Mon, Jun 3, 6:27 PM (248 days ago)
James Maritime Holdings Inc. reported its financial results for the quarter ended March 31, 2023. The company, primarily operating through its subsidiaries Gladiator Solutions Inc. and United Security Specialists Inc. (USS), saw significant changes in its financial health and performance due to recent acquisitions. **Financial Highlights:** - **Net Sales:** $2,736,403, a substantial increase from $0 in the previous year, driven by the acquisitions of Gladiator and USS. - **Cost of Goods Sold:** $2,040,863, reflecting the increased operational scale. - **Operating Expenses:** Increased to $1,845,840 from $240,841, including a significant loss on impairment of intangible assets ($911,467). - **Net Loss:** $1,192,552, compared to $240,841 in the prior year, largely due to high operating and impairment costs. **Balance Sheet:** - **Total Assets:** $4,319,461, down from $5,774,808 at the end of 2022. - **Cash:** $76,577, a significant decrease from $455,454. - **Total Liabilities:** $3,329,320, a slight decrease from $3,592,115. - **Shareholders’ Equity:** $990,141, down from $2,182,693. **Liquidity:** - The company faces a working capital deficit of $1,627,717 and an accumulated deficit of $12,495,115. - Cash flow from operations was negative at $184,860, with financing activities also consuming cash. **Going Concern:** - The report highlights substantial doubt about the company’s ability to continue as a going concern due to ongoing losses and insufficient revenue generation to cover operating costs. **Future Outlook:** - James Maritime plans to raise additional funds through equity financing and is exploring potential acquisitions in the corporate security space to stabilize and grow its operations.