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Catalyst Crew Technologies Corp. (CBBBD0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. Operating expenses for the three months ended September 30, 2024, were $33,668, compared to $2,939,764 for the same period in the previous year. The decrease is attributed to a reduction in stock-based compensation.
Other expenses for the quarter were $9,813, compared to other income of $1,428 in the same quarter of the previous year, primarily due to interest expenses on additional debt incurred.
The company reported a net loss of $43,481 for the quarter, compared to a net loss of $2,938,336 in the previous year, with the improvement attributed to the reduction in operating expenses.
For the nine months ended September 30, 2024, Catalyst Crew Technologies Corp. reported no revenue. Operating expenses were $2,315,892, down from $2,959,488 in the previous year, again due to reduced stock-based compensation.
Other expenses for the nine months were $27,716, compared to other income of $15,460 in the previous year. The increase in expenses was due to interest on additional debt.
The net loss for the nine months ended September 30, 2024, was $2,343,608, compared to $2,974,948 in the previous year.
As of September 30, 2024, the company had total current liabilities of $647,971 and no current assets, resulting in a working capital deficit of $647,971.
The filing indicates that the company is dependent on external funding sources to continue operations, with no firm agreements in place for financing.
The report includes a discussion of the company's accounting policies, including the use of estimates, stock-based compensation, and fair value measurements.
There were no significant changes in internal control over financial reporting during the quarter.
The company has not been involved in any legal proceedings and has not issued any unregistered equity securities during the period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Catalyst Crew Technologies Corp. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.