Wed, Aug 14, 9:19 PM (153 days ago)
For the quarter ending June 30, 2024, 1606 Corp reported no revenue compared to $304,000 in Q2 2023, while total revenues for the six-month period increased to $7,195 from $1,474 year-over-year. The company incurred a net loss of $339,192 for Q2 2024, down from $533,664 in the same period of 2023, attributed to reduced operating expenses, which totaled $288,739 compared to $527,891 in Q2 2023. The gross loss for the six months was $118, a slight improvement from a $3,307 loss in 2023. As of June 30, 2024, total current assets increased to $195,664, while total liabilities surged to $2,118,297, leading to a stockholders' deficit of $1,922,633. Cash flow from operating activities showed a net outflow of $447,034, reflecting ongoing financial strain. The company continues to face uncertainties regarding its ability to achieve profitability and may need to raise approximately $1 million to sustain operations. Future operations hinge on effective revenue generation strategies and potential capital raises through equity financing.