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Defense Technologies International Corp (DTII) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. The company's operating expenses for the three and six months ended October 31, 2024, were $366,065 and $529,582, respectively, compared to $143,593 and $284,331 for the same periods in 2023.
Interest expenses for the three and six months periods ended October 31, 2024, were $7,096 and $14,154, respectively. A loan origination fee of $5,000, a loss on notes of $5,000, and a loss on accounts payable of $250,000 were incurred during the six months ended October 31, 2024.
The company reported a net income before non-controlling interest of $394,195 for the three months ended October 31, 2024, and a net loss of $73,214 for the six months ended October 31, 2024. After adjusting for the consolidated subsidiary, the net income and net loss for the three and six months periods were $398,527 and $62,712, respectively.
As of October 31, 2024, Defense Technologies International Corp had total current assets of $7,827 and total current liabilities of $1,342,206, resulting in a working capital deficit of $1,334,379.
The company issued 10,686,860 shares of common stock for the conversion of 1,068,686 Series B preferred shares during the six months ending October 31, 2024. Additionally, 10,000,000 shares were issued with an aggregate value of $695,000 for the payment of related party debt.
Management plans to continue to provide for the company's capital needs during the year ending April 30, 2025, by issuing debt and equity securities and by the continued support of its related parties.
The filing also details the company's ongoing commitments and contingencies, including various service and administration agreements, as well as its plans for future funding and development of its security technology products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Defense Technologies International Corp quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.