Wed, May 15, 8:21 PM (72 days ago)
CFN Enterprises Inc. reported a significant increase in net revenues for Q1 2024, reaching $3.84 million compared to $113 thousand in Q1 2023, primarily due to the acquisition of Ranco in July 2023. The cost of revenue also increased to $2.15 million from $176 thousand, reflecting the new business operations. Operating expenses rose to $1.62 million from $422 thousand, attributed to higher payroll, professional fees, and travel expenses. The company reported a net loss of $648 thousand, slightly higher than the $551 thousand loss in the same period last year. CFN Enterprises is facing substantial liquidity challenges with a working capital deficit of $14.84 million and an accumulated deficit of $75.13 million as of March 31, 2024. Management plans to address these issues through raising capital, growing its CFN and Ranco businesses, and reducing costs. The company has significant debt obligations, including $7.37 million in notes payable, and faces uncertainties related to ongoing legal proceedings.