Fri, Jun 28, 9:26 PM (71 days ago)
Energy and Water Development Corp. reported a net loss of $983,820 for Q1 2024, compared to $710,026 in Q1 2023. The increase in net loss was primarily due to higher general and administrative expenses, which rose by 22% to $616,195, attributed to increased professional fees and other administrative costs, including insurance and rent for new office and warehouse spaces. The company did not generate any revenue during the period. Cash and cash equivalents decreased to $50,506 from $76,627 at the end of 2023. The company faces liquidity challenges, with a working capital deficit of $1,231,290 and substantial doubt about its ability to continue as a going concern. Management plans to address this through increased sales efforts, cost reductions, and potential equity financing. Recent developments include a default notice on a promissory note and the dissolution of a subsidiary in Germany.