Indoor Harvest Corp has reported its financial results for the first quarter of 2024, revealing a net loss of $398,512, compared to a loss of $373,727 in the same period of the previous year. The company did not generate any revenue during this quarter, maintaining a consistent trend from the prior year. Operating expenses slightly decreased to $381,183 from $383,548, primarily due to a reduction in general and administrative costs. The company’s accumulated deficit has increased to $30,719,161 as of March 31, 2024, up from $30,320,649 at the end of 2023.
In terms of balance sheet changes, Indoor Harvest's total assets decreased to $33,936 from $37,418 at the end of 2023. Current liabilities rose to $1,600,244, up from $1,327,085, largely driven by an increase in accounts payable and accrued liabilities, which totaled $1,129,150 compared to $855,991 in the previous period. The company’s stockholders' equity has also declined, resulting in a total equity of $(1,566,308) as of March 31, 2024, compared to $(1,289,667) at the end of the previous fiscal year.
During the quarter, Indoor Harvest issued 100 million shares of common stock for services, increasing the total shares outstanding to 3,205,704,056. The company continues to explore strategic partnerships and acquisitions, although the anticipated acquisitions of Hemp369 and MetaBioGenix have not yet been finalized. The company has classified all payments related to these acquisitions as deposits until the transactions are legally completed.
Looking ahead, Indoor Harvest's management has indicated that the company will focus on potential asset acquisitions, mergers, and business combinations to enhance its operational capabilities. The company is also considering raising funds through debt or equity financing to support its ongoing operations. However, the financial statements raise substantial doubt about the company's ability to continue as a going concern, emphasizing the need for effective execution of its business plan and successful fundraising efforts.
About Indoor Harvest Corp
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