Tue, Jul 16, 4:22 PM (53 days ago)
Bubblr, Inc. filed an amended 10-Q for the quarter ending March 31, 2024, due to a change in auditors following SEC action against its previous auditor. The new auditor, BCRG Certified Public Accountants, reviewed the financials. Key highlights include: - **Revenue**: Achieved $1,504 in sales, compared to $0 in the same period last year. - **Expenses**: Significant increase in general and administrative costs to $310,068 from $16,289, primarily due to accrued compensation and director fees. - **Net Loss**: Increased to $460,867 from $254,336, driven by higher operating expenses and other income/expenses. - **Cash Flow**: Net cash used in operating activities was $118,164, with a closing cash balance of $951, indicating liquidity challenges. - **Liabilities**: Current liabilities increased to $1,768,409 from $1,487,471, largely due to accrued liabilities and related-party loans. - **Going Concern**: There is substantial doubt about the company's ability to continue as a going concern without additional funding. The company is exploring fundraising options to address its working capital deficit and liquidity issues.