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Powerdyne International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $273,749, down from $366,303 in the same quarter the previous year. The decrease is attributed to reduced orders and the cessation of cryptocurrency revenue.
Cost of revenues for the quarter was $145,901, compared to $291,556 in the same quarter of the previous year. The decrease is consistent with the reduction in revenue.
The company reported a gross profit of $127,848 for the quarter, compared to $74,747 in the previous year.
Operating expenses increased to $115,026 from $67,203, resulting in a net profit of $12,821, compared to a profit of $7,544 in the same quarter of the previous year.
For the nine months ended September 30, 2024, Powerdyne generated $867,016 in revenue, down from $1,100,901 in the previous year. The decline is attributed to the election year and reduced demand.
Cost of revenues for the nine months was $641,393, compared to $838,095 in the previous year, resulting in a gross profit of $225,624, down from $262,806.
Operating expenses for the nine months decreased slightly to $331,841 from $336,854, leading to a net loss of $106,217, compared to a loss of $74,048 in the previous year.
Powerdyne had a working capital deficit of $180,275 as of September 30, 2024, compared to $74,056 at the end of 2023.
Cash used in operating activities was $112,236, while cash provided by financing activities was $70,754, resulting in a decrease in cash of $41,482 for the nine months ended September 30, 2024.
The company has a line of credit with a financial institution for a maximum of $170,000, of which $162,500 has been drawn to finance working capital.
Powerdyne's CEO has personally guaranteed the line of credit, which is collateralized by cash, inventories, and trade accounts receivable of CM Tech (PWDY-7.69%), a wholly owned subsidiary.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Powerdyne International Inc. Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.