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NetBrands Corp. (NBND+26.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no sales for the period, compared to $71,938 in sales for the same quarter the previous year.
Operating expenses for the quarter were $52,122, compared to $151,697 during the same period in the previous year. The decrease is attributed to limited expenses due to the lack of revenue in 2024.
Other expenses, primarily interest expenses, were $4,117 for the quarter, compared to $304,372 in the previous year.
Net loss for the quarter was $56,239, or $(0.00) per share, compared to a loss of $422,740, or $(0.03) per share, in the previous year.
For the nine months ended September 30, 2024, NetBrands reported no sales, compared to $584,004 in the same period the previous year.
Operating expenses for the nine-month period were $791,991, compared to $933,818 in the previous year, with the difference largely due to changes in stock-based compensation.
Other expenses for the nine-month period were $237,217, compared to $407,987 in the previous year.
Net loss for the nine-month period was $1,029,210, or $(0.05) per share, compared to a loss of $1,140,565, or $(0.07) per share, in the previous year.
As of September 30, 2024, NetBrands had $9 in cash and a negative working capital of $1,620,413, with an accumulated deficit of $30,980,873.
The company is seeking new sources of financing to fund its operations and has acknowledged substantial doubt about its ability to continue as a going concern.
NetBrands has engaged in several financing activities, including loans from Cove Funding and 1800 Diagonal Lending, both of which are currently in default.
The company has entered into agreements to issue shares and warrants as part of its financing strategies.
NetBrands continues to explore new business opportunities and acquisition targets to address its financial challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NetBrands Corp. quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.