PickleJar Entertainment Group, Inc. (OTC Pink: PKLE), a music and entertainment software company, announced the completion of its audited financial statements for fiscal years ended December 31, 2024 and 2023. The audit, conducted by Astra Audit & Advisory, LLC, a PCAOB-registered firm, resulted in an unqualified opinion. The results show total revenue of $557,585 for fiscal 2024, a 138% increase from $233,762 in fiscal 2023. Gross profit rose to $405,483 from $155,155, while loss from operations narrowed by 45% to $1,537,352 from $2,786,231. Net loss for fiscal 2024 was $1,975,754, compared to net income of $1,206,415 in fiscal 2023, which included a non-cash gain of approximately $4.4 million related to the November 2023 reverse recapitalization. The company reported an accumulated deficit of $6,046,945 and a working capital deficit of $6,331,207 as of December 31, 2024.
The completion of the audit is a foundational step in PickleJar’s objective to become a fully reporting issuer with the U.S. Securities and Exchange Commission. CEO Jeff James noted that the audit provides investors and partners with a common, independently verified set of facts. The full audited financial statements are available on the OTC Markets Disclosure & News Service and at investors.picklejar.com.
Despite the operational progress, the audited financial statements disclose substantial doubt about the company’s ability to continue as a going concern for one year from the issuance date. This is due to recurring operating losses, accumulated and working capital deficits, and certain notes payable at or past their stated maturity. Management plans to address these conditions through additional financing and restructuring of existing obligations. Additionally, the company is implementing a remediation plan to address material weaknesses in internal control over financial reporting, including expanding financial reporting resources and strengthening policies and procedures. The remediation is expected to occur over multiple reporting periods.
The audit also highlighted an event of default under the company’s revolving credit facility, as previously disclosed. The company is working to resolve these issues as it progresses toward SEC reporting status. Investors are encouraged to review the audited financial statements in their entirety, including disclosures on related-party transactions and subsequent events.
