PickleJar Entertainment Group, Inc. (OTC Pink: PKLE) announced the completion of its audited financial statements for fiscal years ended December 31, 2024 and 2023, conducted by Astra Audit & Advisory, LLC, a PCAOB-registered firm. The audit resulted in an unqualified opinion, confirming substantial operational progress: revenue grew approximately 138% to $557,585 in fiscal 2024, while loss from operations narrowed about 45% to $1,537,352. This milestone is foundational to PickleJar’s goal of becoming a fully reporting issuer with the U.S. Securities and Exchange Commission, though no assurance can be given regarding the timing or completion of such registration.
Selected audited results for fiscal 2024 include total revenue of $557,585 compared to $233,762 in 2023, gross profit of $405,483 versus $155,155, and a net loss of $1,975,754 compared to net income of $1,206,415 in 2023, which included a non-cash gain of approximately $4.4 million from a reverse recapitalization. As of December 31, 2024, the company reported an accumulated deficit of $6,046,945 and a working capital deficit of $6,331,207. The full audited financial statements are available on the OTC Markets Disclosure & News Service and at investors.picklejar.com.
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.” He acknowledged the work ahead, including strengthening internal controls and addressing near-term liquidity, and expressed intent to execute transparently and deliberately toward SEC-reporting status.
The audited financial statements also disclose substantial doubt about the company’s ability to continue as a going concern for one year from the date of issuance, due to recurring operating losses, working capital deficits, and certain notes payable at or past maturity. Management’s plans include obtaining additional financing and extending or restructuring existing obligations. Additionally, the company is implementing a remediation plan to address material weaknesses in internal control over financial reporting, including expanding resources, formalizing policies, and improving IT general controls. Remediation is expected to occur over multiple reporting periods.
PickleJar Entertainment Group is a music and entertainment software company that develops integrated software and services connecting fans with emerging artists, mid-sized venues, and global brands. Its platform combines secure payment technology, data intelligence, and content distribution to support artist promotion programs and venue-managed services. The company is headquartered in Houston, Texas, and more information is available at picklejar.com.
