This was reported by Cbc News, according to Ukrinform.

When Truth Social launches in 2022, the social network’s supporters describe it as a conservative alternative to big tech platforms that will appeal to advertisers trying to win over former President Donald Trump’s millions of followers, the article notes. But new regulatory filings show that Truth Social’s owner, Trump Media & Technology Group, booked just $2.3 million in sales through June of this year.

The report also includes a warning from Trump Media & Technology Group that its accountants have “doubts about the company’s ability to continue operating.” The accounting firm believes the company may not have enough cash to pay its debts and could default next year, according to data from S&P Global.

The financial picture emerging from the application showed a company facing mounting losses and little growth on meager sales, the newspaper said. The filing stated that Trump Media generated $2.3 million in revenue in the first six months of 2023, compared to zero revenue the previous year.

Trump Media is negotiating with creditors over its debts, and the statement warned that its management has doubts about the company’s ability to pay its debts and meet its obligations to creditors.

As Ukrinform reported, a court in New York found former president Donald Trump and his family company liable for fraud following a civil lawsuit filed by state attorney general Letitia James, who accused the former president of illegally exaggerating his assets and wealth.