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Kindcard Inc (KCRD0.00%). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $139,366 from $125,410 in the same quarter of the previous year. The cost of sales for the quarter was $25,262, resulting in a gross profit of $114,104.
Operating expenses for the quarter were $121,692, leading to a net loss from operations of $7,588. This compares to a net loss of $48,696 in the same period the previous year.
For the nine-month period ended October 31, 2024, Kindcard reported revenues of $306,159, compared to $381,373 in the same period the previous year. The total cost of sales for the nine months was $65,596, resulting in a gross profit of $240,563.
Operating expenses for the nine-month period were $419,481, resulting in a net loss from operations of $178,918. The net loss for the same period in the previous year was $97,616.
The company reported cash of $14,067 as of October 31, 2024, with total liabilities amounting to $1,062,164. The company has a working capital deficit and requires additional funding to meet its obligations.
Kindcard's management acknowledges the need for additional financing to support its operations and plans to seek funding through private placements and related party advances.
The filing notes that Kindcard Inc. is not currently involved in any pending litigation or legal proceedings.
The company identified material weaknesses in its internal controls over financial reporting, which it is working to address.
Kindcard Inc. continues to focus on expanding its mobile wallet and closed-loop payment solutions through its subsidiaries, Deb, Inc. and Tendercard, Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kindcard Inc quarterly 10-Q report dated December 17, 2024. To report an error, please email earnings@qz.com.