Thu, May 15, 8:58 PM (7 days ago)
**WidFit Inc. (WIDF) Q2 2024 Financial Summary** **Financial Health and Performance:** - **Revenue:** No revenue generated in Q2 2024. - **Net Loss:** $6,450,000 in Q2 2024, up from $1,530,000 in Q2 2023. - **Operating Expenses:** $6,450,000 in Q2 2024, primarily professional fees ($6,400,000) and general/administrative expenses ($50,000). - **Cash Flow:** Net cash used in operations was $10,490,000 in Q2 2024. - **Cash Position:** $26,817,000 in cash as of June 30, 2024, down from $37,307,000 at the end of 2023. - **Liabilities:** $8,500,000 in current liabilities, including $6,500,000 due to a related party. - **Stockholders' Equity:** $18,317,000, with an accumulated deficit of $47,683,000. **Trends and Uncertainties:** - **Revenue Generation:** No revenue generated, indicating ongoing challenges in monetizing the business model. - **Operational Costs:** Significant increase in operating expenses, particularly professional fees. - **Cash Burn:** High cash usage in operations, raising concerns about liquidity. - **Funding Needs:** Company acknowledges the need for additional capital to sustain operations and achieve business goals. - **Going Concern:** Management expresses substantial doubt about the company's ability to continue as a going concern. **Future Operations Impact:** - **Development Stage:** WidFit is in the development stage, focusing on creating an internet browser with privacy and advertising modes. - **Funding Requirements:** Plans to raise $10,000,000 to make the website operational within 6 months. - **Risk Factors:** Dependence on additional funding, market acceptance of the browser, and competition in the advertising industry. **Conclusion:** WidFit Inc. faces significant financial challenges, with increasing losses and cash burn. The company's ability to continue operations depends on securing additional funding and successfully monetizing its business model. Investors should closely monitor the company's progress in raising capital and achieving operational milestones.