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Quarta-Rad Inc (QURT0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details Quarta-Rad's operations, which include the distribution of detection devices such as Geiger counters in North America, Europe, and Asia. The company has also expanded into AI services through its subsidiary, Sellavir Inc.
Quarta-Rad reported a net loss of $216,755 for the fiscal year 2024, compared to a net income of $44,492 in 2023. The decrease in profitability is attributed to a significant reduction in sales and increased operating expenses.
Revenues for 2024 were $106,797, a decrease from $508,316 in 2023. This decline was primarily due to reduced sales from Quarta-Rad and the timing of revenue recognition from Sellavir.
Operating expenses increased to $246,549 in 2024 from $196,129 in 2023, driven by higher general and administrative expenses.
Quarta-Rad's total assets were $577,814 as of December 31, 2024, down from $683,314 at the end of 2023. The company had a working capital deficit of $260,907 at year-end 2024.
The company continues to face challenges due to geopolitical factors affecting its supply chain, particularly the impact of the Russian invasion of Ukraine.
Quarta-Rad's management is focused on expanding its AI operations through Sellavir and exploring additional financing options to support its business strategy.
The company acknowledges material weaknesses in its internal controls over financial reporting and is working to address these issues.
Quarta-Rad does not currently pay dividends and plans to reinvest earnings into business operations.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.