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APPlife Digital Solutions Inc (ALDS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $968 from $3,854 in the same quarter the previous year. The decrease was primarily due to reduced marketing efforts.
Operating expenses for the quarter were $174,327, down from $587,705 in the previous year, primarily due to a reduction in stock compensation expenses.
The company reported a net loss of $184,424 for the quarter, compared to $671,466 in the previous year. The decrease in net loss was attributed to reduced operating expenses.
APPlife Digital Solutions had a working capital deficit of $2,285,554 as of September 30, 2024, compared to $2,192,496 as of June 30, 2024.
The company continues to face substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $22,060,309 as of September 30, 2024.
APPlife Digital Solutions anticipates additional equity financing to fund operations in the future and acknowledges the potential need to reduce business activities if financing is not secured.
The filing details various financial instruments, including convertible notes payable with embedded derivatives, which are recorded as derivative liabilities.
The company has signed a Letter of Intent with Silver Bear Sports Entertainment and Gaming for a potential transaction expected to close in the second quarter of 2025.
APPlife Digital Solutions' projects include B2BCHX, Rooster Essentials, Office Hop, Global Hemp Services LLC, Valida, and the DRINX app, with varying degrees of operational readiness and revenue generation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the APPlife Digital Solutions Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.