Mon, Jan 13, 1:04 PM (32 days ago)
Born, Inc. (BORN) reported a net loss of $2,293,000 for Q2 2024, an improvement from a loss of $5,188,000 in Q2 2023. Total operating expenses decreased to $2,293,000 from $5,188,000 year-over-year, indicating cost management efforts. For the six months ended June 30, 2024, the loss was $4,110,000 compared to $7,376,000 in the same period of 2023. The company continues to operate at a substantial deficit, with total liabilities of $34,227,000 and a negative shareholders’ equity of $117,481,233. Cash flow from operations remained negative, although financing activities provided $1,734,000 through related party loans. Born, Inc. has no current revenue-generating operations and is exploring potential business combinations to enhance its financial position. The ongoing uncertainty regarding future operations and the need for additional financing remain significant risks. Management has acknowledged weaknesses in internal controls and plans to address these by enhancing governance and financial oversight as they pursue strategic opportunities. The company’s ability to continue as a going concern is contingent on raising additional funds.