Thu, May 16, 8:34 PM (71 days ago)
Kaya Holdings, Inc. reported a net loss of $1,105,680 for Q1 2024, compared to a net income of $34,933 in Q1 2023. The significant loss was primarily due to changes in derivative liabilities and increased volatility factors. Revenues decreased to $28,009 from $48,245, reflecting a reduced retail footprint in Oregon as the company pivots towards international cannabis operations and the emerging psychedelics market. Operating expenses were reduced from $367,526 to $313,189, driven by cost-saving measures. The company’s cash position improved to $74,997, bolstered by $210,200 in new capital from convertible notes. Kaya Holdings plans to leverage its experience in the cannabis sector to expand into the psychedelic therapeutics market, with the expected opening of The Sacred Mushroom™ Psychedelic Treatment Center in June 2024. Despite the financial challenges and a substantial working capital deficit of $8,218,743, the company remains focused on securing additional financing to support its growth strategy.