Wed, Aug 21, 5:45 PM (146 days ago)
Crown Equity Holdings Inc. reported a significant decline in financial health for the quarter ending June 30, 2024. Revenues increased slightly to $161, compared to $0 in the same quarter of 2023, attributed to advertising services, but overall performance remains weak. Operating expenses surged to $547,633, largely due to $526,752 in warrant discount amortization, leading to a net loss of $550,829 for the quarter, compared to a loss of $13,353 in Q2 2023. The company's assets decreased to $2,363, while current liabilities fell to $322,688, resulting in a working capital deficit of $320,325. Cash flow from operations remained negative, though slightly improved at $37,943 compared to $39,372 in the previous year. The company continues to rely on related-party financing, raising $33,366 in the latest period. Crown Equity's accumulated deficit now stands at $18,128,536, raising substantial doubt about its ability to continue as a going concern. Management plans to address operational inefficiencies and secure additional funding to improve financial stability.