Mon, Jun 3, 6:28 PM (286 days ago)
James Maritime Holdings Inc. (JMTM) reported its financial performance for Q2 2023, ending June 30. The company, primarily operating through its subsidiaries Gladiator Solutions Inc. and United Security Specialists Inc. (USS), saw significant revenue growth due to recent acquisitions. Net sales for Q2 2023 were $1.8 million, up from $0 in Q2 2022, driven by these acquisitions. Cost of goods sold was $1.9 million, resulting in a gross loss. General and administrative expenses rose to $903,501 from $143,241 in the prior year, reflecting increased operational activities. Consequently, the net loss for Q2 2023 was $1.2 million, compared to $143,241 in Q2 2022. For the six months ended June 30, 2023, net sales were $4.5 million, with a net loss of $2.4 million, compared to no sales and a net loss of $384,802 in the same period of 2022. The company had $102,836 in cash with a working capital deficit of $2.1 million, highlighting liquidity challenges. Management expressed substantial doubt about the company's ability to continue as a going concern without additional financing. The company is considering equity financing to address this issue.