C2 Blockchain, Inc. reported its financial results for the three months ended September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had total assets of $0, a decrease from $30,000 as of June 30, 2024. Total liabilities increased to $68,968, up from $61,214 in the prior quarter. The accumulated deficit also widened to $(70,303) from $(62,519), while total stockholders’ equity (deficit) fell to $(68,968) from $(61,184).
For the three-month period ending September 30, 2024, C2 Blockchain reported total operating expenses of $7,784,000, which was a decrease from $9,550,000 in the same period of 2023. This reduction in expenses contributed to a net loss of $(7,784,000), an improvement compared to the net loss of $(9,550,000) reported for the three months ended September 30, 2023. The company’s net cash used in operating activities also decreased to $(7,784,000) from $(9,550,000) year-over-year.
In terms of financing activities, C2 Blockchain generated $7,754,000 in net cash for the three months ended September 30, 2024, compared to $9,550,000 in the same period of 2023. The company’s cash position saw a net change of $(30,000), resulting in an ending cash balance of $0, consistent with the ending cash balance from the previous year.
The company maintained a consistent number of common shares outstanding at 253,936,005, with a par value of $253,936, throughout the periods reported. The accumulated deficit has increased significantly from $(32,499,000) as of June 30, 2023, to $(70,303,000) as of September 30, 2024, indicating ongoing challenges in achieving profitability.
Overall, C2 Blockchain's financial results reflect a strategic focus on reducing operating expenses, although the company continues to face significant financial challenges, as evidenced by its increasing accumulated deficit and total liabilities.
About C2 Blockchain,Inc.
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