Mon, Aug 19, 3:07 PM (148 days ago)
For the quarter ended June 30, 2024, Thunder Energies Corporation reported no revenue, maintaining a net loss of $1,170,056, significantly reduced from $5,481,693 in the same period of 2023. Total operating expenses decreased by 80% to $1,081,891, primarily due to reduced stock-based compensation and consulting costs. The company’s total assets increased to $412,766 from $154,519 as of December 31, 2023, driven by higher cash and receivables. However, total liabilities surged to $11,447,475, up from $9,380,762, largely due to increased accounts payable and accrued interest. The accumulated deficit rose to $20,098,552. The company faces substantial doubt about its ability to continue as a going concern due to ongoing operating losses and a working capital deficit of $11,034,709. Management plans to raise additional capital through public offerings or asset sales. Despite these challenges, the firm has made progress in reducing operational costs and enhancing its financial structure. The lack of revenue generation continues to pose risks, compounded by a complex debt structure and potential legal liabilities.