Tue, May 14, 7:09 PM (245 days ago)
Theglobe.com, Inc. filed its 10-Q for the quarter ended March 31, 2024. The company continues to operate as a shell entity with no material operations or revenue. The net loss for Q1 2024 was $51,232, a slight improvement from $52,984 in Q1 2023, primarily due to reduced general and administrative expenses. Cash increased to $28,677 from $9,105 at year-end 2023, aided by $50,000 in financing from its majority stockholder, Delfin Midstream LLC. The company faces significant liquidity challenges, with current liabilities of $1.36 million far exceeding its assets. Management anticipates continued reliance on funding from Delfin to sustain operations over the next twelve months. The report highlights substantial doubt about the company's ability to continue as a going concern without additional capital.