Mon, May 20, 5:03 PM (154 days ago)
Clean Vision Corporation's Q1 2024 financial performance highlights several key points. The company reported a revenue of $49.7 thousand, generated from its Morocco operations, marking its first revenue recognition compared to zero in the same period last year. Operating expenses totaled $1.49 million, with significant costs in consulting, professional fees, and payroll. The net loss was $2.2 million, an improvement from the $2.7 million loss in Q1 2023. Cash flow from operations was negative at $977 thousand, while investing activities used $142 thousand, primarily for equipment purchases. Financing activities provided net cash of $1.05 million, mainly from convertible notes and stock sales. The company faces a substantial working capital deficit of $11.1 million and an accumulated deficit of $34.9 million, raising concerns about its ability to continue as a going concern. Management plans to address this through additional capital raising efforts.