Tue, May 14, 8:06 PM (305 days ago)
For the quarter ended March 31, 2024, Ozop Energy Solutions, Inc. reported a significant decline in revenue to $251,722 from $2,791,198 in the same period in 2023. The drop was primarily due to lower sales of sourced and distributed products, attributed to higher interest rates affecting the solar market and increased competition. Gross profit also decreased, with cost of revenue dropping to $115,445 from $2,394,700. Operating expenses were slightly lower at $968,763 compared to $1,069,762 in the previous year. The company experienced a net loss of $1,423,795, an improvement from the $2,527,552 loss in Q1 2023, largely due to a gain on the change in fair value of derivatives. Cash flow from operations was negative at $641,620, a reversal from the positive $611,373 in Q1 2023. The company raised $350,555 through the sale of common stock but continued to face liquidity challenges, with a working capital deficit of $28,047,674 and substantial doubt about its ability to continue as a going concern. Management is seeking additional capital to meet debt obligations and expand operations.