10-Q - FOCUS UNIVERSAL INC. (0001590418) (Filer)
Wed, May 15, 12:02 PM (182 days ago)
Focus Universal Inc. reported a net loss of $1,315,597 for Q1 2024, compared to a net loss of $1,114,243 in Q1 2023. The company's revenue decreased by $16,937 to $219,158, attributed to a decline in IoT installation services, while cost of revenue increased to $219,357 from $180,744, resulting in a gross loss of $199 compared to a gross profit of $55,351 in Q1 2023. Operating expenses rose slightly to $1,319,611 due to increases in selling expenses, research and development, professional fees, and general administrative costs, despite a reduction in officer compensation. Cash flow from operations was negative at $892,089, and the company had a working capital deficit of $1,832,595 as of March 31, 2024. The company faces substantial doubt about its ability to continue as a going concern, with plans to raise additional capital and potentially sell assets.