First order of business is finances. As we mentioned in our previous update, the state of our business's cash position is very dire. In April and May our cash bleed was $85k and $80k. We are continuing to track a January, 2023 Break Even Point, but again do not have the cash reserves to cover the losses for the next six months and in fact did not have the cash reserves to cover the losses from June.
We are thrilled to announce that we were able to drastically increase our outside sales month over month from May to June, while simultaneously reducing our overhead expenses to help weather the storm. In June we were able to reduce the bleed to a loss of $37,396.49.
To survive June/July we took an additional $165k advance against our direct to consumer sales. With the bleed from June/July this has left us with $117k cash on hand. Assuming nothing changes, this capital should support the business's losses through August.