In This Story
Authentic Holdings Inc (AHRO-9.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $97,096, compared to no revenue in the same quarter the previous year. The increase is attributed to the expansion of Maybacks Global Entertainment's market reach.
Operating expenses for the quarter were $222,366, up from $84,654 in the same quarter of the previous year. This increase is primarily due to the amortization of license agreements with Goliath Motion Picture Promotions.
The company reported a net loss of $360,993 for the quarter, compared to a net loss of $719,901 in the previous year. The reduction in net loss is attributed to gains in the valuation of derivative liabilities.
Cash provided by financing activities was $139,174, while cash used in operating activities was $139,049. The company ended the quarter with $125 in cash and cash equivalents.
Authentic Holdings had a working capital deficit of $4,728,182 as of September 30, 2024. The company acknowledges its dependence on raising capital through equity and debt financing to meet future obligations.
The filing also details various financial agreements, including convertible notes with face values of $1,051,664 and secured promissory notes with face values of $101,550.
Authentic Holdings does not anticipate cash dividend payments to stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate documentation and communication between financial and non-financial personnel.
Authentic Holdings continues to focus on expanding its Maybacks Global Entertainment network and leveraging its NFT platform for future revenue opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Authentic Holdings Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.