Fri, Aug 16, 8:12 PM (151 days ago)
For the quarter ending June 30, 2024, AI Unlimited Group, Inc. reported no revenue, consistent with the previous year. The company incurred a net loss of $470,548, compared to a loss of $393,622 in Q2 2023. Total operating expenses decreased to $300,693 from $330,474 year-over-year, largely due to reduced general and administrative costs. The company ended the quarter with $173,220 in cash, a significant increase from $11,012 as of December 31, 2023, but still faces a working capital deficit of $952,700. The firm continues to develop its flagship product, the Lever App, which is anticipated to launch officially in Q2 2024. Despite the lack of current revenue, management plans to ramp up subscriber acquisition and marketing efforts, budgeting $500,000 for the next 12 months. However, the company acknowledges the need for significant additional capital to support operations and growth, raising concerns about its ability to continue as a going concern. Future operations hinge on successful fundraising efforts and the app's market acceptance amid the resumption of student loan payments in the U.S.