Wed, Aug 14, 7:11 PM (153 days ago)
Kinetic Group Inc. reported no revenue for the three and nine months ending June 30, 2024, maintaining its status as a development stage company. Total operating expenses for the nine-month period were $70,364, a decrease from $89,347 in the previous year, primarily due to reduced professional fees. The company incurred a net loss of $70,364, reflecting ongoing challenges in generating revenue and managing costs. As of June 30, 2024, Kinetic's total current liabilities stood at $222,236, significantly outpacing current assets of $59, resulting in a working capital deficiency of $222,177. The company continues to rely on shareholder support for liquidity, highlighting its need for additional funding through public or private offerings to sustain operations. Significant changes included a correction of a prior accounting entry regarding accounts receivable, which had no impact on income or cash flow statements. Additionally, the acquisition of BINNOPS Technologies is anticipated to generate $5.1 million in revenue, contingent upon securing $1.7 million in funding by July 2024. The company faces uncertainties regarding future operations and its ability to raise necessary capital.