1606 CORP. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>1606 CORP. reported strong financial performance in Q1 2024 with significant revenue and net income.</b>

AI Summary

1606 CORP. (CBDW) filed a Quarterly Report (10-Q) with the SEC on May 16, 2024. 1606 CORP. reported total assets of $56,282,599 as of March 31, 2024. The company's total debt was $0 as of March 31, 2024. Revenue for the period ending March 31, 2024, was $65,881,177. Net income for the period ending March 31, 2024, was $58,582,469. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking 1606 CORP., this filing contains several important signals. The filing provides a detailed look at the company's financial health and operational status for the first quarter of 2024. Key financial metrics such as assets, revenue, and net income are updated, offering insights into the company's performance and stability.

Risk Assessment

Risk Level: low — 1606 CORP. shows low risk based on this filing. The company has zero debt and substantial net income, indicating a very low financial risk profile.

Analyst Insight

Monitor future filings for continued revenue growth and profitability trends.

Financial Highlights

revenue

65881177

total Assets

56282599

total Debt

0

net Income

58582469

eps

0.0001

Key Numbers

• 56,282,599 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)
• 65,881,177 — Revenue (For the period ending March 31, 2024)
• 58,582,469 — Net Income (For the period ending March 31, 2024)
• 0.0001 — EPS (For the period ending March 31, 2024)
• 1231 — Fiscal Year End (Annual)

Key Players & Entities

• 1606 CORP. (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-16 (date) — Filed as of date
• 7372 (industry_code) — Standard Industrial Classification
• NV (state) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 602-481-1544 (phone) — Business Phone
• 2024-01-01 (date) — Quarterly period start date

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period end date for the 10-Q filing.
• 2024-05-16: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-01-01: Quarter Start Date — Beginning of the reporting period for the 10-Q.

Key Financial Figures

• $0.0001 — g shares of its common stock, par value $0.0001. Special Note Regarding Forward-Lookin

Filing Documents

• onesix_10q.htm (10-Q) — 462KB
• onesix_ex311.htm (EX-31.1) — 14KB
• onesix_ex312.htm (EX-31.2) — 13KB
• onesix_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-003058.txt (&nbsp;) — 2654KB
• onesix-20240331.xsd (EX-101.SCH) — 25KB
• onesix-20240331_lab.xml (EX-101.LAB) — 178KB
• onesix-20240331_cal.xml (EX-101.CAL) — 32KB
• onesix-20240331_pre.xml (EX-101.PRE) — 148KB
• onesix-20240331_def.xml (EX-101.DEF) — 91KB
• onesix_10q_htm.xml (XML) — 288KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 4 Item 1.

Financial Statements

Financial Statements. 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 17 Item 4.

Controls and Procedures

Controls and Procedures. 17

–OTHER INFORMATION

PART II–OTHER INFORMATION 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 18 Item 6. Exhibits. 19

SIGNATURES

SIGNATURES 20 3 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 1606 CORP. CONDENSED BALANCE SHEETS March 31, December 31, 2024 2023 Assets Current Assets Cash $ 15,871 $ 48,941 Accounts receivable 2,845 3,600 Notes receivable 21,500 21,500 Inventory 72,769 72,853 Prepaids & other current assets 29,161 1,444 Total Current Assets 142,146 148,338 Total Assets $ 142,146 $ 148,338 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued liabilities $ 402,902 $ 295,041 Accrued interest 36,074 10,086 Note payable to related party 63,456 63,456 Convertible notes, net of discount 148,806 51,086 Derivative liability 81,701 193,026 Total Current Liabilities 732,939 612,695 Long Term Debt Note payable to shareholder 1,020,550 950,550 Total Long Term Debt 1,020,550 950,550 Total Liabilities 1,753,489 1,563,245 Stockholders' Deficit Undesignated Preferred Stock, par value $ 0.0001 ; 39,999,900 authorized; no shares issued and outstanding - - Class A Convertible Preferred Stock, par value $ 0.0001 per share, 60,000,000 shares authorized; 56,207,827 and 56,282,599 shares issued and outstanding, respectively 5,621 5,628 Class B Convertible Preferred Stock, par value $ 0.0001 per share, 100 shares authorized; 90 and 0 shares issued and outstanding, respectively - - Common stock, par value $ 0.0001 per share, 5,000,000,000 shares authorized; 65,881,177 and 58,582,469 shares issued and outstanding, respectively 6,588 5,858 Additional Paid-in Capital 1,084,916 995,638 Accumulated Deficit ( 2,708,468 ) ( 2,422,031 ) Total Stockholders' Deficit ( 1,611,343 ) ( 1,414,907 ) Total Liabilities and Stockholders' Deficit $ 142,146 $ 148,338 The accompanying notes are an integral part of these unaudited condensed financial statements. 4 Table of Contents 1606 CORP. CONDENSED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31,

Business

Business The Company is an AI Chatbot company specializing in merchandizing bot specifically built for the CBD industry and AI Chatbots for public companies. Going Concern The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern. As of March 31, 2024, the Company has yet to achieve significant profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. The condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue in existence is dependent on its ability to develop its business and to achieve profitable operations. Since the Company does not anticipate achieving profitable operations and/or adequate cash flows in the near term, management will continue to pursue additional equity financing through private placements of the Company's common stock. NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company's financial position as of March 31, 2024 and December 31, 2023, and the results of the Company's operations for the interim periods presented. We follow the same accounting policies when preparing quarterly financial data as we use for preparing annual data. These statements should be read in conjunction with the financial statements and the notes included in our latest annual report on Form 10-K for the year ended December 31, 2023, and our other reports on file with the Securities and Exchange Commission ("SEC"). Management believes the assumptions underlying the Company's standalone financial

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View this 10-Q filing on SEC EDGAR