Mon, Aug 19, 8:23 PM (148 days ago)
Authentic Holdings Inc. reported a significant increase in revenue for Q2 2024, generating $27,332 compared to $0 in Q2 2023, totaling $67,572 for the first half of 2024. However, the company continues to face substantial challenges, including an accumulated deficit of $38.19 million and a working capital deficit of $4.58 million as of June 30, 2024. Operating expenses surged to $206,368 in Q2 2024, primarily due to the amortization of recent licensing agreements and increased administrative costs, leading to a net loss of $151,861 for the first half of 2024, an improvement from a $227,532 loss in the same period last year. The company has multiple promissory notes in default, raising doubts about its ability to continue as a going concern. Cash flow remains a critical concern, with no cash on hand and reliance on future financing. The management plans to pursue additional debt or equity financing to sustain operations and settle debts. Despite some operational advancements, including the acquisition of Maybacks Global Entertainment and a licensing agreement with Goliath Motion Picture Promotions, uncertainties persist regarding the company's long-term viability and financial health.