Mon, Aug 19, 8:01 PM (148 days ago)
Bravo Multinational Incorporated's Q2 2024 report highlights significant financial challenges, including a net loss of $91,749 for the quarter and $229,467 for the six months, attributed to rising general and administrative expenses and professional fees. The company reported no revenue for both periods, maintaining a cash position of $177 against total liabilities of $638,247, resulting in a working capital deficit of $638,070. The accumulated deficit has increased to $96,017,232, raising substantial doubt about the company's ability to continue as a going concern. Cash used in operating activities was $104,781, with financing activities generating $103,778, primarily through related party loans. The company is in a transitional phase, shifting its business focus towards entertainment, hospitality, and technology sectors, following a failed gaming equipment venture. Future operations hinge on securing additional capital, as current cash resources are insufficient to cover operational expenses. Management's ongoing efforts to raise funds are critical for sustaining operations and implementing the new business strategy.