Tue, Nov 12, 2:21 PM (97 days ago)
**Sound Cave Technology Inc. (Ticker: SCTI) - Summary of Financial Performance (2023)** Sound Cave Technology Inc., a development-stage company focused on wearable technology, reported no revenue for the fiscal year ending December 31, 2023. The company incurred an operating loss of $2,993, significantly reduced from $15,548 in 2022, primarily due to decreased professional fees and operational activities. As of December 31, 2023, total assets amounted to $1,463, up from $256 in 2022, while total liabilities decreased slightly to $12,457 from $13,957. The company raised $5,700 through share subscriptions at $0.05 per share, maintaining 10 million shares outstanding. The accumulated deficit grew to $33,273. The company requires $380,000 in funding over the next year for product development and marketing, with a potential additional $16,000 needed for compliance costs. Strategically, Sound Cave aims to penetrate the competitive hoodie market with its innovative sound-embedded product targeting young adults. However, it faces risks related to capital acquisition and operational viability, as indicated by a "going concern" opinion from auditors. The absence of significant revenue and reliance on related party loans underscore the financial challenges ahead. Future financing is critical for sustaining operations and achieving business objectives.