Tue, Jan 14, 10:20 PM (34 days ago)
Wewards, Inc. (Ticker: WEWARDS) reported its Q2 FY2024 results, showing continued financial challenges. For the three months ending November 30, 2024, the company had no revenue, maintaining a net loss of $139,458, a decrease from a loss of $169,730 in the previous year. Operating expenses dropped significantly to $13,427, primarily due to the termination of a costly office lease. Cash flow from operations was negative at $38,388, though this was an improvement from $109,232 in the same period last year. The company ended the quarter with $725,817 in cash and negative working capital of $3,055,871, raising concerns about its ability to sustain operations without additional financing. Total liabilities stood at $14,284,225, with convertible notes payable of $10,500,000 owed to related parties. Wewards has not generated revenue from its planned Bitcoin rewards platform and continues to seek licensing agreements. The outlook remains uncertain, hinging on securing financing and operational improvements to achieve profitability.