10-Q/A - TOKEN COMMUNITIES LTD. (0001683252) (Filer)

Wed, Nov 13, 5:53 PM (65 days ago)

Token Communities Ltd. (Ticker: TKCM) filed an amendment (Form 10-Q/A) for its quarterly report ending March 31, 2024, primarily to restate its financial statements due to errors in applying foreign currency conversions and other adjustments. For Q1 2024, the company reported no revenue, a significant decline from $30,592 in Q1 2023. Operating expenses decreased to $9,789 from $59,642, largely due to reduced general and administrative costs. The net loss narrowed to $(20,342) from $(27,085) year-over-year. As of March 31, 2024, total assets were $0, with liabilities of $1,507,226, resulting in a stockholders' deficit of the same amount. Cash flow from operations showed a slight improvement, generating $1,851 compared to a negative cash flow of $(57,779) in Q1 2023. The company continues to face substantial doubt regarding its ability to continue as a going concern, relying on future capital raises and improving revenue streams to sustain operations. The financial health reflects ongoing uncertainties, necessitating careful monitoring by investors and stakeholders.