Mon, Nov 25, 7:02 PM (51 days ago)
Sound Cave Technology Inc. (SCTI) reported its financial results for the quarter ending June 30, 2024. The company continues to operate without generating revenue, maintaining total assets of $1,397,000, a slight decrease from $1,463,000 at the end of 2023. Current liabilities remain unchanged at $12,457,000, resulting in a working capital deficit of $11,060,000. For the quarter, operating expenses totaled $33,000, primarily from general and administrative costs, showing a reduction from $34,000 in the same quarter of 2023. The net loss was $33,000, a significant decrease from the previous year’s $2,927,000 loss, which included substantial professional fees. Cash flow from operations reflected a net cash usage of $66,000, down from $2,927,000 in the prior year, with no financing activities reported in 2024 compared to $4,200,000 in 2023. Management highlights ongoing concerns regarding the company’s ability to generate sustainable revenue, emphasizing reliance on future investments for operational support. The company’s accumulated deficit reached $33,339,000, raising substantial doubt about its ability to continue as a going concern. Future operations may be significantly impacted by the ability to secure additional funding and achieve profitability.