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Electronic Servitor Publication Network, Inc. (XESP) reported another quarter with no revenue and continued operating losses in its quarter ended June 30, 2026. For the six months, the net loss narrowed to $46,099 from $343,788 a year earlier, mainly due to sharply lower stock-based compensation and professional fees and a $62,852 gain on forgiveness of debt.
Liquidity remains very weak: cash was only $56,714 against current liabilities of $2,824,691, including a $2,500,000 purchase obligation for Phitech’s assets and multiple small notes that are in default. The company discloses a working capital deficit of approximately $2.8 million and an accumulated deficit of $8,469,131, and its auditors previously raised substantial doubt about its ability to continue as a going concern. Management estimates it needs about $1,500,000 over the next 12 months to support its plan and may rely on equity financing and support from its CEO and shareholders. Internal controls over financial reporting are described as not effective, with material weaknesses in timely account reconciliation and segregation of duties. Common shares outstanding were 53,528,001 as of August 13, 2026, while Series A Preferred Stock carries 60% of the company’s voting power.
Electronic Servitor Publication Network, Inc. (XESP) reported no revenue for the three months ended March 31, 2026, the same as a year earlier. Operating expenses fell to $42,978 from $164,228, driven by much lower stock-based compensation and general and administrative costs.
The company recorded net income of $36,295, compared with a net loss of $170,479 in the prior-year quarter, primarily due to $62,852 of gain on forgiveness of debt and other income. Cash was $100,244 and current liabilities were $2,814,569 at March 31, 2026, resulting in a stockholders’ deficit of $2,706,825 and an accumulated deficit of $8,386,737.
Management states there is substantial doubt about the company’s ability to continue as a going concern, citing recurring losses, limited revenue, and a working capital deficit of approximately $2.7 million. Numerous short-term notes payable are in default, and the company estimates it needs about $1,500,000 over the next 12 months to support operations. Disclosure controls and procedures were deemed not effective due to material weaknesses including lack of segregation of duties.