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Elsight Limited incurred a loss for the year of $3,683,532 (31 December 2022: loss of $4,306,433). The decrease in loss of $622,901 from 31 December 2022 to 31 December 2023 is due to an increase in the Group’s gross profit and a decrease in selling, general and administrative expenses.
The net assets of the Group have decreased by $3,510,4710, from net assets of $1,849,496 at 31 December 2022 to net liabilities of $1,660,975 at 31 December 2023.
As at 31 December 2023, the Group’s
cash and cash equivalents decreased from a balance of $5,194,794 at 31 December 2022 to a balance of $2,702,593 at 31 December 2023. As at 31 December 2023 the Group has a working capital of $3,148,709 (31 December 2022: working capital of $5,789,295). Excluded from the 31 December 2023 working capital are convertible notes with a balance of US$4,983,627 which the Group expects to be converted or refinanced before their 30 December 2024 maturity date.
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