Fri, Aug 16, 6:19 PM (151 days ago)
Leet Technology Inc.'s Q2 2024 report reveals significant improvements in financial performance compared to Q2 2023. Revenue surged to $347,665 from $95,876, attributed largely to a new white label project with Smart Communications, Inc. Gross profit also improved, showing a substantial gain despite increased costs associated with server rentals and labor. Operating expenses decreased markedly from $286,556 to $87,180, primarily due to reduced general and administrative costs. Net income for Q2 2024 reached $213,397, a notable recovery from a loss of $310,831 in Q2 2023. The six-month period saw revenue rise to $544,318 from $145,136, with a reduced net loss of $90,327 compared to $821,652 in the prior year. However, liquidity remains a concern, with cash and equivalents at $15,449 and a working capital deficit of $3,816,176, raising doubts about the company's ability to sustain operations without additional financing. Management is actively seeking funds but acknowledges uncertainties regarding future operations. The report indicates ongoing reliance on shareholder support, highlighting the need for strategic financial planning amid potential risks in the esports sector.