Wed, Aug 14, 8:07 PM (153 days ago)
NetBrands Corp. reported significant financial challenges for Q2 2024, with no revenue generated compared to $194,383 in Q2 2023. The company attributes this decline to supply chain issues and the loss of key product lines. Operating expenses surged to $548,761, largely due to non-cash stock-based compensation of $368,889. The net loss for the quarter was $553,345, slightly higher than the $425,807 loss in the same period last year. For the six months ending June 30, 2024, the company also reported zero sales, down from $512,066 in 2023, and incurred a total net loss of $972,971. Cash reserves fell to $821, raising concerns about liquidity and the company's ability to continue operations. Total liabilities increased to $2,263,805, with negative working capital of $1,756,811. The company is actively seeking new financing and business opportunities to stabilize operations. However, ongoing defaults on all debt obligations and a substantial accumulated deficit of $30,924,634 pose significant risks to its future viability. The financial outlook remains uncertain as the company navigates these challenges.