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Cytta Corp (CYCA-10.18%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $38,225 from $2,411 in the same quarter the previous year. The increase is attributed to a rise in customers and deferred revenue recognized on subscription agreements.
Operating expenses for the quarter decreased to $642,207 from $990,452 in the previous year. The decrease is mainly due to reduced stock-based compensation expenses.
The company reported a net loss of $687,143 for the quarter, compared to a net loss of $1,059,128 in the previous year.
Cash used in operating activities was $431,649 for the quarter, compared to $324,562 in the previous year.
As of December 31, 2024, Cytta had a working capital deficit of $1,000,269 and an accumulated deficit of $37,555,035, raising substantial doubt about the company's ability to continue as a going concern.
The filing details various convertible notes payable, with a total outstanding balance of $1,438,950 as of December 31, 2024.
Cytta's financial statements reflect a stockholders' deficit of $924,587 as of December 31, 2024.
The company does not have an audit committee, which is noted as a material weakness in internal controls over financial reporting.
Cytta continues to focus on developing and securing disruptive technologies, including its CyttaCOMMS incident management software and CyttaCARES system for educational institutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cytta Corp quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.