Mon, Aug 19, 8:15 PM (26 days ago)
For the quarter ended June 30, 2024, Freedom Holdings, Inc. reported no revenue, maintaining a trend of limited income. Operating expenses decreased to $265,585 from $353,520 year-over-year, primarily due to a reduction in stock issued for services, which fell by 28%. However, professional fees surged by 624% as the company navigated increased costs associated with being a full reporting entity. The net loss improved to $234,448 from $356,452 in the prior year. Total assets rose to $2,184, while total liabilities decreased to $395,210, reflecting efforts to manage debt. The company reported a working capital deficit of $270,663 and has accumulated losses of $10,432,885, raising substantial doubt regarding its ability to continue as a going concern. Cash flow from operations remained negative, but financing activities provided a slight net inflow of $17,013. Management indicated the need for additional funding to sustain operations and pursue growth, relying on potential contributions from officers or private capital raises. The lack of revenue generation and ongoing operational losses underscore significant uncertainties for future performance.