Quarterly ResultMay 1, 2026, 02:31 PM
SUPA Consolidated Q1 Net Loss $(186,068); Going Concern Warning
AI Summary
SUPA Consolidated Inc. reported a net loss of $(186,068) for the first quarter of 2026, a significant decline from a net income of $139,664 in the prior year, primarily due to the absence of a gain on write-offs and increased general and administrative expenses. The company continues to face a going concern warning, with an accumulated deficit of $3.28 million and a working capital deficit of $1.27 million. Operations are focused on deploying water and ice vending machines in its new food technology sector, with funding largely from its majority shareholder.
Key Highlights
- Reported Q1 2026 net loss of $(186,068), compared to net income of $139,664 in Q1 2025.
- General and administrative expenses surged to $170,052 in Q1 2026 from $18,605 in Q1 2025.
- Accumulated deficit increased to $(3,278,291) at March 31, 2026, from $(3,092,223) at Dec 31, 2025.
- Working capital deficit stood at $(1,273,138) at March 31, 2026.
- Received $139,000 in advances from majority shareholder Spark Capital in Q1 2026.
- Weighted average shares outstanding increased to 290,835,500 in Q1 2026 from 39,935,500 in Q1 2025.
- Investment in Boumarang Inc. maintained at $5,000,000, with no impairment recognized.
- Company faces a legal claim for approximately 12.8 million common shares from Igala Commonwealth Inc.