Mon, Aug 19, 7:27 PM (148 days ago)
MetaWorks Platforms, Inc. reported significant financial challenges for the quarter ending June 30, 2024. The company generated no revenue, a stark contrast to $354,882 in the same period last year, primarily due to the absence of NFT sales, consulting services, and movie distribution revenue. Operating expenses decreased to $967,897 from $1,363,828, reflecting cost-cutting measures. The net loss from operations rose to $2,570,801 compared to $1,341,916 in the prior year, indicating worsening financial health. Current liabilities increased to $2,943,225, surpassing current assets of $56,003, resulting in a working capital deficit of $2,887,222. Cash flow from operations showed improvement, with a reduction in cash used to $430,267 from $775,137 year-over-year. However, financing activities also decreased, providing $428,498 compared to $748,458 in the previous period. The company highlighted uncertainties surrounding its ability to continue as a going concern, needing approximately $1.2 million to fund operations over the next year. The accumulated deficit reached $49,649,071, raising concerns about the sustainability of its business model and future operations.