Kindcard, Inc. (formerly MWF Global Inc.) reported its financial results for the three and six months ended July 31, 2024, revealing significant declines in revenue and increased operating losses compared to the same periods in the previous fiscal year.
For the three months ended July 31, 2024, Kindcard generated total revenue of $81,740, a decrease from $126,076 in the same period of 2023. The gross profit for this quarter was $63,541, down from $109,018 year-over-year. Operating expenses rose to $147,596 from $142,026, leading to a net loss from operations of $(84,055), compared to a loss of $(33,008) in the prior year.
For the six months ended July 31, 2024, total revenue was $166,793, significantly lower than $255,963 for the same period in 2023. Gross profit also fell to $126,459 from $218,414. Operating expenses increased to $297,789 from $267,334, resulting in a net loss from operations of $(171,330), compared to $(48,920) in the previous year. The overall net loss for the six months was $(173,587), up from $(52,130) in 2023.
As of July 31, 2024, Kindcard reported total current assets of $34,088 and total assets of $120,861, down from $47,754 and $162,606, respectively, as of January 31, 2024. Total liabilities increased from $956,878 to $1,088,720 during the same period. The accumulated deficit grew to $(1,343,500) from $(1,169,913), and total stockholders’ deficit rose from $(794,272) to $(967,859).
The company’s working capital deficit stood at $895,939 as of July 31, 2024. Kindcard has indicated a need for additional funding to meet ongoing obligations and cover anticipated operating losses, raising concerns about its ability to continue as a going concern over the next year.
In terms of strategic developments, Kindcard acquired the assets of the Tendercard Division from Croesus Holdings Corp on June 7, 2021. The company continues to focus on providing alternative closed-loop payment solutions through its subsidiaries, Deb, Inc. and Tendercard, Inc. Notably, costs incurred for developing intellectual property amounted to $15,225 for the six months ended July 31, 2024, a new expense category not reported in the previous year.
The company’s cash position at the end of the reporting period was $14,857, slightly down from $15,019 a year earlier.
About Kindcard, Inc.
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