06:57 AM EDT, 03/26/2024 (MT Newswires) -- Star Diamond Corp ( SHGDF ) overnight Monday reported full-year 2023 net loss of $3.0 million, or $0.01 per share, narrowing from a loss of $68.8 million, or $0.15 per share, in 2022.

The company attributed the decrease in net loss to the prior year's impairment charge of $66.3 million combined with the mark-to-market loss on the Wescan investment offset by the elimination of the $0.9 million contingent consideration.

As of Dec. 31, 2023, the company had $0.6 million in cash and cash equivalents and a working capital deficit of -$0.3 million.

The company said its ability to continue as a going concern and fund its expenses will require additional financing.