Thu, Aug 22, 9:21 PM (320 days ago)
For the quarter ended June 30, 2024, Groove Botanicals, Inc. reported a net loss of $36,539, a significant reduction from the $126,227 loss in the same period of the prior year. This improvement is largely attributed to a decrease in total operating expenses, which fell from $123,977 to $36,539, primarily due to a substantial reduction in consulting expenses. The company's cash position increased to $2,638 from $1,688, while total liabilities rose to $854,767 from $762,699, driven by related party payables. The accumulated deficit increased slightly to $34,938,433 from $34,847,277. The company has not generated revenue and continues to face liquidity challenges, raising concerns about its ability to continue as a going concern. Future operations will depend on securing additional financing, estimated between $500,000 and $5,000,000, to support its planned pivot towards early-stage EV battery technologies. The company remains in a precarious position, reliant on related party funding and facing uncertainties in capital acquisition.