Financial performance highlights for QQ2 2024 (USD):
- Revenue: None reported for Q2 2024 (revenue = $0). Revenue recognition remains a material weakness relative to cost structure.
- Gross Profit: $(110,000) with gross margin not meaningful due to zero revenue; cost of revenue of $110,000 fully absorbs any revenue, producing a gross loss for the quarter.
- Operating Expenses: $2,133,000 total, dominated by General and Administrative expenses of $2,133,000; Selling and Marketing expenses recorded as $(110,000) and Selling, General & Administrative total of $(2,023,000).
- EBITDA / Operating Income: EBITDA of $(2,023,000); Operating income $(2,133,000).
- Net Income / EPS: Net income $(2,139,000); EPS $(0.0146).
- Cash Flow: Net cash provided by operating activities $(1,042,732); Capital expenditures $(6,611); Free cash flow $(1,049,343).
- Balance Sheet Highlights: Cash and cash equivalents $(88,000); Total current assets $(423,000); Total assets $(7,196,000); Total current liabilities $(2,477,000); Total liabilities $(14,883,000); Total stockholders’ equity $(7,687,000) (negative); Net debt $(3,929,000).
- Liquidity & Leverage: Current ratio 0.171; Quick ratio 0.171; Cash ratio 0.0355; Debt-to-equity and related leverage metrics indicate a fragile liquidity profile typical of SPAC shells in active pursuit of a business combination.