King Resources Posts $2.18M Loss, Going Concern Warning as Cash Dwindles to $8.8K
KRFG has more than doubled off its 52-week low of $0.04 on light trading volume (0.1× avg).
Summary
King Resources' 10-K reveals a dire financial position: revenue surged to $830.66K from $76.92K, but the company swung to a $2.18M net loss from a $1.95M profit last year. The auditor issued a going concern warning, and cash stands at just $8,789. Two customers make up 93% of revenue, adding concentration risk. The company pivoted from power solutions to arts and collectibles, but without new funding, survival is in question. This follows the 10-K filing earlier today and the reincorporation to Nevada completed in June.
At the time of this announcement, KRFG was trading at $0.26 on OTC in the Trade & Services sector, with a market capitalization of approximately $22.9M. The 52-week trading range was $0.04 to $30,000.00. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.