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Dark Pulse, Inc. (DPLS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, reporting a net loss of $3,540,148 for the nine months ended September 30, 2024, compared to a net loss of $19,915,940 in the previous year. The company attributes this to decreased revenues following the deconsolidation of Optilan (UK) Limited.
The company reported total revenues of $55,839 for the nine months ended September 30, 2024, a decrease from $2,032,673 in the previous year. This decline is primarily due to the deconsolidation of Optilan and capital constraints affecting other subsidiaries.
Operating expenses for the nine months ended September 30, 2024, decreased to $1,618,058 from $17,201,734 in the previous year, reflecting reduced headcount and professional fees.
Dark Pulse, Inc. has highlighted liquidity concerns, with current liabilities exceeding current assets by $22,119,689 as of September 30, 2024. The company states it will require additional funding to continue operations and meet strategic objectives.
The filing also discusses ongoing legal proceedings, including actions against Carebourn Capital, L.P., More Capital, LLC, and others, with the company pursuing legal remedies to collect awarded damages.
Dark Pulse, Inc. continues to focus on expanding its operations and offerings, including the manufacture, sale, and monitoring of laser sensing systems based on its patented BOTDA technology.
The company has entered into several stock purchase agreements during 2024 to raise capital, issuing shares to investors under exemptions from securities registration.
Dark Pulse, Inc. acknowledges the challenges posed by foreign currency fluctuations, which may impact future revenue and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dark Pulse Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.