Tue, May 28, 6:13 PM (59 days ago)
AERWINS Technologies Inc. filed its Form 10-Q for the quarter ending March 31, 2024. The company reported significant financial changes due to the discontinuation of its subsidiary, A.L.I. Technologies Inc., which filed for bankruptcy in December 2023. The deconsolidation of A.L.I. resulted in a substantial gain of $10,014,482, contributing to a net income from continuing operations of $8,926,531, a significant turnaround from the $3,488,631 loss in the same period the previous year. However, the company still faces substantial challenges, including a working capital deficit of $4,305,916 and total liabilities of $8,966,839. AERWINS has raised $542,000 through the sale of common stock and plans to secure additional funding. The company’s ability to continue as a going concern is uncertain, contingent on raising further capital and achieving revenue from its redesigned Manned Air Vehicle (MAV).