Bravo Multinational Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company continues to face challenges, including recurring losses and a substantial accumulated deficit, which stood at $(96.1 million) as of September 30, 2024, compared to $(95.8 million) at the end of 2023. Total liabilities increased sharply to $700.97 million from $409.78 million, primarily due to a rise in accounts payable and accrued expenses, which surged to $85.84 million from $12.45 million.
For the three months ended September 30, 2024, Bravo reported no revenue, consistent with the same period in 2023. Total operating expenses decreased to $61.51 million from $107.73 million year-over-year, contributing to a net loss of $61.51 million, a significant reduction from the $4.53 million loss reported in the prior year. For the nine-month period, the net loss was $290.98 million, down from $4.75 million in 2023, indicating a substantial improvement in financial performance despite the ongoing lack of revenue.
Strategically, Bravo has undergone notable changes, including the establishment of a new subsidiary, Mobile 13, Inc., aimed at providing mobile phone services. However, this venture was short-lived, as the company decided to discontinue Mobile 13 on October 29, 2024, due to funding challenges and market competition. The subsidiary's MVNO license was transferred to Diversified Consulting, LLC, in exchange for the cancellation of a $1,000 promissory note.
Additionally, Bravo's previous acquisition of a 51% stake in RPI Inc. was rescinded, with shares returned to the company following a goodwill impairment of $4.42 million. The company has also written off $35,800 in customer deposits that had been outstanding since July 2016.
Management has expressed intentions to raise additional funds through public or private offerings to support operations, as the company continues to grapple with its going concern status. The independent auditors' report for the year ended December 31, 2023, raised concerns regarding the company's ability to continue as a going concern, reflecting the ongoing financial difficulties faced by Bravo Multinational Inc.
About Bravo Multinational Inc.
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