Mon, Feb 24, 3:41 PM (61 days ago)
Widfit Inc. (Ticker: WIDFIT) reported no revenues for Q3 2023, maintaining its status as a development-stage company. The financial statements indicate a net loss of $7,560 for the nine months ended September 30, 2023, with total operating expenses of $7,560, primarily from professional fees and general administrative costs. Cash reserves increased to $40,057, reflecting a net cash inflow from financing activities of $24,500 through equity financing. The company’s total liabilities stood at $11,250, while stockholders' equity rose to $28,807 due to additional capital contributions. Despite this, the company faces significant uncertainties regarding its ability to generate revenue and sustain operations without further capital infusion. Management has expressed concerns about liquidity and the need for additional funding to support ongoing development and operational costs. Future operations will depend heavily on the successful launch of its planned internet browser and the ability to attract investment, as there are no guarantees of achieving necessary financing. The financial outlook remains cautious, with substantial doubt about the company's ability to continue as a going concern.