Everything Blockchain, Inc. (EBI) reported its financial results for the three and six months ended July 31, 2024, revealing a slight decline in revenue compared to the previous fiscal period. Revenue for the three months was $63,000, down from $66,000 in the same period of 2023. For the six months, revenue decreased marginally to $126,000 from $127,000 year-over-year.

Despite the revenue decline, EBI managed to reduce its selling, general, and administrative expenses significantly. For the three months ended July 31, 2024, these expenses were $512,000, a decrease from $776,000 in the prior year. For the six-month period, expenses fell to $1,294,000 from $1,618,000. This reduction in expenses contributed to a smaller loss from operations, which was $(1,025,000) for the three months ended July 31, 2024, compared to $(1,390,000) in 2023. The loss from operations for the six months also improved to $(2,377,000) from $(2,918,000).

The net loss for the three months ended July 31, 2024, was $(1,065,000), a significant improvement from $(3,092,000) in the same period of the previous year. For the six months, the net loss decreased to $(2,449,000) from $(4,910,000). The basic and diluted loss per share also improved, with a loss of $(0.05) for the three months compared to $(0.31) in 2023, and $(0.13) for the six months versus $(0.49) in the prior year.

EBI's total operating expenses for the three months were $1,088,000, down from $1,456,000 in 2023, and for the six months, they decreased to $2,503,000 from $3,045,000. The decrease in operating expenses was attributed to reductions in stock-based compensation and professional fees.

In terms of strategic developments, EBI completed the sale of its subsidiary Mercury on October 31, 2023. The company has also been actively seeking additional funding through debt and equity financing to support its operations. As of July 31, 2024, EBI had outstanding loans payable to related parties totaling $1,363,000, an increase from $1,199,000 as of January 31, 2024.

The company continues to focus on its core business of consulting and developing blockchain and cybersecurity solutions, with a reported employee count of five as of July 31, 2024. EBI's stockholder equity decreased to $17,638,000 as of July 31, 2024, down from $20,055,000 a year earlier.