Fri, Nov 15, 10:04 PM (17 days ago)
GenFlat Holdings, Inc. (Ticker: N/A) reported a challenging quarterly performance for the period ended September 30, 2024. The company generated $7.9K in revenue from its first contract for leasing collapsible marine containers, a significant increase from $0 in the same period last year. However, the cost of goods sold surged to $53.2K, leading to a gross loss of $45.3K. Total operating expenses skyrocketed to $1.72M, primarily due to a $1.49M increase in stock-based compensation, resulting in a net loss of $1.77M compared to a loss of $133.7K in the prior year. Cash flow from operations was negative at $229.6K, reflecting higher operational losses. The company ended the quarter with $5.6K in cash and a working capital deficit of $226.3K, raising concerns about its liquidity and ability to sustain operations in the near term. Management indicated that future profitability is uncertain, dependent on securing additional lease contracts and obtaining necessary financing, including an ongoing equity offering. The company continues to navigate significant operational and financial uncertainties as it transitions from healthcare consulting to container leasing.