Wed, May 15, 8:52 PM (205 days ago)
Freedom Holdings, Inc. (FHLD) reported a net loss of $20,689 for the quarter ending March 31, 2024, compared to $36,693 for the same period in 2023. The company had no revenue for both periods. Operating expenses decreased from $30,683 to $14,932, driven by reduced professional fees and general administrative expenses. Interest expenses were slightly lower at $5,757 compared to $6,010 in 2023. The balance sheet shows a significant stockholders' deficit of $431,078, up from $411,889 in September 2023. Total liabilities increased to $431,099 from $412,477, primarily due to higher accounts payable and accrued interest. Cash reserves were minimal at $21, down from $588. The company faces substantial doubt about its ability to continue as a going concern, with a working capital deficit of $304,728. Future operations depend on securing additional funding. Management plans to address material weaknesses in internal controls over the next 12 months. There are no material legal proceedings or significant capital expenditures reported.