Tue, May 20, 9:22 PM (23 days ago)
**Indoor Harvest Corp (IHGC) Q1 2024 Financial Summary** **Financial Health:** - **Cash Position:** Minimal cash on hand ($31,000) with a significant working capital deficiency of $1,566,308,000. - **Liabilities:** Total liabilities increased by 21% to $1,600,244,000, primarily due to accrued expenses. - **Equity:** Negative stockholders' equity of $1,566,308,000, indicating a financially distressed state. **Performance Metrics:** - **Revenue:** No revenue generated in Q1 2024. - **Operating Expenses:** Slight decrease (1%) in operating expenses to $381,183,000, mainly due to reduced insurance costs. - **Net Loss:** Increased by 7% to $398,512,000, primarily due to interest expenses. **Cash Flow:** - **Operating Cash Flow:** Improved by $197,004,000 to a positive $31,000, mainly due to increased accounts payable. - **Investing Cash Flow:** No cash used in investing activities in Q1 2024. - **Financing Cash Flow:** No cash provided by financing activities in Q1 2024. **Earnings Changes:** - **EPS:** Basic and diluted EPS remained at $0.00 due to the absence of income and the anti-dilutive effect of convertible instruments. **Quarterly Performance Discussion:** - **Operational Focus:** Continued efforts to reposition the company as a consolidation platform for plant-based industries. - **Funding:** Ongoing efforts to raise capital through debt and equity financing. - **Acquisitions:** Potential acquisitions of Hemp369 and MetaBioGenix are still under consideration but face uncertainties. **Trends and Uncertainties:** - **Going Concern:** Substantial doubt about the company's ability to continue as a going concern due to minimal cash generation and significant liabilities. - **Acquisition Risks:** Uncertainties surrounding the completion of planned acquisitions. - **Financial Distress:** Negative equity and high liabilities indicate financial distress. **Future Operations Impact:** - **Capital Raising:** Critical to the company's future operations and growth strategy. - **Acquisitions:** Potential acquisitions could significantly impact future operations if completed. - **Cost Management:** Continued focus on managing operating expenses and improving cash flow. **Ticker:** IHGC