Wed, Aug 14, 7:39 PM (153 days ago)
Cryomass Technologies Inc. reported a significant revenue increase in Q2 2024, generating $13,889 compared to $0 in Q2 2023. However, the company continues to face substantial financial challenges, with a net loss of $1,619,727 for the quarter, a marked improvement from a loss of $6,361,806 in the same period last year. Total operating expenses decreased by 82% to $1,110,762, primarily due to reduced general and administrative costs and the absence of prior-year impairment charges. As of June 30, 2024, Cryomass had current assets of $533,197 against current liabilities of $6,529,891, resulting in a working deficit of $5,996,694. The company’s cash position improved slightly to $497,900, but management expressed doubts about its ability to sustain operations without additional financing. The company has incurred a cumulative deficit of $56,141,452 since inception. Future operations are uncertain, hinging on revenue generation from equipment sales and potential financing. The company also faces ongoing challenges with internal controls, which could impact financial reporting and compliance.