Thu, Jun 20, 7:09 PM (79 days ago)
Star Alliance International Corp.'s Form 10-Q for the quarter ended March 31, 2024, highlights several critical financial metrics and operational updates. The company reported a net loss of $868,815 for Q1 2024, a significant increase from the $384,009 loss in Q1 2023, primarily due to higher loss on conversion of preferred stock and derivative liabilities. Operating expenses decreased to $179,841 from $224,186 year-over-year, driven by reductions in general and administrative costs and professional fees. Cash flow from operations was negative at $252,637, and the company has an accumulated deficit of $27,383,472. The balance sheet shows a decline in total assets to $920,007 from $994,423 as of June 30, 2023, with liabilities increasing to $2,776,751. Stockholders' deficit widened to $1,856,744. The company faces substantial doubt about its ability to continue as a going concern due to ongoing losses and cash flow issues. Key developments include the expiration of the Commsa and Lion Works acquisition agreements, ongoing negotiations for new agreements, and the issuance of convertible notes and preferred stock to raise funds. The company also increased its authorized common stock to 950,000 shares to facilitate debt conversions and potential acquisitions.