Fri, Aug 16, 2:28 PM (151 days ago)
AppSoft Technologies, Inc. reported a significant net loss of $13,739 for Q2 2024, compared to a loss of $22,532 in Q2 2023. The company continues to face challenges, generating no revenue during the quarter and maintaining a working capital deficit of $31,856. Total expenses decreased to $13,739 from $22,532, primarily due to reduced selling, general, and administrative costs. Cash flow from operations was negative at $24,673, consistent with prior periods, highlighting ongoing liquidity issues. As of June 30, 2024, total liabilities increased to $449,134, driven by a rise in accrued interest and notes payable. The accumulated deficit now stands at $983,599, raising substantial doubt about the company's ability to continue as a going concern. Management is actively seeking additional equity financing and has initiated cost-saving measures. Looking ahead, the company plans to develop and acquire new apps while focusing on its esports platform to generate future revenue. However, without securing adequate funding, its operational capabilities and growth strategies may be severely restricted, impacting long-term viability.