Mon, Jan 13, 1:07 PM (35 days ago)
For the quarter ending September 30, 2024, Byrn Inc. (BYRN) reported a net loss of $21,796,000, significantly higher than the $8,365,000 loss in the same quarter of 2023. Total operating expenses rose to $21,796,000 from $8,365,000 year-over-year, reflecting increased administrative costs. The company continues to face a working capital deficit of $37,504,000 and negative shareholders’ equity of $117,503,029, raising doubts about its ability to sustain operations without additional funding. Cash flow from operating activities showed a net outflow of $30,475,000, offset by related party loans of the same amount. The company has no revenues from ongoing operations and is exploring potential mergers or acquisitions to revitalize its business strategy. Management acknowledges the challenges posed by limited resources and the need for a viable operational plan. Byrn is classified as a smaller reporting company and reports material weaknesses in internal controls, including a lack of segregation of duties and absence of an independent board. The future hinges on securing financing and executing a successful business combination, which may lead to further dilution of current shareholders.