The loss may be accurate and if so it would be OK to report it even for an established business.
Typically, when you have a loss it will be reflected on your balance sheet, often by a decrease in cash or increase in payables, sometimes by a decrease in accounts receivable, or in your case by an increase in assets. If the accounts on your balance sheet are correct, then usually the loss will be reflected there in a change in the balance of one or more accounts when you compare the ending values to the beginning values.
If a careful analysis and reconciliation of your income statement and balance sheet accounts reflects a loss for the year, then it is appropriate to reflect that on your tax return. Also you purchased costly pieces of equipment that will often generate a loss when you use bonus or section 179 depreciation, which will accelerate the depreciation deduction allowed. In that case, a loss could easily be experienced.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
