Quarterly ResultMay 13, 2026, 04:12 PM
NetBrands Q1 Net Loss $(677,294); Going Concern Warning Issued
AI Summary
NetBrands Corp. reported a net loss of $(677,294) for the three months ended March 31, 2026, a substantial increase from $(103,045) in the prior year period. The company generated $13,816 in mining revenue, reflecting its pivot to blockchain infrastructure. As of March 31, 2026, NetBrands had cash of $11,802, negative working capital of $(2,457,347), and an accumulated deficit of $(33,610,197), leading to a substantial doubt about its ability to continue as a going concern.
Key Highlights
- Net loss for Q1 2026 was $(677,294), significantly higher than $(103,045) in Q1 2025.
- Mining revenue for Q1 2026 was $13,816, compared to $0 in Q1 2025.
- Cash and cash equivalents stood at $11,802 as of March 31, 2026.
- Total liabilities increased to $2,962,860 as of March 31, 2026, from $2,515,424 at December 31, 2025.
- Stockholders' deficit worsened to $(2,871,680) as of March 31, 2026.
- The company reported negative working capital of $(2,457,347) and an accumulated deficit of $(33,610,197).
- Management issued a going concern warning due to the company's financial condition.
- Issued 128,320,285 common shares for conversion of convertible notes, resulting in a $101,438 loss on debt extinguishment.