Fri, Feb 21, 10:08 PM (65 days ago)
**Edgemode, Inc. (EDGM) 10-K/A Summary:** Edgemode, Inc. reported no revenue for FY 2023, a decline from $438,042 in FY 2022, due to the cessation of Ethereum mining operations. Operating expenses decreased significantly to $3,362,714 from $31,014,864, primarily due to reduced stock-based compensation and losses on cryptocurrencies. The net loss for 2023 was $3,014,781, compared to a loss of $32,245,997 in 2022, reflecting improved cost management. The company is in a precarious financial position, with only $3,500 in cash as of April 2024 and seeking to raise $45 million to resume mining operations. Existing convertible notes are in default, increasing financial risk. The amendment addresses restatements due to omitted stock options, resulting in adjustments to previously reported financials. The company continues to face substantial doubt about its ability to continue as a going concern, highlighting the need for significant capital to fund operations and potential business combinations. Management acknowledged material weaknesses in internal controls, emphasizing the need for improved oversight and procedures. Overall, Edgemode's strategic outlook hinges on securing financing and identifying viable business opportunities amid ongoing operational challenges.