Thu, May 16, 7:33 PM (252 days ago)
1606 Corp., a smaller reporting company, reported a net loss of $286,437 for Q1 2024, a slight improvement from the $292,712 loss in Q1 2023. Revenues increased to $7,195 from $1,170, while cost of goods sold also rose to $7,313 from $1,225, resulting in a negative gross profit of $118. Operating expenses surged to $577,910, primarily due to higher legal, professional, advertising, and salary costs. The company’s liquidity remains a concern, with cash decreasing to $15,871 from $48,941. Current liabilities increased to $732,939, driven by higher accounts payable and accrued interest. Long-term debt rose to $1,020,550. The company issued convertible notes and equity to raise $232,368 in cash. The going concern status remains uncertain, with substantial doubt about the ability to continue without additional capital. Recent amendments include restating Q1 2023 financials to correct errors, impacting accrued expenses and net loss. Future operations depend on achieving profitable growth and managing operating expenses.