Mon, Aug 19, 8:29 PM (148 days ago)
Saxon Capital Group, Inc. reported no revenue for the second quarter of 2024, continuing its trend from the previous year. Operating expenses increased to $25,250 from $19,438, leading to a net loss of $25,250 compared to $19,438 in Q2 2023. For the six months ending June 30, 2024, the company incurred a loss of $40,930, an improvement from $46,717 in the prior year. Cash flow from operations showed a net use of $6,685, funded by a related-party loan of the same amount. The balance sheet reflects total liabilities of $381,036, with no cash or assets, indicating reliance on shareholder funding for ongoing operations. The company's accumulated deficit grew to $31,186,785. Management expressed uncertainty about future operations, emphasizing the need for additional capital to merge with a profitable entity, as the company is currently classified as a "blank check company" with no established business plan. This situation raises substantial doubt regarding its ability to continue as a going concern. Overall, Saxon Capital remains in a precarious financial position with significant operational challenges ahead.