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Ludwig Enterprises, 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 net loss of $2,861,013. The company reported revenues of $13,254 for the nine months ended September 30, 2024, compared to $0 in the same period of the previous year.
Total operating expenses for the nine months ended September 30, 2024, were $1,245,751, compared to $1,274,036 in the previous year. The decrease is attributed to a reduction in research and development activities and professional services fees.
General and administrative expenses increased by $113,832, primarily due to decreased payments to key consultants and professional services.
Research and development expenses were $286,591 for the nine months ended September 30, 2024, down from $428,708 in the previous year.
Other expenses totaled $1,628,516 for the nine months ended September 30, 2024, up from $732,706 in the previous year, primarily due to inducement expenses related to note extensions and increased interest expenses.
The company had a working capital deficit of $2,329,074 as of September 30, 2024, with cash on hand of $43,352.
Ludwig Enterprises does not expect to generate sufficient revenues to meet its current obligations and may seek additional financing.
The company is developing products using mRNA-based genetic markers for the healthcare industry, with plans to begin product sales in the first quarter of 2025, contingent on securing additional funding.
The filing outlines various financial agreements, including securities purchase agreements and convertible promissory notes issued during the quarter.
Ludwig Enterprises acknowledges substantial doubt about its ability to continue as a going concern due to its financial position and operating losses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ludwig Enterprises Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.