Wed, Nov 20, 8:00 PM (86 days ago)
Hawkeye Systems, Inc. (HWKE) reported a net loss of $156,720 for the quarter ending September 30, 2024, compared to a loss of $214,247 in the same quarter of 2023. The company had no revenue during both periods, maintaining a consistent lack of operational income. Total operating expenses decreased significantly to $95,546 from $168,841, primarily due to reduced professional fees and management compensation. As of September 30, 2024, cash reserves dwindled to $7, down from $50,296 a year prior, raising concerns about liquidity and the ability to cover ongoing operational costs. The company’s total liabilities increased to $2,775,054, with a notable promissory note payable to a related party amounting to $2,050,223. Hawkeye is exploring investment opportunities in diverse sectors but faces substantial doubt about its ability to continue as a going concern without additional capital, which it plans to raise through equity and debt securities. The financial statements reflect an accumulated deficit of approximately $12.84 million, underscoring the need for significant funding to sustain operations. The report highlights the company's precarious financial position and the urgent need for capital to meet future obligations.