Goldenwell Biotech Reports Significant Revenue Decline and Increased Net Loss for Fiscal Year 2024

Goldenwell Biotech, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with revenues dropping to $139 from $1,836 in the previous year. The company's cost of revenue also decreased to $75 from $1,170, resulting in a gross profit of $64, down from $666 in 2023. Total operating expenses increased to $123,162 from $116,492, leading to a net loss of $131,498 compared to a loss of $117,361 in the prior year. The accumulated deficit as of December 31, 2024, reached $1,359,645, raising concerns about the company's ability to continue as a going concern.

In terms of operational developments, Goldenwell Biotech has not yet commenced commercial production of its products, which include various nutraceuticals and dietary supplements. The company has been focused on securing financing to support its business plan, which includes the construction of manufacturing facilities and the hiring of a workforce. As of December 31, 2024, the company had cash and cash equivalents of $49,404 and total assets of $224,192, against total liabilities of $271,433, resulting in a stockholders' equity deficit of $47,241.

Strategically, Goldenwell Biotech has entered into exclusive license agreements with Australian Trefoil Health Technologies Pty Ltd and Ji Lin JZY Biotech Inc. for the technology and packaging designs of its products. These agreements are crucial for the company's product development and market entry, although the company has not yet launched any products commercially. The company’s management has indicated that it requires approximately $5 million to complete its operational setup and expects to rely on equity financing to meet its capital needs.

The company’s workforce currently consists of three non-employee officers, and it operates from a single location in Hudson, Ohio, where it does not conduct any operations. Goldenwell Biotech has not reported any significant customer counts or user statistics, as it has yet to generate substantial sales. The company’s stock is traded on the OTCQB tier of the OTC Markets Group under the symbol "GWLL," with approximately 99 million shares outstanding as of April 15, 2025.

Looking ahead, Goldenwell Biotech's management has expressed optimism about increasing sales and improving financial performance, contingent upon securing the necessary funding and successfully launching its product line. However, the company acknowledges that its future is uncertain and heavily reliant on external financing and market conditions. The management has cautioned that actual results may differ materially from the forward-looking statements made in the filing, emphasizing the need for continued financial support from shareholders and potential investors.