Tue, May 14, 6:51 PM (220 days ago)
Stratos Renewables Corporation's Q1 2024 10-Q highlights a challenging financial position with no revenue generation and ongoing net losses. For the quarter ended March 31, 2024, the company reported an operating loss of $41.9k, up from $33.3k in Q1 2023, primarily due to increased professional fees. The company's cash position decreased to $60.6k from $80.3k at year-end 2023, reflecting cash used in operating activities. Current liabilities rose to $26k from $3.8k, while stockholders' equity dropped to $34.6k from $76.5k. The company remains a shell entity, actively seeking acquisition opportunities to generate operating revenues. Management acknowledges substantial doubt about its ability to continue as a going concern, emphasizing the need for additional capital and successful execution of its acquisition strategy. The company’s financial health is precarious, with uncertainties about future operations and the broader economic impact of the COVID-19 pandemic.