Thu, Sep 26, 5:20 PM (85 days ago)
Kinetic Seas Incorporated's Form 10-K/A for the fiscal year ending December 31, 2023, reveals a strategic pivot towards artificial intelligence (AI) consulting and GPU cloud hosting. The company, previously a shell entity, appointed a new board and management team to lead this transition, resulting in significant share issuances. Financially, Kinetic Seas reported no revenue for 2023, with operating expenses increasing to $121,538 from $75,653 in 2022, attributed to legal and accounting fees related to its new business focus. The net loss widened to $160,962, or $0.03 per share, compared to a loss of $94,131 in 2022. As of year-end, the company held $17,931 in cash and a working capital deficit of $208,563. It faces substantial risks, including reliance on GPU technology, competitive pressures, and the need for additional financing to support operations. The report emphasizes the company's commitment to establishing a robust AI infrastructure while navigating regulatory challenges and market volatility. The outlook remains uncertain, hinging on successful capital raises and market acceptance of its AI services.