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C2 BlockchainInc Com (CBLO+8.33%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, indicating a decrease in cash and cash equivalents to $20 from $30 as of June 30, 2024.
Total liabilities increased to $73,768 from $61,214, primarily due to a related party loan.
The company reported a net loss of $4,780 for the three months ended December 31, 2024, compared to a net loss of $3,960 for the same period in the previous year.
For the six months ended December 31, 2024, the net loss was $12,564, compared to $13,510 for the same period in the previous year.
The company has not generated any revenues since its inception and continues to focus on its business plan to develop a Bitcoin mining facility.
C2 BlockchainInc Com is currently reliant on funding from its sole officer and director, Levi Jacobson, who has provided loans to cover operating expenses.
The company has filed a Regulation A Tier II Offering to raise capital but acknowledges that there is no guarantee of raising funds.
The financial statements indicate substantial doubt about the company's ability to continue as a going concern due to negative financial trends and lack of revenue.
The company plans to implement its business plan with a minimum of $200,000 in funding, which it hopes to raise through the offering of common stock.
C2 BlockchainInc Com's management has identified material weaknesses in internal controls due to the domination of management by a single individual and lack of an audit committee.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the C2 BlockchainInc Com quarterly 10-Q report dated February 3, 2025. To report an error, please email earnings@qz.com.