Summary by Moomoo AI
Minim Inc. reported zero revenue for Q2 2024, compared to $7.2 million in Q2 2023, reflecting the complete cessation of its Motorola-licensed networking product sales. The company posted a net loss of $488,000 for the quarter, significantly reduced from a $5.6 million loss in the same period last year, primarily due to substantial cost reductions across all operating segments.Operating expenses decreased 91.8% to $489,000, driven by major reductions in selling and marketing ($3.5 million decrease), research and development ($1.1 million decrease), and general and administrative expenses ($604,000 decrease). The company also recorded a $164,000 benefit from vendor liability forgiveness during the quarter.As of June 30, 2024, Minim had cash and cash equivalents of $630,816, down from $709,322 at year-end 2023, and negative working capital of $0.7 million. Management expressed substantial doubt about the company's ability to continue as a going concern, noting insufficient resources to fund operations beyond the next 12 months without additional financing. The company is currently pursuing a potential merger with e2Companies LLC while its stock trading remains suspended on Nasdaq.
