Fri, Aug 23, 10:37 AM (144 days ago)
Accredited Solutions, Inc. reported significant financial challenges for the quarter ending June 30, 2024. Revenue declined sharply to $102,328 from $222,363 in the same quarter of 2023, primarily due to management's focus on operational restructuring. Cost of sales also decreased, leading to a gross profit of $48,562, down from $59,323. Operating expenses surged to $63,977, primarily driven by increased payroll costs, resulting in a net loss from continuing operations of $2,079,465, compared to $1,375,776 in Q2 2023. For the first half of 2024, net losses totaled $2,152,771 versus $1,769,400 in 2023. The company faced a working capital deficit of $7,219,468 and reported cash used in operations of $36,490. Liquidity remains a concern, with reliance on related party advances and insufficient cash reserves to cover upcoming expenses. The rescission of the Petro X Solutions merger further complicates future operations. Overall, the financial outlook is uncertain, with substantial doubt raised about the company's ability to continue as a going concern without securing additional capital.