Mon, Aug 19, 7:24 PM (148 days ago)
For the quarter ended June 30, 2024, Gofba, Inc. reported no revenue, maintaining a net loss of $503,000, up from $489,000 in Q2 2023. Operating expenses rose slightly to $503,000, primarily due to increased professional fees and general administrative costs. The company continues to face significant financial challenges, with a working capital deficit and reliance on related-party financing. Total liabilities increased to $17.4 million, with stockholder deficits reaching $15.4 million. Cash flow from operations was negative, with a cash balance of $0 at quarter-end. The company has not yet established recurring revenue sources and is dependent on additional common stock sales and support from its majority stockholder to meet liquidity needs. Management expressed substantial doubt about the company's ability to continue as a going concern without successful fundraising efforts. Future operations will focus on technology development and potential revenue-generating initiatives, although uncertainties persist regarding profitability and cash flow sustainability.