Wed, Nov 13, 8:28 PM (93 days ago)
Baltic International USA, Inc. (BALTIC) reported its Q3 2024 financial results, reflecting ongoing operational challenges. As of September 30, 2024, the company maintained cash and cash equivalents of $2,976, unchanged from the previous period. The total liabilities increased to $4,951,743 from $4,814,233, primarily due to rising accounts payable and accrued liabilities. The accumulated deficit grew to $18,910,015, indicating persistent losses since inception. For the three and nine months ended September 30, 2024, BALTIC recorded no revenues, with operating expenses consistent at $3,905 for the quarter and $11,717 for the year-to-date. The net loss for Q3 was $6,346, mirroring the loss from the same period in 2023. Cash flow from operating activities remained at zero for both periods. Management's strategy focuses on identifying potential acquisition targets to enhance future growth, although liquidity concerns persist due to limited cash resources. The working capital deficit increased to $4,948,767, raising doubts about the company's ability to continue as a going concern without securing additional financing. The report underscores the need for strategic actions to improve financial stability amidst ongoing operational losses.