Wed, May 15, 9:03 PM (252 days ago)
Freeze Tag, Inc. reported a net loss of $218,098 for Q1 2024, compared to a net loss of $47,841 for Q1 2023. Revenues decreased by $42,426 to $468,946, primarily due to reduced demand for some product types. Cost of sales slightly increased to $106,265, while selling, general, and administrative expenses rose significantly by $126,944 to $569,813, mainly due to higher amortization, accounting, and salary expenses. Cash flow from operations was negative, with a net cash usage of $179,139. The company has a working capital deficit of $793,574 and a total stockholders’ deficit of $440,964, raising substantial doubt about its ability to continue as a going concern. Management is evaluating alternative financing sources to fund operations.