Mon, Aug 19, 8:51 PM (148 days ago)
Jacksam Corporation's Q2 2024 report shows significant challenges in financial performance. Revenue dropped to $136,312 from $402,610 in Q2 2023, primarily due to reduced sales of both machines and non-machine products. Cost of sales decreased to $84,271, but operating expenses soared to $110,238, resulting in a net income of $55,331, a stark contrast to the prior year's net loss of $1,645,346. The company's cash position weakened, ending the quarter with $67,624, down from $145,521. Current liabilities increased to $5,772,087, driven by higher accounts payable and accrued expenses. The company faces ongoing liquidity concerns and anticipates needing additional financing to sustain operations. Despite challenges, the company reported a reduction in interest expense and eliminated derivative liabilities, reflecting improved financial management. However, uncertainties remain regarding market demand and operational scalability. The outlook is cautiously optimistic, contingent on successful execution of its business plan and securing necessary capital.