In This Story
Connexionone Corp (CNNN0.00%) 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 generated during the period. Operating expenses for the three months ended September 30, 2024, were $116,997, compared to $627,966 for the same period in 2023. The decrease in operating expenses is attributed to stock-based compensation incurred in 2023.
Professional fees for the three months ended September 30, 2024, were $51,592, an increase from $21,246 for the same period in 2023. This increase is primarily due to higher auditor service fees and marketing expenses.
For the nine months ended September 30, 2024, operating expenses were $288,260, compared to $678,949 for the same period in 2023. The decrease is attributed to stock-based compensation incurred in 2023.
Net loss for the three months ended September 30, 2024, was $116,997, compared to a net loss of $627,966 for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $288,260, compared to $678,949 for the same period in 2023.
Net cash used in operating activities was $318,083 for the nine months ended September 30, 2024, compared to $124,699 for the same period in 2023. Net cash used in investing activities was $205,000 for the nine months ended September 30, 2024, compared to $62,000 for the same period in 2023.
Net cash provided by financing activities was $522,622 for the nine months ended September 30, 2024, compared to $182,501 for the same period in 2023. The company received advances from related parties for working capital purposes.
The filing also notes that Connexionone Corp is a development-stage company focused on building a decentralized social media platform. The company has not generated any revenue and is focused on raising capital for its business plans.
As of September 30, 2024, Connexionone Corp had a working capital deficit of $1,633,368. The company is dependent on raising additional funds to continue its operations.
The company acknowledges a material weakness in its internal controls over financial reporting due to a lack of personnel with accounting expertise. There have been no changes in internal controls during the quarter that have materially affected the company's financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Connexionone Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.