Tue, Jul 16, 4:36 PM (53 days ago)
Accredited Solutions, Inc. filed its Form 10-K for the fiscal year ended December 31, 2023. The company reported revenues of $688,875, an increase from $483,036 in 2022, attributed to Diamond Creek’s recovery from inflationary shocks. However, the cost of sales rose to $550,792 from $387,909, and operating expenses slightly decreased to $286,856 from $301,444. The company recorded a net loss of $1,488,595 in 2023, a significant increase from a net loss of $31,688 in 2022. This loss was influenced by $1,142,571 in other expenses, including a $302,215 impairment of intangible assets and a $456,538 change in derivative liabilities. The company’s financial condition remains precarious with a working capital deficit of $5,233,610 and minimal cash reserves of $919. The rescission of the Petro X Solutions acquisition marked a strategic shift, focusing on expanding the Diamond Creek Water business. The company faces substantial doubt about its ability to continue as a going concern and plans to raise additional capital.