In This Story
China Teletech Holding Inc (CNCT+150.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues for the period. The company reported a net loss of $8,718 for the three months ended September 30, 2024, and a net loss of $40,414 for the nine months ended the same date.
Operating expenses for the three-month period were $8,718, compared to $1,810 in the same period the previous year. The increase in operating expenses is attributed to professional fees and general administrative expenses.
As of September 30, 2024, China Teletech Holding Inc. reported total liabilities of $71,334 and a stockholders' deficit of $71,334. The company had no cash or other assets at the end of the period.
The company has not generated any revenues from operations and is reliant on debt and equity raised in private offerings and shareholder loans to finance operations. The outstanding amount due to related parties was $61,117 as of September 30, 2024.
Net cash used in operating activities was $37,202 for the nine months ended September 30, 2024, compared to $5,158 for the same period in 2023. The increase in accounts payable and accrued expenses is related to professional and administrative fees.
China Teletech Holding Inc. remains a developmental stage company with a business plan focused on cluster consumption in the food industry. The company is classified as a Blank Check Company under Securities Act Rule 419(a)(2).
The company acknowledges its dependence on raising additional funds to support its operations and intends to seek a merger, acquisition, or similar business combination to generate revenues.
The filing also notes a material weakness in the company's internal control over financial reporting due to a lack of segregation of duties.
China Teletech Holding Inc. does not anticipate significant operations until a suitable business transaction is completed.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the China Teletech Holding Inc quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.