Mon, May 20, 8:12 PM (262 days ago)
The Crypto Company’s Q1 2024 financial report reveals a challenging quarter with declining revenues and continuing losses. Revenue decreased significantly to $15.8K from $156.9K in Q1 2023, primarily due to reduced demand for blockchain training services. Operating expenses increased slightly to $442.8K, with share-based compensation rising to $463.2K from $386.6K. The company reported a net loss of $1.1M, an improvement from the $2.8M loss in Q1 2023, largely due to reduced interest expenses. Cash and cash equivalents fell to $21.9K from $73K at the end of 2023, reflecting negative cash flow from operations. The company’s financial position remains precarious, with a working capital deficit of $4.2M and an accumulated deficit of $45.5M, raising substantial doubt about its ability to continue as a going concern. Financing activities provided $293.4K, mainly from issuing promissory notes. The company is exploring various strategies to secure additional financing.