PickleJar Entertainment Group, Inc. (OTC Pink: PKLE) announced the completion of audited financial statements for fiscal years 2024 and 2023, conducted by Astra Audit & Advisory, LLC, a firm registered with the Public Company Accounting Oversight Board (PCAOB). The audit resulted in an unqualified opinion and revealed significant operational progress: revenue grew approximately 138% to $557,585 in fiscal 2024, and loss from operations narrowed approximately 45% to $1,537,352. The audit completion is a foundational step in PickleJar’s stated objective of becoming a fully reporting issuer with the U.S. Securities and Exchange Commission.
The selected audited results for fiscal 2024 show total revenue of $557,585, compared with $233,762 in fiscal 2023, an increase of about 138% year-over-year. Gross profit reached $405,483, up from $155,155 in 2023. Loss from operations improved to $1,537,352 from $2,786,231 in 2023, a 45% narrowing. Net loss for 2024 was $1,975,754, compared with net income of $1,206,415 in 2023, which included a non-cash gain of approximately $4.4 million related to the reverse recapitalization. Accumulated deficit stood at $6,046,945 and working capital deficit at $6,331,207 as of December 31, 2024.
CEO Jeff James stated, “Completing a PCAOB audit of two full fiscal years is a meaningful milestone for PickleJar. It gives our investors, our label and distribution partners, and our commercial counterparties a common, independently verified set of facts to work from. We are proud of the operational progress reflected in these results, and we are clear-eyed about the work ahead - strengthening internal controls, addressing near-term liquidity, and executing toward SEC-reporting status.”
The full audited financial statements are available on the OTC Markets Disclosure & News Service and at investors.picklejar.com.
However, the audit also highlighted substantial doubt about the Company’s ability to continue as a going concern due to recurring operating losses, accumulated and working-capital deficits, and certain notes payable at or past their stated maturity dates. Management’s plans include obtaining additional financing and extending, restructuring, or converting existing obligations. Additionally, PickleJar is implementing a remediation plan for material weaknesses in internal control over financial reporting, which includes expanding financial reporting resources, formalizing policies, and strengthening internal controls.
Investors are encouraged to review the audited financial statements in their entirety for disclosures regarding the revolving credit facility, related-party transactions, and subsequent events. The forward-looking statements in this release are subject to risks and uncertainties, including those related to the Company’s ability to continue as a going concern and achieve SEC reporting status.
