Know Labs, Inc.(KNW) and its subsidiarie s have released their consolidated financial statements for the nine months ended June 30, 2023. The financial data reveals that the company experienced a net loss of $12.35 million during this period. While the revenue from digital asset sales remained at $0, the operating loss expanded to $11.69 million, reflecting the challenges the company faced in the current market environment.
Net Loss Persists
Despite the efforts of Know Labs, Inc. and its subsidiaries, the financial statements show a net loss of $12.35 million for the nine months ended June 30, 2023. This represents a continuation of financial difficulties for the company during this period.
Revenue Stagnates
The revenue from digital asset sales remained unchanged at $0 for the same nine-month period. This stagnant revenue figure indicates a lack of growth in the company's core revenue-generating activities.
Know Labs, Inc. faced challenges on the operational front as well. The company's operating loss for the nine months ended June 30, 2023, widened to $11.69 million. This indicates that the costs and expenses incurred by the company exceeded its revenue, resulting in a larger operating loss compared to previous periods.
The company's consolidated balance sheets reveal that as of June 30, 2023, its total assets amounted to $4.44 million. The current assets, including cash and cash equivalents, stood at $3.93 million. The property and equipment, net, totaled $300,097, while other assets accounted for $15,766.
On the liability side, Know Labs, Inc. reported total liabilities of $3.72 million in current liabilities and no non-current liabilities. This is indicative of the company's focus on short-term obligations. The balance sheet also indicated commitments and contingencies as noted in the financial statement.
The stockholders' equity section reveals various classes of preferred and common stock. Series C and D Convertible Preferred stock, along with common stock, make up the equity structure. Additional paid-in capital amounted to $119.38 million, while the accumulated deficit was reported at $118.72 million, reflecting the historical losses incurred by the company.
Know Labs, Inc. and its subsidiaries continue to grapple with financial challenges as reflected in their consolidated financial statements for the nine months ended June 30, 2023. The net loss of $12.35 million and stagnant revenue from digital asset sales highlight the need for strategic measures to improve the company's financial performance and operational efficiency in the coming periods.