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Bubblr, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $1,415, an increase from $1,151 in the same quarter the previous year. The company reported a gross profit of $1,275 for the quarter, compared to $1,151 in the previous year.
Operating expenses for the quarter were $471,942, down from $1,237,257 in the previous year. This decrease is attributed to reduced general and administrative expenses.
The company reported an operating loss of $470,667 for the quarter, compared to $1,236,106 in the previous year.
Other income and expenses resulted in a net loss before income tax of $496,838, compared to $1,170,933 in the previous year.
Cash used in operating activities was $214,009 for the nine months ended September 30, 2024, compared to $412,603 in the previous year.
Cash provided by financing activities was $221,410, primarily due to an increase in related party loans.
Bubblr had a working capital deficit of $2,009,279 as of September 30, 2024, an increase from $1,392,300 at the end of 2023.
The company acknowledges its dependence on raising additional funds through equity or debt offerings to continue operations.
The filing also details various financial agreements, including loans payable to related parties and the issuance of Series C Convertible Preferred Stock.
Bubblr does not anticipate significant revenues unless further development, marketing, and support of its products and services are achieved.
The company identified material weaknesses in its internal controls over financial reporting, including insufficient segregation of duties and limited written documentation of internal control policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bubblr Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.