Tue, May 14, 1:34 PM (73 days ago)
Thunder Energies Corporation, a Florida-based company, filed its Form 10-Q for the quarter ending March 31, 2024. The report highlights a significant working capital deficit and an accumulated deficit, raising substantial doubt about the company's ability to continue as a going concern. The company reported no revenue for the quarter and a net loss of $2,182,710, primarily due to operating expenses totaling $2,098,402. These expenses included marketing, stock-based compensation, and general and administrative costs. The financial statements reflect a total asset value of $604,710 and total liabilities of $10,976,363, leading to a stockholders' deficit of $10,371,653. The company's cash position saw a slight increase due to financing activities, primarily from proceeds from convertible notes payable. However, the cash flow from operations was negative, indicating ongoing financial challenges. The management's discussion emphasizes the company's shift from its previous business model to investing in diversified assets like real estate and mineral mining ventures to improve financial stability and shareholder value. Significant financial commitments include a convertible note of $1,000,000 due in July 2024 and various consulting and employment agreements that are crucial for the company’s restructuring and operational strategies. The report also mentions legal proceedings and potential liabilities that could impact the company's financial position and operations moving forward. Overall, Thunder Energies faces critical financial challenges with substantial uncertainties regarding its future operations and profitability.