Thu, Sep 12, 8:56 PM (99 days ago)
Token Communities Ltd. has filed an amendment to its Quarterly Report (Form 10-Q/A) for the period ending September 30, 2023, to restate its financial statements due to errors related to foreign currency transactions and other adjustments. The company reported revenues of $1,792, a notable increase from zero in the same quarter of the previous year, attributed to its acquisition of Elements of Health and Wellness, Inc. However, operating expenses decreased significantly to $41,115 from $126,683, primarily due to reduced general and administrative costs. The net loss for the quarter was $37,389, a decrease from a loss of $126,683 a year prior. As of September 30, 2023, the company had total assets of $9,070, with liabilities exceeding assets, resulting in a stockholders' deficit of $1,422,499. Cash flow from operations was negative, and the company faces substantial doubt about its ability to continue as a going concern, relying on capital raises or sales to sustain operations. The report highlights uncertainties in future operations and emphasizes the need for effective revenue generation and cost management to improve financial health.