
About LUDWIG ENTERPRISES, INC.
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