Mon, Sep 16, 8:34 PM (96 days ago)
For the quarter ended July 31, 2024, Kindcard, Inc. reported revenues of $81,740, down from $126,076 in the same period last year, reflecting a significant decline attributed to changes in revenue recognition methods and reduced cash-pickup commissions. Gross profit decreased to $63,541, with total operating expenses rising to $147,596, leading to a net loss of $84,055 compared to a loss of $33,008 in Q2 2023. For the six months ending July 31, 2024, revenue totaled $166,793, down from $255,963, with a net loss of $173,587 versus $52,130 previously. Current assets decreased to $34,088, while total liabilities increased to $1,088,720, highlighting a working capital deficit of $895,939. Cash flow from operations was negative at $77,093, necessitating additional funding to sustain operations. The company remains heavily reliant on loans from related parties, with $394,013 owed to the CEO as of the reporting date. Future operations face uncertainties due to ongoing losses and the need for capital to support growth initiatives.