Fri, Aug 16, 6:55 PM (151 days ago)
Artisan Consumer Goods, Inc. reported minimal financial performance for the fiscal year ended June 30, 2024, generating $0 in revenue compared to $7,648 in 2023. The company incurred a net loss of $18,910, a decrease from the prior year's loss of $42,825, attributed to reduced operating expenses of $32,059, down from $41,102. The company is in a precarious financial position with total assets of $2,920, liabilities of $280,718, and a shareholder deficit of $277,798. Artisan's strategic focus is on reviving the Within / Without Granola brand, acquired in 2021, but operations are currently stalled due to the need for a new manufacturer. The company requires at least $100,000 to resume operations and is exploring financing options, including private placements and loans from directors. However, there is significant uncertainty about the ability to secure this funding, raising substantial doubt regarding its going concern status. Management's outlook hinges on successful fundraising efforts; failure to do so may lead to cessation of operations, jeopardizing investor capital. The company has no off-balance sheet arrangements and is under audit scrutiny, with identified weaknesses in internal controls.