African Agriculture Holdings Inc. (AAGR) reported financial results for the fiscal year ended December 31, 2023. The company, which focuses on commercial farming, fishery logistics, and carbon offset production, began harvesting its initial alfalfa crop in the second quarter of 2022, marking the start of revenue generation. For the year ended December 31, 2023, AAGR recorded a net loss of approximately $43.1 million and used $4.0 million in cash for continuing operations. The net loss included significant non-cash impacts such as share-based compensation, depreciation, amortization, and non-cash interest. The company's working capital deficit increased to $24.6 million, primarily due to an increase in payables and accrued expenses. AAGR's liquidity was bolstered by the Business Combination with 10X Capital Venture Acquisition Corp. II and a...Show More

African Agriculture Holdings Inc. (AAGR) reported financial results for the fiscal year ended December 31, 2023. The company, which focuses on commercial farming, fishery logistics, and carbon offset production, began harvesting its initial alfalfa crop in the second quarter of 2022, marking the start of revenue generation. For the year ended December 31, 2023, AAGR recorded a net loss of approximately $43.1 million and used $4.0 million in cash for continuing operations. The net loss included significant non-cash impacts such as share-based compensation, depreciation, amortization, and non-cash interest. The company's working capital deficit increased to $24.6 million, primarily due to an increase in payables and accrued expenses. AAGR's liquidity was bolstered by the Business Combination with 10X Capital Venture Acquisition Corp. II and a Cash-Settled Equity Derivative Transaction, providing net cash proceeds of $6.87 million. However, the company requires additional capital to fund its expansion plans and transition to a public company. AAGR's management has expressed substantial doubt about the company's ability to continue as a going concern without raising additional capital. The company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business.