Mon, Aug 19, 8:02 PM (148 days ago)
DarkPulse, Inc. reported a significant decline in financial performance for the quarter ending June 30, 2024, with total revenues of $14,318 compared to $412,769 in the same period last year, reflecting a 96% drop. For the six months, revenues fell from $1,950,602 to $25,168. The company's gross profit was $13,647, a stark improvement from a loss of $772,079 in Q2 2023, due to reduced costs following the deconsolidation of Optilan UK. Operating expenses decreased significantly, but the company still reported a net loss of $2,416,706 for the quarter, less than the previous year’s loss of $4,118,096. The accumulated deficit rose to $70,319,873, and cash reserves dwindled to $953, raising liquidity concerns. Current liabilities exceeded current assets by $19,044,331. The Optilan liquidation, resulting in a loss on deconsolidation of $1,642,795, has created uncertainties about future operations. The company is actively seeking additional capital to sustain operations and meet strategic objectives amid ongoing litigation and operational challenges. Future performance remains uncertain as DarkPulse navigates these financial difficulties.