As of June 30, 2024, Mountain Top Properties, Inc. reported total assets of $132,546 and total liabilities of $257,121, resulting in a stockholders' deficit of $(124,575). This reflects a deterioration in the company's financial position compared to the previous fiscal period.
For the three months ended June 30, 2024, the company recorded a net loss of $(21,886), a significant increase from the net loss of $(5,367) reported for the same period in 2023. Similarly, for the six months ended June 30, 2024, the net loss was $(46,339), markedly higher than the $(11,984) loss reported for the same period in the prior year. This increase in losses is attributed to a rise in operating expenses, which totaled $21,886 for the three months ended June 30, 2024, compared to $5,367 in the previous year. The increase in operating expenses was primarily driven by higher general and administrative expenses and professional fees.
The company's cash and cash equivalents decreased to $311 as of June 30, 2024, down from $2,500 as of December 31, 2023. This decline in liquidity is reflected in the working capital deficit, which worsened to $(124,575) as of June 30, 2024, compared to $(80,736) at the end of the previous year. During the six months ended June 30, 2024, the company utilized $4,689 in cash for operating activities, while it received $2,500 from financing activities.
Overall, the financial results indicate a challenging period for Mountain Top Properties, Inc., characterized by increased losses and a decline in cash reserves, alongside a growing working capital deficit.
About MOUNTAIN TOP PROPERTIES, INC.
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