Eco Bright Future, Inc. reported significant financial challenges in its latest 10-K filing for the fiscal year ending December 31, 2024. The company recognized no revenue for the year, a stark decline from $32,132 in consulting revenue reported in 2023. Operating expenses surged to $169,033, up from $18,716 the previous year, primarily due to increased professional fees and general administrative costs associated with the acquisition of Universa Hub Africa. Consequently, Eco Bright recorded a net loss of $166,378, compared to a net income of $13,131 in 2023, highlighting a substantial shift in financial performance.
The filing also detailed the company's strategic developments, including the completion of a reverse recapitalization with United Heritage and its subsidiary, Universa Hub Africa, in December 2023. This acquisition is expected to enhance Eco Bright's capabilities in blockchain technology and digital asset tokenization. The company is currently focused on expanding its operations in El Salvador, Tunisia, and the United Arab Emirates, with plans to enter Thailand and Guatemala in the near future. However, the company has yet to secure the necessary licenses to operate in these jurisdictions, which could impact its growth trajectory.
Operationally, Eco Bright's employee count remains low, with only two full-time employees, including its President and Chief Technology Officer. The company is in the process of building its blockchain infrastructure and developing tools for digital asset tokenization. Despite the challenges, Eco Bright aims to leverage its proprietary blockchain technology, which reportedly supports over 30,000 transactions per second, to facilitate the tokenization of real-world assets. The company has also engaged in consulting services with the Tunisian government regarding blockchain applications, although it has not recognized any revenue from these activities.
Looking ahead, Eco Bright anticipates continued losses as it seeks to grow its user base and secure additional funding, estimating a need for between $5 million and $25 million over the next two years. The company acknowledges that its ability to continue operations is contingent upon generating revenue and accessing capital markets. The filing indicates that Eco Bright is actively monitoring regulatory developments in the jurisdictions it operates in, as changes could significantly affect its business model and growth potential. The company remains committed to its strategic objectives, despite the uncertainties surrounding its financial and operational outlook.
About Eco Bright Future, Inc.
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