Fri, Jul 26, 9:19 PM (43 days ago)
Cannonau Corp. filed an amendment to its 2023 Annual Report to include audited financial statements for 2023 and 2024. The company reported a net income of $338,397 for 2023, a significant improvement from a net loss of $85,950 in 2022. This turnaround was primarily due to a $377,338 forgiveness of debt. Revenue for 2023 was negligible at $0, down from $227 in 2022. Operating expenses decreased from $86,086 in 2022 to $30,173 in 2023, driven by reductions in compensation, general, administrative, and professional fees. The company had no cash at year-end 2023, down from $157 in 2022. Total liabilities were reduced to $0 from $347,261, reflecting the debt forgiveness. The company remains a going concern, reliant on shareholder support and financing.