Wed, May 15, 9:07 PM (72 days ago)
Unicoin Inc. reported a net loss of $3,818,470 for Q1 2024, reflecting a significant decline from the same period in 2023. Despite a 16% increase in total revenues to $4,978,546, driven primarily by a $704,319 increase in TaaS revenues, the company faced a 25% rise in general and administrative expenses and a 284% increase in sales and marketing costs. The gross profit margin remained relatively stable at 19%. Cash and cash equivalents decreased to $4,345,161, raising concerns about liquidity, especially given the company's substantial financing obligations related to Unicoin Rights, which amount to $87,617,000. The company faces uncertainties regarding the development and launch of its Unicoin token, which is crucial for its financial future. Management is focusing on raising additional capital and exploring financing strategies to sustain operations. The company also highlighted material weaknesses in internal controls over financial reporting, which it is actively working to address.