Thu, Aug 15, 1:32 PM (152 days ago)
Kaya Holdings, Inc. reported significant changes in its financial performance for the quarter ending June 30, 2024. Revenue dropped to $0 from $55,116 in the same period last year, attributed to the closure of its Oregon cannabis operations as it prepares to launch a licensed psilocybin treatment center. Operating expenses increased to $399,236, leading to an operating loss of $399,236, compared to a loss of $313,313 in Q2 2023. Net income showed a turnaround, reporting a gain of $402,392, primarily due to a gain from derivative liabilities, contrasting with a net loss of $732,768 in the previous year. The company's cash position improved to $61,282, while total liabilities rose to $16,777,769, reflecting ongoing reliance on convertible debt and other obligations. The working capital deficit stands at $7,701,014, raising concerns about liquidity and operational sustainability. Management plans to address financial challenges through capital raising and operational adjustments. Despite the positive net income this quarter, uncertainties remain regarding future revenue generation and operational viability in a competitive landscape.