Tue, Jul 9, 4:09 PM (60 days ago)
Kenilworth Systems Corporation's Form 10-Q/A for the quarter ended March 31, 2024, amends the original filing to correct financial statements and data in the Management Discussion and Analysis section. Key points include: 1. **Financial Performance**: The company reported a net loss of $81,413 for Q1 2024, an increase from the $10,646 loss in Q1 2023. Revenue was $5,000, with operating expenses totaling $70,677, up substantially from $10,646 in the prior year. 2. **Balance Sheet**: Total assets decreased to $52,507 from $68,184 as of December 31, 2023. Cash reserves dropped from $19,699 to $4,022. Liabilities increased slightly to $81,150 from $74,914. 3. **Cash Flow**: Net cash used in operating activities was $75,177. Financing activities provided $59,500, primarily from common stock issuance. 4. **Equity Changes**: Issued 5,950,000 shares of common stock, resulting in total outstanding shares of 69,699,525 as of March 31, 2024. 5. **Going Concern**: The company’s ability to continue as a going concern is uncertain, relying on equity sales and debt financing. 6. **Future Plans**: Management is exploring acquisition opportunities in medical and energy technologies and expanding its Regenecell subsidiary's operations.