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Ameritek Ventures, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenue to $275,458 from $186,337 in the same quarter the previous year. This increase is attributed to programming revenue and deferred revenue recognition.
General and administrative expenses for the quarter were $142,326, representing a 24% decrease compared to the same quarter of the previous year. This decrease is due to lower development and support expenses.
The company reported a net income of $87,167 for the quarter, compared to a net loss of $38,756 in the previous year. The change is attributed to increased revenue and reduced operating expenses.
Interest expenses increased to $45,967 from $37,705, primarily due to compounded interest from the SBA loan.
Cash provided by operating activities was $326,377, while cash used in financing activities was $329,659. There were no cash flows from investing activities during the period.
Ameritek had $2,336 in cash as of September 30, 2024, compared to $7,497 in the previous year. The company continues to rely on borrowings for working capital needs.
The filing also details related party transactions, including invoices totaling $317,793 with Epazz, Inc. (EPAZ-10.00%) during the nine months ended September 30, 2024.
Ameritek Ventures does not anticipate any significant off-balance sheet arrangements that could affect its financial condition.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of a functioning audit committee and inadequate segregation of duties.
Legal proceedings include a dismissed lawsuit filed by Meridian Pacific Holdings, LLC and a pending lawsuit against Clinton L. Stokes, III regarding share ownership and asset claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ameritek Ventures Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.