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AppSoft Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no recorded revenue for the three months ended September 30, 2024, compared to no revenue in the same period the previous year.
Total expenses for the quarter were $11,042, up from $4,275 in the same quarter of the previous year. The increase in expenses is primarily due to higher professional fees.
The company reported a net loss of $10,457 for the quarter, compared to a net loss of $4,275 in the previous year.
For the nine months ended September 30, 2024, AppSoft reported a net loss of $39,772, compared to a net loss of $53,880 for the same period in 2023.
AppSoft's cash flow from operating activities showed a net cash used of $33,003 for the nine months ended September 30, 2024, compared to $57,827 in the same period the previous year.
Cash provided by financing activities was $33,000 for the nine months ended September 30, 2024.
As of September 30, 2024, AppSoft had a working capital deficit of $34,013, compared to a working capital deficit of $27,831 at December 31, 2023.
The company continues to face challenges in generating revenue and financing its operations, relying on loans from Bryan Glass Securities, Inc. to fund its activities.
The filing also highlights the company's focus on developing its Esports/E-gaming platforms and acquiring new mobile applications.
AppSoft's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and secure necessary financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AppSoft Technologies Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.