Tue, Jan 14, 6:14 PM (28 days ago)
For the quarter ending September 30, 2024, Token Communities Ltd. (TKCM) reported revenues of $20,061, a significant increase from $1,792 in Q3 2023, primarily driven by the acquisition of ASC Global Inc. Operating expenses rose to $98,345, up from $41,115, largely due to increased general and administrative costs associated with the acquisition. The company posted a net loss of $78,453 compared to a loss of $33,617 in the prior year. As of September 30, 2024, Token Communities had total assets of $4,712,181, with current liabilities of $4,302,943, leading to a stockholders’ deficit of $(4,818,784). Cash and equivalents stood at $307,263, with working capital of $409,238, indicating liquidity challenges. The company acknowledges substantial doubt about its ability to continue as a going concern, emphasizing the need for capital to sustain operations. Future profitability remains uncertain, contingent on revenue growth and effective cost management. Cash flows from operations showed a net inflow of $89,262, primarily from related party loans, contrasting with a net outflow of $2,675 in the same quarter last year. Overall, the financial outlook is cautious, with potential risks impacting future operations.