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Bubblr Inc (BBLR-11.46%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that Bubblr Inc, an AI company with patent-protected intellectual properties, is entering a phase of revenue growth driven by the launch of new products and a new executive team.
Bubblr reported a net loss of $1,313,026 for the year, with an accumulated deficit of $17,012,492 as of December 31, 2024. The company faces a working capital deficit of $2,000,369.
The company's revenue for 2024 was $5,349, a slight increase from $2,620 in 2023. Operating expenses decreased significantly to $1,283,412 from $2,921,414 in the previous year.
Bubblr's liabilities include accounts payable of $321,274 and accrued liabilities of $1,724,002. The company has loans payable to related parties totaling $1,105,095.
Bubblr has authorized 3,000,000,000 shares of common stock, with 159,890,447 shares issued and outstanding as of December 31, 2024.
The company has a Series C Convertible Preferred Stock with a stated value of $1,200 per share. As of December 31, 2024, there were 903 shares of Series C Convertible Preferred Stock issued and outstanding.
Bubblr's management is focused on raising additional capital through equity or debt offerings to support its operations and future growth.
The company identified a material weakness in its internal controls over financial reporting, primarily due to a lack of adequate segregation of duties and accounting functions.
Bubblr's financial statements have been prepared assuming the company will continue as a going concern, although there is substantial doubt about its ability to do so due to ongoing losses and working capital deficits.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bubblr Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.