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Balance Labs, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $192,837, compared to a net loss of $68,735 in the same quarter the previous year. The increase in net loss is attributed to higher professional fees and an unrealized loss on available-for-sale securities.
General and administrative expenses decreased to $4,557 from $8,005, primarily due to a reduction in printing and utilities expenses.
Professional fees increased to $32,293 from $11,274, mainly due to higher accounting and legal fees.
Other expenses for the quarter were $109,149, up from $34,256 in the previous year, largely due to an unrealized loss on available-for-sale securities and increased interest expenses.
The company reported no revenue for the quarter, consistent with the same period in the previous year.
Cash and cash equivalents decreased to $30,407 from $112,809 as of December 31, 2023. The company used $112,402 of cash in operating activities during the nine months ended September 30, 2024.
Balance Labs reported a working capital deficiency of $4,953,363 as of September 30, 2024, highlighting concerns about its ability to continue as a going concern without additional financing.
The company continues to seek additional capital to sustain operations and plans to expand its client base by adding two to three new clients by the end of 2024.
The filing also notes that the company has identified material weaknesses in its internal controls over financial reporting, including a lack of functional controls and inadequate segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Balance Labs Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.