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Concrete Leveling Systems Inc (CLEV+11.11%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in equipment and parts sales to $183 from $175 in the same quarter the previous year. The cost of sales remained constant at $59.
Operating expenses for the quarter were $22,331, down from $23,699 in the previous year, primarily due to a decrease in legal and professional fees.
The company reported a net loss of $24,803 for the quarter, compared to a net loss of $26,184 in the previous year.
Cash used in operating activities was $21,620, while cash provided by financing activities was $21,494, primarily due to advances from stockholders.
As of October 31, 2024, Concrete Leveling Systems had total assets of $17,578 and total liabilities of $602,640, resulting in a stockholders' deficit of $585,062.
The company acknowledges substantial doubt about its ability to continue as a going concern due to ongoing losses and a deficit in working capital.
The filing also discusses the company's agreement with Jericho Associates, Inc., which involves potential business opportunities in the gaming and hospitality sectors.
Concrete Leveling Systems intends to focus on both its concrete leveling operations and potential ventures in the gaming and hospitality industries.
The company plans to address identified material weaknesses in internal controls over financial reporting, including inadequate segregation of duties and lack of a whistleblower policy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Concrete Leveling Systems Inc quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.