Tue, Aug 20, 4:53 PM (147 days ago)
C2 Blockchain, Inc. reported a net loss of $30,020 for the fiscal year ending June 30, 2024, compared to a loss of $18,507 in the previous year, driven entirely by administrative expenses. The company has not generated any revenue since its inception on June 30, 2021. As of June 30, 2024, total liabilities stood at $61,214, with a stockholders' deficit of $61,184. The firm is actively seeking $60 million in funding through a Tier II Regulation A offering to establish a 14 MW Bitcoin mining facility in Georgia, which is contingent on securing sufficient capital. The company's market position remains fragile, with no committed financing and reliance on related party loans from its sole director, Levi Jacobson. C2 Blockchain is classified as a smaller reporting company and has not yet commenced material operations. The financial outlook is uncertain, as management has raised concerns about its ability to continue as a going concern without adequate funding. The company has also identified material weaknesses in its internal controls, which may impact financial reporting reliability.