Wed, Aug 21, 7:29 PM (146 days ago)
AI Unlimited Group, Inc. reported no revenue for Q1 2024, maintaining a significant accumulated deficit of $5,168,941, compared to $4,908,051 in Q1 2023. The company incurred a net loss of $260,890, an improvement from a loss of $401,653 in the prior year. Operating expenses decreased to $254,557 from $394,014, primarily due to reduced general and administrative costs. The company’s cash position deteriorated to $(934) from $11,012, reflecting ongoing negative cash flows and a working capital deficit of $651,982. The firm is in a development stage, focusing on launching its Lever App, designed for student debt management, with a targeted launch in Q2 2024. Despite strategic plans for growth and marketing, concerns about its ability to continue as a going concern persist, given the lack of significant revenue and the need for substantial capital investment. The company plans to raise additional funds to support operations and enhance its technology, while facing uncertainties in market conditions and regulatory changes affecting student loans.