PickleJar Entertainment Group Reports 138% Revenue Growth in Audited Fiscal 2024 Results

PickleJar Entertainment Group, Inc. (OTC Pink: PKLE) announced the completion of audited financial statements for fiscal years ended December 31, 2024 and 2023, conducted by PCAOB-registered firm Astra Audit & Advisory, LLC, which issued an unqualified opinion. The audit revealed total revenue of $557,585 for fiscal 2024, a 138% increase from $233,762 in fiscal 2023. Gross profit rose to $405,483 from $155,155, while loss from operations narrowed 45% to $1,537,352 from $2,786,231. Net loss for fiscal 2024 was $1,975,754, compared to net income of $1,206,415 in fiscal 2023, which included a non-cash gain of approximately $4.4 million from fair-value remeasurement of Simple Agreements for Future Equity.

The completion of the audit is a foundational step in PickleJar’s objective to become a fully reporting issuer with the U.S. Securities and Exchange Commission. The full audited financial statements are available on the OTC Markets Disclosure & News Service and at investors.picklejar.com.

Jeff James, Chief Executive Officer of PickleJar, 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 audited financial statements also disclose 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 maturity. As of December 31, 2024, the Company had an accumulated deficit of $6,046,945 and a working capital deficit of $6,331,207. Management plans to address these conditions through additional financing and extension, restructuring, or conversion of existing obligations.

In connection with the audit, PickleJar is implementing a remediation plan to address material weaknesses in internal control over financial reporting, including expanding financial reporting resources, formalizing policies, strengthening review processes, and improving IT general controls. The remediation is expected to occur over multiple reporting periods.

Investors are encouraged to review the audited financial statements in their entirety, including disclosures regarding the Company’s revolving credit facility, related-party transactions, and subsequent events. The Company undertakes no obligation to update forward-looking statements.