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Quarta-Rad Inc (QURT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenues to $69,783 from $362,744 in the same period the previous year. This decline is primarily attributed to reduced sales of the RD1503 model and a decrease in recognized revenue from Sellavir.
Cost of goods sold for the quarter was $37,867, representing a decrease from $231,540 in the same period of the previous year. The reduction is due to decreased sales and reclassification of contractor costs.
The company reported a net loss of $156,604 for the quarter, compared to a net loss of $31,162 in the previous year. The increase in net loss is primarily due to reduced sales and a realized loss on investments.
Quarta-Rad's segment, Sellavir, reported a net recognized revenue decrease to $10,000 from $102,000 in the same period the previous year, attributed to timing of revenue recognition.
Operating expenses increased to $217,237 from $188,461, primarily due to the classification of Sellavir's contractor costs.
Quarta-Rad's total assets were $621,519 as of September 30, 2024, down from $683,314 as of December 31, 2023. The company reported a working capital deficit of $238,637.
The filing notes that Quarta-Rad is exploring plans to potentially distribute its current operations in a spin-off.
The company identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and insufficient technical accounting knowledge.
Quarta-Rad continues to focus on its AI-driven call center software, CenterEye, aiming to expand its market presence in the U.S. and Japan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quarta-Rad Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.