GiveMePower Corporation (GMPW) reported its financial results for the second quarter of 2025, revealing a continued lack of revenue generation. The company recorded no revenue for the three and six months ended June 30, 2025, consistent with the same periods in 2024. Operating expenses, however, increased significantly, totaling $16,334 for the three months and $24,622 for the six months, compared to $4,913 and $19,135, respectively, in the prior year. This led to a net loss of $16,334 for the quarter and $24,622 for the half-year, widening from losses of $4,913 and $19,135 in the same periods of 2024.
The company's balance sheet as of June 30, 2025, showed total assets of $7,886,000, a slight increase from $7,730,000 at the end of 2024. However, total liabilities rose to $292,345, up from $267,567, primarily due to an increase in accrued expenses. The accumulated deficit also grew to $6,640,079 from $6,615,457, reflecting ongoing operational challenges. The company’s stockholders’ equity remained negative at $(284,459), indicating financial strain.
Strategically, GMPW has halted its real estate purchases since January 2022, anticipating adverse effects from rising interest rates on property values. The company aims to pivot towards becoming a financial technology (FINTEC) entity, focusing on banking and financial services tailored to underserved black communities in the U.S. This includes plans to establish a federally licensed bank and develop machine learning and blockchain-based financial solutions. However, the company has not yet secured the necessary capital to advance these initiatives.
Operationally, GMPW's workforce remains minimal, with only its CEO, Frank I. Igwealor, as a full-time employee, supported by part-time staff. The company has relied on advances from its principal shareholder to fund operations, with long-term liabilities to related parties increasing to $283,592 as of June 30, 2025. The company’s liquidity position is precarious, with cash reserves of $4,388, which management acknowledges will not sustain operations for the next twelve months without additional funding.
Looking ahead, GMPW's management is focused on raising capital to support its operational plans and achieve profitability. The company has expressed intentions to engage with potential investors but has not finalized any agreements. The ability to continue as a going concern remains uncertain, hinging on the successful execution of its fundraising efforts and strategic initiatives.
About GIVEMEPOWER CORP
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