Artisan Consumer Goods Inc. (OTCMKTS:ARRT) was very volatile after announcing that it didn’t have any revenue for the years ending June 30, 2020, and 2021, respectively. However, the company reported a net income of $15,344 following a return of $25,080 from share-based compensation plus a $12,350 gain from debt extinguishment compared to a net loss of $22,723 in 2020.
The net loss decline is attributed to a decline in operating expenses to $3,408 from $18,152 a year ago, $25,080 in stock-based compensation return relative to $910 in share-based compensation. This was partially offset by the $20,490 incurred in professional fees relative to $15,744 a year ago.
Currently, the company has limited business operations, and at the end of June 2021, Artisan Consumer Goods had a cash balance of $901 and outstanding liabilities of $183,117. Over the next one year, the company’s expenditure will be around $100,000. If there is a shortage of funds before the company starts generating revenue from operations, it will use cash from its directors. Therefore, investors should watch AART.
Market Reaction:
On Wednesday, ARRT stock soared 75% at $0.1925 with more than 9.7K shares, compared to its average volume of 1.8K shares. The stock has moved within a range of $0.1925 – 0.4700 after opening the trade at $0.1980.
