Mon, Nov 25, 7:00 PM (53 days ago)
For the quarter ending March 31, 2024, Sound Cave Technology Inc. (ticker: SCTI) reported no revenue, maintaining a cash position of $1,430, a slight decrease from $1,463 at year-end 2023. The company incurred a net loss of $33, significantly down from $2,893 in the same quarter of 2023, reflecting reduced operating expenses primarily due to the absence of professional fees. Total liabilities remained stable at $12,457, with a working capital deficit of $11,027, up from $10,994. The company continues to face challenges in generating revenue and has not yet established a stable source of income, raising doubts about its ability to continue as a going concern. Management emphasizes the need for additional capital to support operations. The financial statements indicate that the company is reliant on funding from its director, Christopher Campbell, who has provided significant financial support recently. Overall, while there are improvements in expense management, the ongoing lack of revenue and high accumulated deficit of $33,306 highlight substantial risks for future operations.