Mon, May 20, 9:09 PM (154 days ago)
Goldenwell Biotech, Inc. reported a net loss of $30,977 for the quarter ended March 31, 2024, a slight improvement from a net loss of $33,606 in the same period in 2023. Revenue decreased significantly to $158 from $1,422 year-over-year. The company’s operating expenses decreased marginally to $31,056 from $34,317. Cash flow from operations was negative at $31,110, with a cash balance of $24,221 at the end of the quarter, down from $53,231 at the end of 2023. The company’s working capital deficit stood at $121,011, with total assets of $198,968 and total liabilities of $145,222. Goldenwell Biotech faces substantial doubt about its ability to continue as a going concern due to its accumulated net loss of $1,258,658 and limited revenue generation. The company plans to raise additional funds through debt or equity offerings to support its operations and business expansion. There were no significant changes in internal controls over financial reporting during the quarter.