Wed, Aug 14, 7:18 PM (153 days ago)
For the second quarter ending June 30, 2024, Ameritek Ventures, Inc. reported a revenue decline of 32% to $186,920, primarily due to reduced programming revenue compared to the previous year. Operating expenses decreased significantly by 48% to $144,059, reflecting cost management efforts. The company achieved a net operating income of $42,861, a substantial increase from a loss of $589 in Q2 2023. Despite an increase in interest expenses to $46,473, net loss narrowed to $(3,612) from $(37,073) year-over-year. For the six months ending June 30, 2024, total revenue decreased by 22% to $402,842, with net income at $16,085 compared to a loss of $(43,840) in the same period last year. Cash flow from operations was negative at $(202,257), while financing activities generated $197,120. Total assets decreased to $3,699,075, driven by a decline in accounts receivable and cash, which stood at $2,218. The company continues to rely on debt for working capital, with total liabilities at $3,472,092. The management emphasizes the need for equity capital to support future operations and product development.