Video River Networks Reports No Revenue for Fiscal Year 2024, Focuses on Technology Sector

Video River Networks, Inc. (OTC: NIHK) reported a challenging fiscal year ending December 31, 2024, with no revenue generated, marking a significant decline from the previous year when the company recorded $664,613 in total revenue. The absence of revenue in 2024 was attributed to the cessation of its Entrepreneurship Development Initiative, which had previously contributed substantially to its income. The company also reported a net income of $1,462,828 for the year, primarily due to a one-time gain from the disposition of its operating unit, Alpharidge Capital LLC, for $1,562,067. This contrasts with a net income of $496,026 in 2023, highlighting the impact of the sale on the financial results.

The company's accumulated deficit increased to $17,928,164 as of December 31, 2024, compared to $15,898,383 at the end of 2023. This ongoing deficit raises concerns about the company's ability to continue as a going concern, as indicated by its independent auditor's report. The company had cash and cash equivalents of $23,215 at year-end, a slight increase from $7,009 in 2023, but still insufficient to support its operational needs without additional funding.

Strategically, Video River Networks has pivoted back to its technology roots, focusing on Electric Vehicles (EV), Artificial Intelligence (AI), Machine Learning (ML), and Robotics (R) as part of its business model. The company aims to acquire businesses in these sectors, although it has not yet finalized any acquisition targets. The management team, led by CEO Frank I. Igwealor, is leveraging its experience to identify potential acquisition opportunities, with plans to utilize proceeds from real estate transactions to fund these initiatives.

Operationally, the company has faced challenges, including a lack of employees, with only three non-W-2 staff members as of December 31, 2024. The company has indicated that it plans to hire additional personnel to support its growth strategy. Furthermore, the company has not engaged in any real estate investments during the fiscal year, reflecting a strategic shift away from its previous focus on real estate holdings.

Looking ahead, Video River Networks acknowledges the need for substantial additional capital to fund its operations and growth plans. The company intends to raise funds through equity or debt offerings, although it faces uncertainty regarding its ability to secure financing on favorable terms. The management's outlook remains cautious, emphasizing the importance of successfully executing its acquisition strategy to achieve long-term growth and profitability.