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Treasure & Shipwreck Recovery, Inc. [BLIS] has announced its financial results for the quarter ended July 31, 2023. The company reported a net loss of $0.26 million for the quarter, accompanied by a quarterly revenue of $0.23 million.
In terms of financial performance, Treasure & Shipwreck Recovery, Inc. experienced a challenging quarter. The company's net loss increased by approximately 74% compared to the same period last year when the loss was $0.15 million. The increase in net loss can be attributed to higher operating expenses, particularly in consulting and accounting as well as labor costs. The company saw a significant increase in boat expenses, which further impacted its profitability.
Despite the loss, the company managed to generate a quarterly revenue of $0.23 million, indicating a positive trend in its business operations. However, it is important to note that the revenue remained relatively flat compared to the previous year.
Regarding financial stability, Treasure & Shipwreck Recovery, Inc. faced several challenges during the quarter. The company's total current assets stood at $0.21 million, primarily consisting of cash. However, the company also reported a significant increase in current liabilities, totaling $1.02 million. The increase in liabilities can be attributed to issues such as accounts payable, accrued expenses, and convertible notes payable.
Treasure & Shipwreck Recovery, Inc. reported a basic and diluted net loss per share of $0.01 for the quarter. The weighted average number of shares outstanding was approximately 49.94 million. It is important to note that both the net loss per share and the number of outstanding shares significantly increased compared to the same period last year.
Looking ahead, Treasure & Shipwreck Recovery, Inc. acknowledges the challenges it faced during the quarter but remains optimistic about its future prospects. The company is focused on mitigating its expenses and improving its operational efficiency to achieve profitability. Additionally, Treasure & Shipwreck Recovery, Inc. aims to explore new revenue streams and strengthen its business strategies to drive growth in the coming quarters.
In conclusion, Treasure & Shipwreck Recovery, Inc. faced a challenging quarter with a net loss of $0.26 million. However, the company's quarterly revenue remained stable. The company recognizes the need for cost management and is optimistic about its future prospects. With a strategic focus on operational efficiency and exploring new revenue streams, Treasure & Shipwreck Recovery, Inc. aims to improve its financial performance in the upcoming quarters.