Summary by Moomoo AI
AERWINS Technologies, a company specializing in drone technology, has reported a significant year-over-year decline in revenues, from $5,207,490 in 2022 to $1,073,049 in 2023. The cost of revenues also decreased from $5,070,507 in 2022 to $2,823,132 in 2023, resulting in a gross loss of $1,750,083 for 2023 compared to a gross profit of $136,983 in the previous year. Operating expenses, including selling, general and administrative, and research and development expenses, totaled $11,283,223, contributing to a loss from operations of $13,033,306. The company also reported a net loss from discontinued operations of $16,422,439 for 2023, compared to $14,477,349 in 2022. AERWINS Technologies has faced other income expenses, including interest expenses, loss on foreign currency transactions, and impairment on fixed assets, which amounted to a total of $3,387,590. The company's future plans include discussions with Lind Global to extend the time period for completing a public offering, as well as the recent sale of unregistered securities to accredited investors, raising an aggregate of $542,000 in cash. AERWINS Technologies has also authorized the issuance of shares to Boustead Securities LLC and consultants for services provided post-2023.
