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Accredited Solutions Inc Com (ASII0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $241,136 for the three months ended September 30, 2024, compared to $164,515 for the same period in 2023. The increase is attributed to management's efforts to revamp operations and implement an aggressive marketing campaign.
Cost of sales for the quarter was $189,824, resulting in a gross profit of $51,312. This compares to a gross profit of $42,899 for the same period in the previous year.
Operating expenses rose significantly to $426,497 from $77,195 in the previous year, primarily due to increased advertising, marketing, and consulting expenses.
The company reported a net income from continuing operations of $4,272,002 for the quarter, a substantial increase from a net loss of $250,971 in the previous year. This change was largely due to a gain in derivative liabilities.
For the nine months ended September 30, 2024, revenues were $452,837, down from $543,116 in the same period in 2023. The decrease was attributed to management's focus on operational restructuring.
Operating expenses for the nine-month period increased to $549,384 from $210,967 in the previous year, due to higher marketing and consulting expenses.
The company reported a net income of $2,119,231 for the nine months ended September 30, 2024, compared to a net loss of $1,972,669 in the previous year, again influenced by derivative liabilities.
Cash used in operating activities was $244,813 for the nine months ended September 30, 2024. The company had a working capital deficit of $1,227,987 as of September 30, 2024.
Accredited Solutions does not have sufficient resources to expand its business rapidly and is dependent on raising additional capital. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing notes that the company has no off-balance sheet arrangements and highlights deficiencies in internal controls over financial reporting, which management plans to address as funding permits.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accredited Solutions Inc Com quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.