NetBrands Corp

Previous wording

Sales for the three months ended March 31, 2024, were $-0- compared to sales of $317,684 for the three months ended March 31, 2024 .

Current wording

Sales for the three months ended June 30, 2024, were $-0- compared to sales of $194,383 for the three months ended June 30, 2023 .

Previous wording

During 2023 we incurred a significant loss of revenue due to the supply, shipping and logistic issues, transitioning from a public warehouse to our own warehousing facility, and the significant loss of revenue on a product with eight SKUs that was produced in Russia that is no longer available to us. Without having an adequate amount of inventory on hand to fulfill existing and future orders, and our lack of sufficient liquidity, our ability to conduct future business with our customers is materially impaired. We are currently seeking new lines of business, new sources of liquidity and an acquisition target. If we are unsuccessful in our efforts it will have a material adverse impact on our Company and our ability to remain a going concern.

Current wording

During 2023 we incurred a significant loss of revenue due to the supply, shipping and logistic issues, transitioning from a public warehouse to our own warehousing facility, and the significant loss of revenue on a product with eight SKUs that was produced in Russia that is no longer available to us. Without having an adequate amount of inventory on hand to fulfill existing and future orders, and our lack of sufficient liquidity, our ability to conduct future business with our customers is materially impaired. We are currently seeking new lines of business, new sources of liquidity and an acquisition target. If we are unsuccessful in our efforts it will have a material adverse impact on our Company on our ability to remain a going concern.

Previous wording

Operating expenses for the three months ended March 31, 2024 were $211,042 compared to $372,702 during the same three months ended March 31, 2023. The material reduction in expenses is attributable to our lack of sales during the three months ended March 31, 2024

Current wording

Operating expenses for the three months ended June 30, 2024 were $548,761 compared to $409,420 during the same three months ended June 30, 2023. The material increase in expenses is attributable to non-cash stock based compensation of $368,889 for the three months ended June 30, 2024 compared to zero in the prior period.

Previous wording

As a result of the foregoing, we recorded a net loss of $439,559 or $(0.03) per share for the three months ended March 31, 2024, compared to a loss of $292,020 or $(0.02) per share for the three months ended March 31, 2023.

Current wording

As a result of the foregoing, we recorded a net loss of $553,345 or $(0.03) per share for the three months ended June 30, 2024, compared to a loss of $425,807 or $(0.03) per share for the three months ended June 30, 2023.

Previous wording

Other expense is comprised solely of interest expense and finance charges related to our fundings. Other expense was $228,516 for the three months ended December 31, 2023, compared to $27,241 in other expense during the three months ended March 31, 2023, as a result of higher levels of borrowings due to the loss of liquidity from operating activities.

Current wording

Other expense is comprised solely of interest expense and finance charges related to our fundings. Other expense was $233,100 for the six months ended June 30, 2024 compared to $103,615 in other expense during the six months ended June 30, 2023, as a result of higher levels of borrowings due to the loss of liquidity from operating activities.

Previous wording

As of March 31, 2024, we had $41,990 in cash, compared to $1,013 in cash as of March 31, 2024.

Current wording

As of June 30, 2024, we had $821 in cash, compared to $1,013 in cash as of December 31, 2023.

Previous wording

Net cash used in operating activities decreased to $143,469 in the three months ended March 31, 2024, compared to $202,960 in the three months ended March 31, 2023. The decrease in cash used in operating is primarily due to changes in balance sheet accounts.

Current wording

Net cash used in operating activities decreased to $187,172 in the six months ended June 30, 2024, compared to $366,339 in the six months ended June 30, 2023. The decrease in cash used in operating is primarily due to changes in balance sheet accounts.

Previous wording

Net cash provided by financing activities was $184,446 during the three months ended March 31, 2024, compared to $156,996 of net cash used in the three months ended March 31, 2023. The increase in net cash provided in the three-month period ended March 31, 2024, as compared to the same period in 2023, is primarily due to higher proceed from notes.

Current wording

Net cash provided by financing activities was $186,980 during the six months ended June 30, 2024, compared to $317,805 of net cash provided by financing activities in the six months ended June 30, 2023. The decrease in net cash provided in the six-month period ended June 30, 2024, as compared to the same period in 2023, is primarily due to lower proceeds from notes and loans payable.

Previous wording

In the event continuing decreased sales and profits continue, our ability to obtain additional financing or factoring for our receivables could be negatively impacted which could have a material adverse impact on our liquidity or our ability to remain as a going concern.

Current wording

In the event continuing lack of sales, our ability to obtain additional financing or factoring for our receivables could be negatively impacted which could have a material adverse impact on our liquidity or our ability to remain as a going concern.