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Eco Bright Future, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,446, compared to $0 in the same quarter the previous year. The revenue was generated from non-recurring consulting services related to blockchain technology software development.
Operating expenses for the quarter were $31,507, up from $303 in the previous year. This increase was primarily due to higher professional fees and general administrative expenses.
The company reported a net loss of $29,934 for the quarter, compared to a net loss of $410 in the previous year.
For the nine months ended September 30, 2024, revenues were $1,446, down from $29,172 in the same period the previous year. Operating expenses for the nine months were $90,615, compared to $16,553 in the previous year.
Net cash used in operating activities was $89,312 for the nine months ended September 30, 2024, compared to net cash provided of $8,392 in the previous year. Cash used in investing activities was $213,300, primarily for software development costs.
The company received $305,383 in loans from officers and significant shareholders during the nine months ended September 30, 2024.
Eco Bright Future reported a working capital deficit of $295,632 as of September 30, 2024, compared to working capital of $6,532 at December 31, 2023.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing accumulated losses and negative cash flows from operations.
Eco Bright Future operates in several foreign markets, including Tunisia, and plans to expand into additional countries. The company is subject to risks related to foreign currency operations and regulatory changes.
The filing also discusses related party transactions, including loans from officers and directors, and notes a deficiency in internal control over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eco Bright Future quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.