Mon, Jul 1, 8:58 PM (112 days ago)
Indoor Harvest Corp's 10-K for the fiscal year ending December 31, 2023, outlines the company's financial performance and strategic shifts. The company reported no revenue for 2023 and 2022. Operating expenses decreased by 43% to $1.9 million, driven by reductions in general and administrative expenses. The net loss narrowed by 32% to $2.3 million. Cash used in operations increased significantly to $1.1 million. Financing activities provided $1.3 million, primarily through private placements. The company has a working capital deficiency of $1.3 million and an accumulated deficit of $29.5 million, raising substantial doubt about its ability to continue as a going concern. Strategically, Indoor Harvest is transitioning to focus on media, technology, and plant-based industries, including hemp and CBD. The company is also exploring M&A and strategic partnerships to create shareholder value. The impact of COVID-19 remains uncertain but has not materially affected operations to date. Risk factors include regulatory challenges related to the cannabis industry and the company's ability to raise sufficient capital. The company is in the process of establishing a headquarters and continues to seek funding to support its growth strategy.