Spirits Time International, Inc., an inactive shell company, filed its annual report describing continued losses, heavy debt and a focus on finding a merger or acquisition target rather than operating a standalone business. The company has no revenues and relies on loans from related and third parties.
For the year ended December 31, 2024, Spirits Time reported a net loss of $451,328, similar to the $472,518 loss in 2023, bringing its accumulated deficit to $2,880,196. At year-end 2024 it held cash of only $2,377 against current liabilities of $1,353,666, resulting in a working capital and stockholders’ deficit of $1,351,289. The auditor issued a going concern opinion, citing recurring losses, no ongoing operations and significant deficits. The company’s stock trades on the OTC Pink marketplace under symbol SRSG, with 7,498,305 common shares outstanding and substantial additional potential dilution from preferred stock and convertible debt.