Fortress Cove Limited, a subsidiary of EUDA Health Holdings Limited, released its consolidated financial statements for the period ending December 31, 2023, on October 10, 2024. The report indicated that Fortress Cove Limited incurred a net loss of $19,788 during this period. The company also reported a working capital deficit of $19,311 as of December 31, 2023.
The financial statements highlighted that Fortress Cove Limited had approximately $11,000 in cash on hand at the end of 2023. Management concluded that these financial conditions raise substantial doubt about the company's ability to continue as a going concern within one year.
EUDA Health Holdings Limited, the parent company, has committed to providing ongoing financial support to Fortress Cove Limited and its subsidiary for the next twelve months. This commitment aims to enable the subsidiary to meet its liabilities as they become due, addressing immediate liquidity concerns.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.