Mon, Jul 15, 11:09 AM (54 days ago)
Winvest Group Ltd. reported its financial results for the quarter ended March 31, 2024. The company experienced a significant decline in revenue to $64.8k from $110.2k in the same quarter of 2023. Operating expenses decreased sharply to $97.7k from $656.3k, primarily due to a reduction in non-cash stock-based compensation and a write-down in pre-production license rights in the previous year. Consequently, the net loss narrowed to $8.7k from $654.8k. Cash flow from operations was negative at $112.7k, reflecting operational inefficiencies. However, financing activities provided $170.6k, mainly from private placements and related party loans. The company ended the quarter with $164.6k in cash, up from $45.1k at the end of 2023. The balance sheet showed total assets of $283.7k, up from $128k, but liabilities remained high at $986.3k, resulting in a stockholders' deficit of $702.5k. The company has a working capital deficit and an accumulated deficit, raising concerns about its ability to continue as a going concern without additional funding. Future operations may be impacted by the company's need to secure further financing and improve revenue generation.