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Wall Street JournalBased on the provided financial report articles, I generated the title for the article: **"LIMX Financial Report: 2023-2024 Annual and Quarterly Results"** Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to the financial report of LIMX for the years 2023 and 2024, including annual and quarterly results.
Based on the provided financial report articles, I generated the title for the article: **"LIMX Financial Report: 2023-2024 Annual and Quarterly Results"** Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to the financial report of LIMX for the years 2023 and 2024, including annual and quarterly results.
Unfortunately, the provided text does not contain a financial report that can be summarized in a single paragraph. The text appears to be a collection of financial data and information, including balance sheets, income statements, and cash flow statements, but it lacks a clear narrative or summary of the financial report’s key findings and developments. If you could provide a more concise and structured financial report, I would be happy to help you summarize it in a single paragraph.
Overview and Summary
Limitless X Holdings Inc. is a multinational consumer packaged goods company that specializes in developing and offering ‘Look Good, Feel Great’ products, specifically within the nutrition and beauty industry. The company has unique capabilities in digital marketing and a successful track record in launching new consumer products.
Key Financial Highlights:
Revenue Decline: The company’s product sales decreased by $12.1 million to $3.4 million for the year ended December 31, 2024, compared to $15.5 million in 2023. This was primarily due to a shift in marketing strategies, moving away from affiliate marketing to in-house digital marketing.
Gross Profit: Gross profit for 2024 was $2.3 million or 67.0% of total revenue, compared to $10.8 million and 69.9% in 2023. The decrease was due to the decline in product revenue and a slight increase in product costs.
Operating Expenses: Operating expenses decreased by $11.1 million to $6.1 million in 2024, primarily due to reductions in advertising, marketing, professional fees, and bad debt expense.
Net Loss: The company reported a net loss of $4.2 million in 2024, compared to a net loss of $13.9 million in 2023. The decrease in net loss was mainly due to the gain on debt settlement and lower operating expenses.
Liquidity and Capital Resources: The company had $53,549 in cash as of December 31, 2024, and expects its existing cash resources will not be sufficient to meet its anticipated cash needs over the next 12 months. The company plans to raise additional funds through equity financing or related party advances to meet its cash requirements.
Outlook and Risks:
The company is facing substantial doubt about its ability to continue as a going concern, as indicated by the going concern uncertainty explanatory paragraph in its 2024 financial report. The company’s future success will depend on its ability to secure additional financing and effectively execute its new business initiatives in television, film, regenerative skin care, fintech, entertainment, and real estate.
The company also faces risks related to the ongoing impact of the COVID-19 pandemic, including potential supply chain disruptions and the overall economic slowdown. The company will need to continue to closely monitor the pandemic and adapt its business continuity plans accordingly.