Fri, Aug 23, 10:07 AM (144 days ago)
Accredited Solutions, Inc. filed an amended Form 10-Q/A for Q1 2024, addressing prior financial statement review deficiencies. The amendment reflects an independent accountant's review, impacting the consolidated financial statements and management's discussion. For Q1 2024, the company reported revenues of $109,373, down from $156,238 in Q1 2023, attributed to decreased sales volumes. Cost of sales was $119,291, resulting in a gross loss of $9,918. Operating expenses totaled $58,910, leading to an operating loss of $68,828. The net loss from continuing operations was $73,306, an improvement from $196,373 in the prior year. Cash flow from operations showed a reduction in cash used to $674, compared to $47,953 in Q1 2023. The company had a working capital deficit of $5,151,377 and minimal cash reserves of $245, raising substantial doubts about its ability to continue as a going concern. The rescinded acquisition of Petro X Solutions is treated as discontinued operations. Future operations depend on securing capital to support ongoing losses and business expansion. The company currently lacks clear funding commitments, which could affect liquidity and operational viability.