Authentic Holdings, Inc. (formerly Global Fiber Technologies, Inc.) reported significant developments in its financial performance and strategic initiatives for the nine months ended September 30, 2024. The company, which has transitioned through various business models since its incorporation in 2003, recently focused on acquisitions and expanding its entertainment offerings.
For the nine months ended September 30, 2024, Authentic Holdings recorded revenues of $164,668, a notable increase from $0 in the same period of 2023. The revenue for the third quarter alone reached $97,096, compared to no revenue in the prior year. This growth is attributed to the company's recent acquisition of Maybacks Global Entertainment LLC, which has expanded its operational capabilities in the media sector.
Despite the revenue increase, the company reported a net loss of $512,854 for the nine months ended September 30, 2024, an improvement from a net loss of $947,369 in the same period of 2023. The accumulated deficit rose to $38,551,622 as of September 30, 2024, compared to $38,038,768 at the end of 2023. The working capital deficit also decreased slightly to $4,728,182 from $4,998,581.
Operating expenses increased significantly, totaling $674,092 for the nine months ended September 30, 2024, compared to $348,816 in the previous year. This rise was primarily driven by higher depreciation and amortization expenses, which surged due to the amortization of license agreements related to the Maybacks and Goliath acquisitions. General and administrative expenses also saw a modest increase.
The company has faced challenges with its financial obligations, reporting several promissory notes in default, including convertible notes with a face value of $1,051,664 and related party promissory notes totaling $484,974. Management plans to address these financial challenges by raising additional debt or equity and settling obligations through stock issuance.
In terms of strategic developments, Authentic Holdings has made several acquisitions, including the recent purchase of Maybacks Global Entertainment LLC on April 26, 2023, and a licensing agreement with Goliath Motion Picture Promotions for over 14,000 motion pictures and television shows. The company is also developing a platform for music NFTs and plans to launch a music industry-related project.
As of September 30, 2024, the company had 2,252,573,721 shares of common stock outstanding, reflecting an increase from 2,024,420,237 shares at the end of 2023. The company continues to navigate its financial landscape while pursuing growth opportunities in the entertainment sector.
About Authentic Holdings, Inc.
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