Tue, Nov 19, 9:37 PM (83 days ago)
For the quarter ended September 30, 2024, The Crypto Company (Ticker: CRCW) reported significant declines in revenue and increased losses, reflecting ongoing challenges in its blockchain training services. Revenue fell to $10,299 from $124,195 year-over-year, and for the nine months, it dropped to $35,946 from $379,107. The company incurred a net loss of $3,333,613, compared to a net loss of $3,922,996 in the prior year, primarily due to decreased service demand and increased share-based compensation expenses totaling $1,865,099. Total assets decreased to $1,265,233 from $1,374,593, while liabilities rose, leading to a stockholders' deficit of $4,784,551. Cash flow from operations was negative at $(1,395,798), indicating liquidity pressures. The company continues to seek financing strategies to stabilize its operations amidst uncertainties in the competitive blockchain market. Management emphasizes the need for profitable operations or additional financing to continue as a going concern. Future operations may be impacted by the volatile nature of the blockchain sector and the company's ability to adapt to changing market conditions.