Tue, Nov 19, 9:29 PM (242 days ago)
VNUE, Inc. (VNUE) reported significant financial challenges for the quarter ending September 30, 2024. Revenue decreased to $57.7K from $196.5K in Q3 2023, primarily due to reduced activity from its Stage It subsidiary and a lack of touring events. Operating expenses surged to $1.32M, driven largely by a litigation judgment expense of $1.31M. The net loss for the quarter was $1.38M, worsening from a loss of $375.5K in the prior year. Cash reserves fell sharply to $3.4K, with negative working capital of $7.68M and an accumulated deficit of $40.22M, raising substantial doubts about the company's ability to continue as a going concern. The company has been reliant on equity financing and is currently seeking additional funding sources as previous lines of credit have been restricted. The ongoing litigation and operational uncertainties pose risks to future financial stability.