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Defense Technologies International Corp (DTII) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing reports that the company did not generate any revenue during the three and nine-month periods ending January 31, 2025, compared to $49,012 in revenue for the nine-month period in 2024.
Operating expenses for the three and nine months ended January 31, 2025, were $316,803 and $851,750, respectively, compared to $141,270 and $450,209 for the same periods in 2024. The increase was primarily due to higher consulting and general administrative costs.
Interest and other expenses for the three and nine months ended January 31, 2025, were $6,408 and $30,562, respectively, compared to $6,771 and $21,330 for the same periods in 2024. A loss on accounts payable of $250,000 was recorded during the nine months ended January 31, 2025.
The change in derivative liability resulted in a gain of $5,633 and $13,090 for the three and nine months ended January 31, 2025, compared to a gain of $226 and a loss of $16,528 for the same periods in 2024.
Net loss before non-controlling interest for the three and nine months ended January 31, 2025, was $267,412 and $345,991, respectively, compared to $122,815 and $438,460 for the same periods in 2024.
As of January 31, 2025, the company had total current assets of $10,196 and total current liabilities of $1,489,019, resulting in a working capital deficit of $1,478,823.
During the nine months ended January 31, 2025, net cash used in operating activities was $167,146, while net cash provided by financing activities was $169,572.
The company plans to continue funding its operations through related party support and other lenders, with a focus on completing the production of its Offender Alert Passive Scan technology.
The filing also notes that the company is evaluating recent accounting pronouncements but does not anticipate a material impact on its financial statements.
There are no material pending legal proceedings against the company, and it has no off-balance sheet arrangements that could impact its financial condition.
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 April 1, 2025. To report an error, please email earnings@qz.com.