Mon, Aug 19, 8:05 PM (148 days ago)
For the quarter ending June 30, 2024, Cytta Corp reported revenues of $832, a significant decrease from $8,117 in Q2 2023, attributed to lower recognition of deferred revenues from subscription agreements. Operating expenses increased slightly to $1,295,747 from $1,281,701 year-over-year, driven by higher consulting and stock-based compensation costs. The company incurred a net loss of $1,453,777 for Q2 2024, compared to a loss of $1,303,017 in the prior year. As of June 30, 2024, total assets rose to $2,653,227 from $2,301,134, with current liabilities slightly decreasing to $2,548,000. Cash flow from operations showed a net outflow of $1,411,364, reflecting ongoing operational challenges. The company continues to face significant financial strain, evidenced by an accumulated deficit of $36,104,926, raising doubts about its ability to sustain operations without additional capital. Future funding will be critical for continued business viability, as the current liquidity position is insufficient to meet operational demands.