GiveMePower Corporation (GMPW) reported its financial results for the first quarter of 2025, revealing a net loss of $8,288, a slight improvement from the net loss of $14,222 recorded in the same period of 2024. The company did not generate any revenue during the quarter, consistent with the previous year. Total operating expenses decreased significantly to $8,288 from $14,222, primarily due to reduced general and administrative costs and professional fees. The company’s accumulated deficit increased to $6,623,745 as of March 31, 2025, compared to $6,615,457 at the end of 2024.
In terms of liquidity, GMPW reported a cash balance of $1,388, down from $4,232 at the end of the previous fiscal year. The company’s total liabilities rose to $273,011, up from $267,567, largely due to an increase in long-term liabilities owed to related parties, which amounted to $267,821 as of March 31, 2025. The company continues to rely on advances from its officers and directors to fund operations, indicating ongoing financial challenges.
Strategically, GMPW has halted its real estate operations since January 2022, anticipating adverse effects from rising interest rates on property values. The company plans to resume these operations if interest rates decrease as expected later in 2024. Additionally, GMPW is focused on transitioning into a financial technology (FINTEC) company, with plans to establish a federally licensed bank and develop machine learning and blockchain-based financial services aimed at empowering underserved black communities in the U.S.
Operationally, the company has no employees, with its President and CEO, Frank I. Igwealor, being the sole full-time staff member. The company has also decided to divest from two subsidiaries that were not operational, streamlining its focus on its primary subsidiary, Community Economic Development Capital, LLC (CEDC). The company’s future outlook hinges on securing additional capital to fund its operations and strategic initiatives, as it continues to explore opportunities in the financial technology sector.
About GIVEMEPOWER CORP
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