Mon, Aug 19, 12:25 PM (109 days ago)
Kioni Holdings Limited reported significant financial changes for the quarter ending June 30, 2024, reflecting a notable improvement in its financial health. Total assets surged to $119,494, up from $10,350 at year-end 2023, largely due to cash inflows from equity financing. The company recorded revenues of $13,500 for the quarter and $27,000 for the six months, marking a shift towards profitability with a net profit of $17,805 for Q2 and $11,941 for the first half of the year. The operating expenses increased to $17,805, influenced by general and administrative costs. The company’s current liabilities rose to $38,113, compared to $21,300 previously, but the net current assets improved significantly to $75,681. Kioni's equity transitioned from a deficit of $10,950 to a positive $81,381, driven by a substantial equity raise. Despite these gains, the management expressed concerns regarding the company’s ability to sustain operations without additional capital, highlighting the reliance on future equity or debt financing. The report raised "substantial doubt" about the company's ability to continue as a going concern, emphasizing the need for ongoing capital to cover operating expenses.