Fri, Jul 12, 9:10 PM (57 days ago)
I-ON Digital Corp. reported a net loss of $293.9K for Q1 2024, an increase from the $179.5K loss in Q1 2023. The company generated its first revenue of $32.6K from a related party, with a gross profit of $11.6K. Operating expenses decreased to $146.4K from $179.5K due to lower professional fees. Interest expenses of $159.1K led to a higher net loss. Cash flow from operations was negative $114.6K, compared to a positive $259.5K in Q1 2023. The company has limited cash reserves of $1.7K and relies on related party advances. Significant assets include $18.4M in intangible assets, primarily gold-backed digital assets. The company’s financial health is precarious, with ongoing concerns about its ability to continue as a going concern. Future operations depend on successful capital raising and revenue generation from new digital platforms.