Wed, Aug 14, 8:20 PM (153 days ago)
Worlds Inc. reported no revenue for the quarter ending June 30, 2024, mirroring the previous year. The company continues to face significant financial challenges, with a net loss of $121,880 for Q2 2024, compared to a loss of $95,617 in Q2 2023. For the six-month period, losses increased to $227,742 from $125,127 year-over-year. Operating expenses rose due to increased salaries and general administrative costs, reflecting a lack of liquidity and reliance on limited capital sources. As of June 30, 2024, cash and cash equivalents stood at $84,335, down from $244,856 at year-end 2023. The company has a working capital deficiency of $3,369,905 and a total stockholders' deficit of the same amount, raising doubts about its ability to continue as a going concern. The absence of revenue generation and reliance on past asset sales further complicate its financial outlook. Management emphasizes the need for additional capital to pursue business operations, particularly in non-fungible tokens and virtual reality projects. The outlook remains uncertain, with no current arrangements for financing, necessitating a strategic reevaluation to ensure operational viability.