Mon, Aug 19, 8:07 PM (148 days ago)
For the quarter ending June 30, 2024, VNUE, Inc. reported revenues of $87.95K, a decrease from $143.28K in the same period of 2023, primarily due to the absence of a major tour. Direct costs of revenue also fell to $47.79K from $101.08K. Operating expenses dropped significantly to $288.32K from $407.95K, attributed to reduced professional fees and payroll costs. Consequently, the net loss available to common shareholders improved to $353.13K from $528.21K year-over-year. As of June 30, 2024, the company had a cash balance of $41.78K, up from $25.43K at year-end December 31, 2023, but faced substantial doubt about its ability to continue as a going concern due to negative working capital of $6.33M and an accumulated deficit of $38.84M. The company has relied on equity financing and currently seeks additional funding sources to sustain operations. Uncertainties persist regarding market conditions and operational impacts from the ongoing COVID-19 situation.