Mon, Aug 19, 9:12 PM (148 days ago)
For the quarter ending June 30, 2024, BlueOne Card, Inc. reported no revenues, maintaining a net loss of $259,359, a reduction from $322,929 in the prior year. Operating expenses decreased to $257,605 from $323,505, primarily due to lower advertising costs. The company’s cash position declined significantly to $15,353 from $75,063, with cash used in operations at $134,710, down from $273,155 in 2023. Total assets decreased to $882,898, driven by a decline in cash and property, while total liabilities rose to $822,455, influenced by increased accounts payable and compensation obligations. The accumulated deficit reached $4,131,111, raising substantial doubt about the company's ability to continue as a going concern without additional financing. Looking forward, BlueOne aims to generate revenue through a new partnership with Expanse Financial Technologies, focusing on prepaid debit and gift card solutions for unbanked customers. The company plans to seek additional capital to support operations and growth. The results indicate ongoing financial challenges, necessitating careful monitoring of liquidity and operational strategies.