Tue, Aug 20, 5:34 PM (147 days ago)
Coyni, Inc. reported a net loss of $74,582 for the six months ending June 30, 2024, a significant decrease from a loss of $287,565 in the same period of 2023, primarily due to reduced stock-based compensation. The company did not generate any revenue during this period, reflecting ongoing operational challenges since ceasing its internet service operations in 2014. General and administrative expenses rose to $74,582, driven by increased professional fees. As of June 30, 2024, the company reported no current assets or liabilities, largely due to a debt forgiveness agreement with former shareholders, which eliminated its stockholders' deficit. The company continues to face substantial doubt regarding its ability to continue as a going concern, reliant on additional financing and operational opportunities to achieve profitability. Coyni has no cash flow from operations, relying on past financing arrangements. The absence of revenue and the need for further capital raise concerns about its future viability. The company’s management is exploring potential investment opportunities while acknowledging risks associated with its financial condition and operational uncertainties.