Tue, May 14, 8:24 PM (73 days ago)
Kinetic Seas Incorporated reported a net loss of $199,338 for Q1 2024, a significant increase from the $7,322 loss in Q1 2023, driven by higher operating expenses associated with its new AI business. The company generated $10,554 in consulting revenue, with a gross margin of $2,713. Operating expenses surged to $197,501 from $2,726 due to costs related to the AI business launch. Cash on hand decreased to $1,708 from $17,931, and cash used in operations rose to $182,700 from $4,021. Financing activities provided $250,000 from a private stock placement. The company faces substantial doubt about its ability to continue as a going concern, requiring additional funding to sustain operations.