Wed, Jun 26, 7:31 PM (117 days ago)
MetAlert, Inc.'s Q1 2024 financial report reveals a challenging quarter with a 34% decline in revenues to $48,318 compared to Q1 2023. The decline is attributed to transitioning from PPE sales to core B2B operations and delays in launching new products. Despite the revenue drop, the gross margin improved to 89% from 58%, driven by higher-margin subscription services. Operating expenses remained high, with wages and benefits decreasing by 33%, while professional fees and sales and marketing expenses increased significantly. The net loss slightly increased to $251,145 from $249,146 in Q1 2023. The company faces substantial doubt about its ability to continue as a going concern, with a stockholders' deficit of $3.9 million and negative working capital of $4 million. Cash flow from financing activities increased by 298%, reflecting efforts to raise capital. Future operations depend on successful product launches and securing additional funding.