Mon, Aug 19, 7:22 PM (148 days ago)
Quest Water Global, Inc. reported a net loss of $140,415 for Q2 2024, a slight improvement from a loss of $151,030 in Q2 2023. For the six months ended June 30, 2024, total expenses increased to $472,725 from $293,441 in the prior year, primarily due to $187,355 in stock-based compensation related to newly granted options. The company continues to operate without generating revenue, facing significant financial challenges with total liabilities of $2,125,513 against total assets of $5,239, resulting in a working capital deficiency of $2,120,691. Cash flow from operations showed a decrease in cash used, from $293,592 in H1 2023 to $282,844 in H1 2024. The company remains heavily reliant on advances from related parties to fund operations, indicating ongoing liquidity concerns. Future operations depend on securing additional financing, estimated at $990,000 for the next year to pursue projects primarily in the Democratic Republic of Congo. The financial statements emphasize substantial doubt regarding the company's ability to continue as a going concern without further financial support.