Two Hands Corporation reported a net loss of $2.43 million for the fiscal year ending December 31, 2024, a significant reduction from the $8.16 million loss recorded in the previous year. The company's revenue decreased by 9% to $709,526, down from $783,489 in 2023. This decline was attributed to the sale of its gocart.city grocery delivery application in May 2024, which had previously contributed to its revenue. The gross profit margin also fell to 7.3% from 7.9%, primarily due to an inventory valuation allowance of $39,774 at year-end.
In terms of operational changes, the company is transitioning away from its wholesale food distribution branch, Cuore Food Services, to focus on new business opportunities, including artisan-crafted denim and premium combed Pima cotton yarns in partnership with Videlia Mills. This strategic shift was announced in January 2025, indicating a significant change in the company's business model. The company also plans to enhance its product offerings with fresh, natural, and organic foods while expanding its customer base across Canada.
The company’s total operating expenses decreased by 9% to $1.22 million from $1.34 million in 2023, largely due to reduced salaries and benefits as the company relied more on contractors. The headcount has been adjusted to reflect this shift, with a focus on managing costs effectively. As of December 31, 2024, the company reported total liabilities of $3.67 million, with a working capital deficiency of $3.58 million, raising concerns about its ability to continue as a going concern.
Looking ahead, Two Hands Corporation is actively seeking additional financing to support its operations and business plan. The company has indicated that it may rely on loans from its Chief Executive Officer and other sources, although there are no formal agreements in place. The management has expressed uncertainty about its ability to secure necessary capital, which could impact its operational capabilities and future growth. The company’s stock trades on the OTC Pink market under the symbol "TWOH," and as of April 11, 2025, it had approximately 5.47 billion shares outstanding.
About Two Hands Corp
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