Tue, May 14, 9:03 PM (73 days ago)
Vynleads, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports continued financial struggles with no revenue generated in the quarter. The company incurred a net loss of $80,616, slightly higher than the $74,567 loss in the same quarter of 2023. The increase in net loss is attributed to a 23% rise in selling, general, and administrative expenses, primarily due to higher consulting, accounting, and legal costs. Total current assets fell to $19,448 from $36,405 at December 31, 2023, primarily due to a reduction in cash and prepaid expenses. Current liabilities increased to $836,490 from $805,331, driven by higher notes payable. This resulted in a working capital deficit of $817,042. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flow. Management estimates a need for $5.5 million in additional capital over the next 12 months to meet business objectives. Significant uncertainties include the ability to raise funds, manage operating expenses, and achieve profitable operations. The company has several notes payable in default, further exacerbating financial instability.