Mon, Jul 1, 10:28 AM (112 days ago)
Energy and Water Development Corp.'s 10-Q/A for the quarter ended March 31, 2024, highlights the company's continued financial challenges. The amendment includes iXBRL files omitted from the original filing but does not modify the financial statements. Key financial metrics indicate: - Cash and cash equivalents decreased to $50,506 from $76,627. - Total assets decreased to $1,342,067 from $1,424,800. - Total liabilities increased to $2,238,178 from $2,147,984. - Stockholders’ deficit widened to $896,111 from $723,184. The company reported no revenue for the quarter, with a net loss of $983,820, compared to a $710,026 loss in the prior-year quarter. General and administrative expenses rose by 22% to $616,195, primarily due to increased professional fees and other administrative costs. Cash flow from operations was negative at $405,116, with financing activities providing $412,988. The company faces substantial doubt about its ability to continue as a going concern, relying on future sales, equity issuance, and cost reductions to sustain operations. Recent developments include a default notice from 1800 Diagonal Lending LLC and the dissolution of a German subsidiary.