Tue, Aug 20, 10:01 AM (147 days ago)
In the second quarter of 2024, Minim, Inc. reported a significant decline in financial performance, with net sales dropping to $0 from $7.2 million in Q2 2023. This decline is attributed to the termination of its Motorola brand license, affecting sales of cable modems and gateways. The company incurred a net loss of $487,912 for the quarter, down from a loss of $5.6 million in the same period last year, while total operating expenses fell to $488,486, primarily due to reduced marketing and operational costs. As of June 30, 2024, Minim held $630,816 in cash, down from $709,322 at year-end 2023, and reported negative working capital of $0.7 million. The company continues to face liquidity challenges and has expressed substantial doubt about its ability to continue as a going concern without additional financing. Future operations may be impacted by ongoing negotiations regarding a merger with e2Companies, which could affect capital resources and operational strategies. The stock has been suspended from trading on Nasdaq, further complicating its financial outlook.