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Leet Technology Inc (LTES0.00%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, focusing on its eSports platform in Malaysia. Leet Technology Inc. operates a community eSports gaming platform called Matchroom.net, which launched in January 2019.
For the year ended December 31, 2024, Leet Technology reported revenues of $715,288, an increase from $317,413 in the previous year. This increase is attributed to a white label project with Smart Communications, a telecommunications provider in the Philippines.
The company reported a net loss of $894 for the year, a decrease from a net loss of $1,383,447 in the previous year. The decrease in net loss is attributed to increased revenue and reduced general and administrative expenses.
Leet Technology's filing indicates a working capital deficit of $4,121,517 and an accumulated deficit of $12,706,094 as of December 31, 2024. The company acknowledges that its current level of cash is not sufficient to fund operations without additional financing.
The report highlights the company's focus on expanding its eSports platform through partnerships with telecommunications companies in Southeast Asia and other regions.
Leet Technology Inc. recognizes the importance of cybersecurity and has engaged external experts to evaluate and test its cybersecurity systems. The company has not encountered any significant cybersecurity issues impacting its operations.
The filing also notes that Leet Technology Inc. is involved in a legal proceeding in the Philippines, with a decision partially against the company. The company does not believe the outcome will have a material adverse effect on its operations.
Leet Technology Inc. continues to pursue additional financing to support its operations and growth strategy, with a focus on expanding its platform's reach and enhancing its product offerings.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.