Mon, Dec 30, 1:00 PM (13 days ago)
Born, Inc. (Ticker: BORN), a Nevada corporation, reported no revenue for the year ended December 31, 2021, maintaining its status as a dormant shell company. The company incurred a net loss of $87,668,351, primarily due to significant goodwill impairment of $87,670,010, reflecting its ongoing operational challenges and a substantial accumulated deficit of $117,451,150. Total liabilities stood at $4,144, while stockholders' equity showed a deficit of $4,144, indicating financial instability. The company underwent a significant strategic shift post-2020, including a name change and a reverse stock split aimed at positioning for new business opportunities. Management is exploring potential acquisitions through reverse mergers as part of its future outlook, albeit with considerable risk due to limited capital resources and market conditions. The management's ability to implement a viable business plan is uncertain, particularly in light of the adverse effects of the COVID-19 pandemic. Born, Inc. has not paid dividends and does not anticipate doing so in the near future. The company’s financial condition raises substantial doubt about its ability to continue as a going concern, necessitating additional funding to sustain operations.