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KwikClick, Inc. 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 revenues to $32,532 from $91,088 in the same quarter the previous year. For the nine months ended September 30, 2024, revenues were $76,569, down from $227,883 in the same period of 2023.
Cost of sales for the quarter was $20,218, compared to $88,546 in the same quarter of the previous year. For the nine months ended September 30, 2024, cost of sales was $30,127, compared to $159,228 in the same period of 2023.
The company reported a net loss of $368,578 for the quarter, compared to a net loss of $1,189,718 in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $1,443,893, compared to $2,840,559 in the same period of 2023.
Operating expenses for the nine months ended September 30, 2024, were $1,355,156, down from $2,931,640 in the same period of 2023. The decrease was primarily due to reductions in management and payroll expenses, research and development activities, and general and administrative expenses.
KwikClick had a working capital deficit of $3,195,178 as of September 30, 2024. The company acknowledges its dependence on additional capital to continue operations and achieve strategic objectives.
The filing also details a legal proceeding involving NAI Liquidation Trust, which claims ownership of KwikClick's intellectual property. The company intends to defend its intellectual property rights.
KwikClick's internal control over financial reporting was deemed not effective due to insufficient segregation of duties and inadequate corporate governance policies.
The company does not have any off-balance sheet arrangements and has not identified any material subsequent events requiring disclosure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KwikClick Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.