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Leet Technology Inc (LTES0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $158,727 from $34,288 in the same quarter the previous year. This increase is attributed to a white label project with Smart Communications, Inc. and revenue from Matchroom Mini-app solutions.
Cost of revenue decreased to $117,897 from $155,313 in the same quarter of the previous year. The decrease is due to over-provision of rental, network bandwidth, and direct labor costs.
General and administrative expenses decreased to $81,033 from $194,264, primarily due to reduced exhibition expenses, salaries, and travel costs.
Net loss for the quarter was $40,529, down from $307,372 in the previous year. The decrease in net loss is mainly attributed to reduced general and administrative expenses.
Cash used in operating activities was $651,437, while cash provided by financing activities was $637,133.
Leet Technology had a working capital deficit of $4,345,409 as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details related party transactions, including consultancy and rental agreements with Porta Capital and Bru Haas (B).
The company identified substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations without additional financing.
Leet Technology continues to focus on its esports platform and tournament management services, with significant revenue contributions from a major customer in the Philippines.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Leet Technology Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.