Fri, Feb 21, 10:13 PM (63 days ago)
Edgemode, Inc. (EDGM) filed an amended 10-Q for the quarter ending June 30, 2024, restating financial statements from prior periods due to misstatements related to stock options granted in 2023. For the 2024 quarter, operating expenses decreased by 9% to $385,419, while total losses increased, resulting in a net loss of $315,478. Revenue remained absent, with the company relying on refunds and minimal financing activities. The restatement revealed a significant accumulated deficit of $39,661,591. As of June 30, 2024, total liabilities reached $3,901,414, with ongoing defaults on convertible notes and significant accrued payroll obligations. The company has suspended operations, seeking $75 million in financing to resume Bitcoin mining activities. Cash flow remains constrained, with only $376 on hand. Management has acknowledged material weaknesses in internal controls, impacting financial reporting accuracy and raising concerns about the company's ability to continue as a going concern. Future operations hinge on securing necessary funding and addressing outstanding debts.