Thu, Aug 29, 5:27 PM (99 days ago)
Coretag, Inc. reported no revenue for the quarter ended June 30, 2024, and continues to operate as a shell company with significant financial challenges. For the quarter, the net loss was $3,965, a decrease from $9,071 in the same period last year, attributed to reduced general and administrative expenses. Year-to-date losses reached $25,737, slightly improved from $26,500 in 2023, despite increased professional fees. The company’s total liabilities increased to $95,407 from $69,670, primarily due to rising accounts payable and related party debts. As of June 30, 2024, Coretag had no cash and a working capital deficit of $95,407. Management emphasizes the need for additional financing to sustain operations and pursue potential mergers. The company has relied on loans from related parties, with no formal commitments for ongoing support. The reverse stock split approved in April 2024 aims to enhance capital structure, yet uncertainties remain regarding future operations and profitability. The company’s ability to continue as a going concern hinges on securing funding and identifying viable business opportunities.