Fri, Aug 30, 10:06 AM (137 days ago)
Alpha Network Alliance Ventures Inc. reported a challenging financial position for Q2 2024, ending June 30, with no revenue generated, consistent with the previous year. The company recorded a net loss of $76,762 for the quarter, slightly higher than the $75,300 loss in Q2 2023. Total operating expenses increased marginally to $76,762 from $75,300, primarily due to higher professional fees. As of June 30, 2024, total assets stood at $59,958, down from $69,232 at year-end 2023, while current liabilities increased to $5,378,978, resulting in a stockholders' deficiency of $5,319,020. The company’s cash position deteriorated to zero from $8,974, indicating liquidity challenges. The management highlighted uncertainties in securing additional capital, critical for ongoing operations and future growth, as they have relied heavily on unsecured loans from the CEO. The company is in a development stage, focusing on launching its social networking platform aimed at overseas Filipino workers, with expectations to start generating revenues in 2025. The report underscores significant risks, including reliance on external financing to continue operations.