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Kenilworth Systems Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $5,000 from $9,000 in the same quarter the previous year. The company attributes this decline to various operational factors.
Operating expenses for the nine-month period ended September 30, 2024, increased to $252,587, compared to $138,375 in the same period of the previous year. Major expenses include officer compensation, professional fees, and research and development costs.
The company reported a net loss of $292,322 for the nine-month period, compared to a net loss of $124,613 in the previous year.
Kenilworth had $912 in cash as of September 30, 2024, down from $19,699 at the end of 2023. The decrease reflects the operating losses and other financial activities.
The filing discusses the company's liquidity and capital resources, highlighting the need for additional funding through equity sales or debt financing to support ongoing operations.
Kenilworth's management has identified a going concern uncertainty due to recurring losses and limited cash resources. The company plans to address this through potential equity sales and debt financing.
The company has not identified any off-balance sheet arrangements that could materially affect its financial condition.
Kenilworth's management acknowledges the need for effective internal controls over financial reporting and plans to address identified weaknesses as resources permit.
The company issued 5,400,000 shares of common stock during the quarter for aggregate consideration of $159,050.
Kenilworth is not currently involved in any legal proceedings that could materially affect its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kenilworth System Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.