Wed, May 15, 4:34 PM (269 days ago)
Sunstock, Inc. reported a significant decrease in quarterly revenue for Q1 2024, generating $282,138 compared to $3,339,884 in Q1 2023, attributed to the CEO's absence due to surgery. Gross profit declined from $46,491 to $3,653. Operating expenses decreased to $48,368 from $70,300, driven by lower professional fees and other operating expenses. The company posted a net income of $1,380 for Q1 2024, improving from a net loss of $11,646 in Q1 2023, aided by a $48,164 unrealized gain on precious metals. Cash flow from operations remained negative, with net cash used in operating activities totaling $55,486 in Q1 2024, compared to $68,545 in Q1 2023. Sunstock's cash position decreased to $6,146 from $13,790 at year-end 2023. Inventory of precious metals and coins increased slightly to $2,140,115. The company continues to face substantial doubt about its ability to continue as a going concern due to its history of operating losses and negative cash flow. Management plans to seek additional financing through equity placements to address liquidity issues.