Wed, Aug 14, 6:25 PM (153 days ago)
SecureTech Innovations, Inc. reported significant financial challenges for Q2 2024. Revenue plummeted 92.3% to $1,350, down from $17,550 in Q2 2023, primarily due to a shift in the CEO's focus away from sales. The cost of goods sold decreased to $341, yielding a gross profit of $1,009, with a gross margin of 74.7%. Operating expenses fell 20.9% to $93,730, leading to a loss from operations of $92,721, an improvement from a loss of $105,614 in Q2 2023. The net loss was $93,708, a 10.8% reduction from the previous year. As of June 30, 2024, total liabilities surged to $328,377, while stockholders' equity showed a significant deficit of $314,060, raising concerns about the company's ability to continue as a going concern. Cash flow from operating activities remained negative at ($30,029), although financing activities provided $24,042. The company plans to address its liquidity issues through a forthcoming Regulation A+ securities offering aimed at funding operations and product development. The report highlights ongoing uncertainties, including reliance on limited personnel and the need for additional capital to stabilize operations.