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RemSleep Holdings, 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 decrease in revenue to $37,260 from $51,947 in the same quarter the previous year. Cost of goods sold was $58,860, resulting in a gross margin loss of $21,300.
Operating expenses for the quarter were $172,815, with professional fees, compensation expenses, and development expenses contributing to the total.
The company reported a loss from operations of $194,115, compared to $271,327 in the previous year. Total other expenses were $83,794, including interest expense and losses on disposal of fixed assets.
Net loss for the quarter was $277,909, compared to $270,433 in the previous year.
For the nine months ended September 30, 2024, RemSleep reported revenues of $122,735 and a net loss of $756,088. The company used $537,686 in cash for operating activities during this period.
RemSleep's balance sheet shows total assets of $810,105 as of September 30, 2024, with current liabilities of $176,493.
The company has expressed substantial doubt about its ability to continue as a going concern, citing recurring losses and insufficient cash flow from operations.
RemSleep continues to focus on its DeltaWave CPAP interface, with plans to conduct clinical trials pending adequate financing.
The filing also notes that the company received FDA 510k approval for its DeltaWave product on July 2, 2024, and expects to have product inventory ready for the market in the fourth quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RemSleep Holdings Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.