M&A
confidence medium
sentiment negative
materiality 0.75
CFN Enterprises acquires CNP Operating for 354M shares; CNP shows going concern issues
CFN Enterprises Inc.
- CFN Enterprises issued 354 million shares to acquire all of CNP Operating, LLC.
- CNP Operating reported net loss of $3.64M (FY2020) and $211K (H1 2021 unaudited).
- Auditor expressed substantial doubt about CNP's ability to continue as a going concern.
- CNP had working capital deficit of $2.73M as of June 30, 2021 and $17.6K cash.
- CNP revenue grew to $6.18M in 2020 from $1.54M in 2019, but operating loss continued.