HST Global, Inc. reported significant financial changes in its 10-Q filing for the second quarter of 2024, reflecting a strategic reorganization and improved financial metrics compared to the previous fiscal period. As of June 30, 2024, total assets surged to $5.155 million, a substantial increase from $1.526 million at December 31, 2023. Concurrently, total current liabilities decreased dramatically to $23.034 million from $593.593 million, and total stockholders' deficit improved to $(17.879) million from $(592.067) million.
The company reported a net loss of $(16.640) million for Q2 2024, a notable reduction from a net loss of $(34.295) million in Q2 2023. For the first half of 2024, the net loss was $(50.817) million, down from $(73.581) million in the same period of the previous year. This improvement is attributed to a decrease in general and administrative expenses, which rose to $16,556 in Q2 2024 from $2,990 in Q2 2023, but total operating expenses for the quarter fell to $16,556 from $32,990 year-over-year. The reduction in losses was also influenced by decreased interest and consulting expenses, alongside the cancellation of debt owed to Ronald R. Howell.
The company’s cash position improved, with cash and cash equivalents at $5.155 million as of June 30, 2024, compared to $2.320 million a year earlier. The net cash used in operating activities for the first half of 2024 was $(14.171) million, slightly higher than $(11.064) million in the first half of 2023. However, the company continues to seek additional working capital to meet its obligations.
A significant strategic development occurred on April 24, 2024, when HST Global closed a Reorganization Agreement, resulting in the issuance of 36,312,644 shares of common stock to HPAF and HGHI, which now hold approximately 95% of the outstanding equity. Following this reorganization, the total shares of common stock outstanding increased to 41,561,226. The company also entered a revolving line of credit for $100,000 with HPAF and HGHI.
Leadership changes were implemented with the appointment of Mike Field as President and Acting CFO, and Jason Murphy as CEO, Vice President, and Secretary, effective April 26, 2024. The company has not established a consistent revenue source sufficient to cover its operating costs, raising concerns about its ability to continue as a going concern.
About HST Global, Inc.
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