Thu, Aug 22, 8:19 PM (145 days ago)
For the second quarter of 2024, QMIS TBS Capital Group Corp. reported a significant decline in revenue, totaling $150,278, a 55% drop from $335,748 in Q2 2023. The primary driver was the absence of direct consultant services, which previously accounted for a substantial portion of revenue. This reduction was exacerbated by economic uncertainties affecting client budgets. Gross profit improved to $96,933, up 182% year-over-year, primarily due to reduced costs of revenue, which fell by 82% to $53,345. Operating expenses decreased 16% to $328,876, with notable reductions in travel and management fees. The net loss narrowed to $232,055 from $358,265 in the prior year, indicating improved cost management despite ongoing challenges. Cash flow from operations was negative at $1,365,007, reflecting the company's liquidity challenges and an accumulated deficit of $4,598,640. Future operations depend on securing additional capital, as management seeks funding through shareholders and potential third-party financing to sustain operations amidst these financial pressures.