Fri, Nov 8, 6:18 PM (253 days ago)
For the quarter ended September 30, 2024, Go Go Buyers, Inc. (ticker: GGB) reported significant financial challenges. Revenues increased to $14,752 from $7,910 in Q3 2023, reflecting growth in its API integration services. However, operating expenses surged to $25,569, up from $4,809, primarily due to increased amortization and general administrative costs, leading to a net loss of $10,817 compared to a profit of $3,101 in the prior year. For the nine months ending September 30, 2024, total revenues reached $36,021, up from $19,584, while operating expenses ballooned to $68,795 from $20,181, resulting in a net loss of $32,774 versus $597 in 2023. Cash flow from operations was negative at $(35,347), with cash reserves dwindling to $866 from $9,900 at year-end 2023. The company faces uncertainties regarding its ability to maintain operations due to ongoing losses and reliance on external financing. Management has indicated a need for additional capital to sustain operations over the next five years. Notably, total liabilities increased to $111,338, with a substantial loan from the director, raising concerns about financial stability. Future operations may be impacted significantly unless revenue generation stabilizes.