Wed, Aug 21, 8:25 PM (146 days ago)
For the quarter ending June 30, 2024, Vemanti Group, Inc. reported net sales of $579,463, with total operating expenses of $530,744, resulting in an operating profit of $48,719. However, the company incurred a net loss of $172,113, primarily due to significant interest expenses totaling $220,832. For the six months ended June 30, 2024, net sales reached $674,967, with a net loss of $243,749. The company’s total assets increased to $395,482 from $10,027 at the end of 2023, driven by cash and accounts receivable growth. However, liabilities surged to $9,185,742, largely due to related party payables and accrued expenses. The significant increase in liabilities raises concerns about liquidity, as the company has not generated sufficient revenues to cover its costs. Cash flow from operations was positive at $125,558, but financing activities consumed $175,000, highlighting ongoing cash flow management challenges. The company's future operations may be impacted by its ability to raise additional capital and execute its strategic initiatives, particularly in the competitive Southeast Asian hospitality technology market. Overall, uncertainties remain regarding Vemanti's financial health and operational sustainability in the near term.