Wed, Jun 12, 7:10 PM (87 days ago)
Go Go Buyers, Inc. reported significant financial developments for the fiscal year ending December 31, 2023. Revenues increased to $28,319 from $1,052 in 2022, indicating growth in their API integration services. However, operating expenses also rose to $29,791 from $7,382, primarily due to an increase in amortization expenses related to intangible assets. Consequently, the net loss decreased to $1,472 from $7,514 in 2022. Total assets as of December 31, 2023, were $113,299, with cash reserves of $9,900, while total liabilities stood at $103,112. Shareholders’ equity increased marginally to $10,187. Despite the growth in revenue, the company remains in the startup phase with limited capital resources and no assurance of future financing. The company is focusing on enhancing its platform usability and expanding its marketing efforts. Key risk factors include the need for additional capital and the potential impact of governmental regulations. The company also highlighted internal control weaknesses, particularly in financial reporting and IT controls.