Thu, Feb 27, 6:19 PM (59 days ago)
FrankSpeech Network, Inc. (OTC: FSBK) reported a net loss of $267,532 for Q1 2018, a significant reduction from $1,118,499 in Q1 2017, primarily due to decreased general and administrative expenses, which fell from $1,993,177 to $187,621. Revenue increased modestly to $1,400 from $17, reflecting ongoing development in the cloud television sector. As of March 31, 2018, the company had total assets of $108,000 and liabilities of $1,454,429, indicating a substantial stockholders’ deficit of $1,454,321. Cash flow from operating activities improved, with a net cash usage of $13,113 compared to $225,307 in the prior year. The company faces significant financial uncertainty, with liabilities exceeding assets and a reliance on debt and equity financing for operations. Management continues to seek additional capital and is exploring strategic partnerships to support its business model, which includes online television and media content. The company’s ability to continue as a going concern remains in question, dependent on securing necessary funding.