Thu, Nov 14, 5:20 PM (22 days ago)
For the quarter ending September 30, 2024, Groove Botanicals, Inc. (Ticker: N/A) reported a net loss of $29,833, slightly down from $30,045 in the prior year. The company continues to struggle with profitability, reflecting an ongoing trend of operational losses since inception, with total accumulated deficits reaching $35,022,884. Revenue remains nonexistent as the company has not generated sales since its inception. Operating expenses decreased to $29,833 from $30,045, largely due to reduced general and administrative costs, despite increased legal fees. The company’s cash position improved to $6,133 from $1,688, primarily through related party financing of $67,913. The financial health indicators suggest liquidity issues, as highlighted by the substantial current liabilities of $947,289 against total assets of $11,125. The company acknowledges significant uncertainties regarding its ability to continue as a going concern, with plans to seek additional capital through equity or debt financing. Management is actively pursuing partnerships for early-stage EV battery technologies, aiming for future revenue generation. However, the lack of current revenue and high operational costs raise concerns about sustainability and growth potential.