Mon, Aug 19, 9:02 PM (148 days ago)
Kaya Holdings, Inc. filed an amendment to its 10-Q for the quarter ended June 30, 2024, noting significant changes following a completed SAS 70 review. The company reported no revenue for Q2 2024, down from $55,116 in Q2 2023, attributed to the closure of its Oregon cannabis operations while preparing for the launch of its psilocybin treatment center. Operating expenses increased to $399,236, largely due to professional fees and administrative costs. The net income for Q2 2024 was $357,210, contrasting with a loss of $714,156 in Q2 2023, primarily driven by gains in derivative liabilities. Kaya's overall financial health remains precarious, with a working capital deficiency of $7,701,014. The company’s total liabilities rose to $16,777,769, influenced by convertible and non-convertible debts. Despite a cash increase to $61,282, Kaya's future operations depend heavily on successful fundraising efforts and the timely opening of its psilocybin center, which could stabilize its financial position. The company acknowledges substantial uncertainties and risks related to its operational model and regulatory environment.