Tue, Aug 20, 10:04 AM (147 days ago)
For the quarter ending June 30, 2024, Winvest Group Ltd. reported a significant decline in revenue, totaling $12,500 compared to $54,769 in the same quarter of 2023. This drop reflects ongoing challenges in operational performance as the company continues to develop its strategic business plan. The cost of sales also decreased, resulting in a gross margin of $6,660. However, operating expenses increased to $148,014, leading to a loss from operations of $141,354. Net loss for the quarter was $53,740, a notable improvement from a loss of $116,273 in Q2 2023, primarily due to reduced operating expenses. The company had cash reserves of $38,129 as of June 30, 2024, with significant cash outflows of $339,693 from operating activities, highlighting liquidity concerns. Total liabilities stood at $945,196, with a working capital deficit of $767,207, raising doubts about the company's ability to continue as a going concern. The company is exploring additional financing options to support its operations. Overall, Winvest's financial health remains precarious, characterized by substantial losses and reliance on external funding.