Crona Corp., a company focused on the memorialization industry, reported a net loss of $44.9 million for the six months ended June 30, 2024, a significant improvement compared to a net loss of $149.4 million for the same period in 2023. This reduction in net loss is attributed to decreased professional fees, amortization, and depreciation expenses. The company generated no revenue during this period, consistent with its performance in the previous fiscal year.

Total operating expenses for the first half of 2024 were $33.5 million, a substantial decrease from $141.6 million in the first half of 2023. The breakdown of operating expenses for the first half of 2024 included $14.7 million in depreciation and amortization, $3.9 million in general and administrative costs, and $13 million in professional fees. In contrast, the previous year’s expenses were significantly higher across all categories, particularly in professional fees, which totaled $108.4 million in 2023.

Crona Corp. reported net cash used in operating activities of $11,000 for the six months ended June 30, 2024, a notable improvement from $118.9 million in the same period of the prior year. The company’s cash position at the end of the reporting period was $0, compared to $339,000 at the end of June 2023. The company’s total assets as of June 30, 2024, were $53,820, while total liabilities stood at $290,889, resulting in a working capital deficit of $190,889.

In terms of financing, Crona Corp. reported net cash provided by financing activities of $11,000, which included related party advances. The company has been relying on additional investment capital to cover operating expenses, raising concerns about its ability to continue as a going concern.

Crona Corp. has undergone significant management changes, with Chris Brown appointed as President and CEO in December 2022, following a change in control. The company has shifted its focus from antimicrobial surface protection services to the memorialization sector, aiming to sell funeral products, including caskets made from various materials. The company plans to import caskets from China and market them to funeral homes and distributors in the U.S.

As of June 30, 2024, Crona Corp. had 6,087,500 common shares outstanding and no potentially dilutive debt or equity instruments. The company has not incurred any research and development expenditures since its incorporation and has no pending legal proceedings. Management has acknowledged that its disclosure controls and procedures were not effective as of the reporting date.