theglobe.com, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing continued challenges as a shell company with no material operations. The company has not generated any revenue during these periods, consistent with the previous fiscal year.
For the three months ended September 30, 2024, the company incurred a net loss of approximately $52,559, compared to a net loss of $47,151 for the same period in 2023. General and administrative expenses increased to approximately $30,917 from $28,156 year-over-year. Related party interest expenses also rose to $21,642 from $18,995. For the nine-month period, the net loss was approximately $166,303, up from $147,043 in 2023, with general and administrative expenses increasing to $103,570 from $91,651.
As of September 30, 2024, the company reported cash of $12,367, an increase from $9,105 at the end of 2023. However, total current liabilities rose to $1,457,178 from $1,287,613, indicating a growing financial strain. The total stockholders’ deficit also widened to $(1,444,811) from $(1,278,508) at the end of the previous fiscal year.
The company’s net working capital deficit stood at approximately $1,445,000, which includes significant obligations under a promissory note with Delfin, totaling approximately $1,430,000. The principal amount of this note increased to $1,086,000, with an interest rate of 8% per annum. Interest expenses for the three months ended September 30, 2024, were approximately $22,000, and for the nine months, they totaled around $63,000.
Management has expressed concerns regarding the company's ability to continue operations beyond the next twelve months without raising additional funds through debt or equity offerings. The company has been classified as a shell company since the sale of its last operating business in 2008 and continues to incur customary public company expenses.
Despite these challenges, management believes that inflation has not significantly impacted operations during 2023 or the nine months ended September 30, 2024. The company intends to maintain its status as a public entity and fulfill its reporting obligations under the Exchange Act.
About THEGLOBE COM INC
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