10-Q - Mycotopia Therapies, Inc. (0001763329) (Filer)

Mon, Aug 19, 4:43 PM (26 days ago)

For the quarter ended June 30, 2024, Mycotopia Therapies, Inc. reported a net loss of $470,675, an increase from $278,682 in the same period of 2023, with no revenue generated in either quarter. Total operating expenses surged 234% year-over-year to $391,410, primarily due to increased amortization from intangible assets and higher product development costs. Interest expenses decreased by 51% to $79,265, attributed to lower debt discount amortization. As of June 30, 2024, the company had total assets of $1,888,069, down from $2,219,413 at year-end 2023. Current liabilities rose to $4,812,996, leading to a working capital deficit of $4,532,591. Cash and equivalents slightly increased to $279,905. The company continues to face substantial liquidity challenges, relying on debt financing to support operations. Management is actively seeking additional equity financing to improve cash flow. The ongoing losses and working capital deficiencies raise significant doubt about the company's ability to continue as a going concern. Future operations hinge on successful capital raising efforts and operational improvements.