In This Story
Bravo Multinational Inc (BRVO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $61,509 compared to $4,527,732 in the same quarter the previous year. The decrease is attributed to lower general and administrative expenses and professional fees.
The company reported no revenues for the three and nine months ended September 30, 2024 and 2023, with no cost of sales or gross profit for these periods.
Total operating expenses for the three months ended September 30, 2024, were $61,509, compared to $107,732 for the same period in 2023. The decrease is attributed to reduced general and administrative expenses and professional fees.
For the nine months ended September 30, 2024, total operating expenses were $326,776, compared to $325,030 for the same period in 2023. The slight increase is due to higher general and administrative expenses.
Bravo Multinational reported a net loss of $290,976 for the nine months ended September 30, 2024, compared to $4,745,030 for the same period in 2023. The decrease is due to the absence of goodwill impairment charges in 2024.
As of September 30, 2024, the company had total assets of $1,387, consisting entirely of cash, and total liabilities of $700,966. The accumulated deficit was $96,078,741.
Net cash used in operating activities for the nine months ended September 30, 2024, was $122,136, compared to $124,482 for the same period in 2023.
Net cash provided by financing activities for the nine months ended September 30, 2024, was $122,343, compared to $133,824 for the same period in 2023.
The company continues to face substantial doubt about its ability to continue as a going concern due to recurring losses and a working capital deficit.
Bravo Multinational identified a material weakness in its internal controls over financial reporting due to inadequate segregation of duties and a lack of review over the financial reporting process.
The company discontinued its relationship with Mobile13, Inc., its wholly-owned subsidiary, on October 29, 2024, due to a lack of funding and expertise in the mobile telecommunications sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bravo Multinational Inc quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.