Thu, Aug 22, 5:07 PM (145 days ago)
Goldenwell Biotech, Inc.'s 10-Q report for the quarter ending June 30, 2024, reveals significant financial challenges. The company reported revenues of $139, a sharp decline from $276 in Q2 2023, contributing to a net loss of $49,920 compared to a loss of $27,084 in the prior year. Total revenues for the six months reached $297, down from $1,698 in 2023. Operating expenses surged to $49,990 for the quarter, primarily due to increased interest and legal costs. As of June 30, 2024, the company holds assets of $200,398, primarily in cash ($25,720) and inventory ($174,677), against total liabilities of $196,571, leading to minimal stockholders' equity of $3,826. The company’s cash flow from operations remains negative, with $49,851 used in Q2 2024 and $80,961 for the six months. Goldenwell's future operations hinge on securing additional financing, estimated at $5 million, to establish manufacturing capabilities. The report raises substantial doubt about the company's ability to continue as a going concern, emphasizing the need for capital to sustain operations and potentially expand.