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Seatech Ventures Corp (SEAV-11.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated for the period, compared to $248,340 in the same quarter the previous year. The decline is attributed to the absence of revenue deals during the period.
Cost of revenue for the quarter was $0, compared to $187,700 in the same quarter of the previous year, resulting in a gross margin of $0, down from $60,640 in the previous year.
Selling and distribution expenses for the quarter were $21, compared to $30 in the previous year. General and administrative expenses were $27,202, down from $45,704 in the previous year.
The company reported a net loss of $25,258 for the quarter, compared to a net loss of $45,734 in the previous year. The losses are mainly derived from general and administrative expenses.
Cash used in operating activities was $27,260 for the nine months ended September 30, 2024, compared to $86,025 in the previous year.
Seatech Ventures Corp had cash and cash equivalents of $22,108 as of September 30, 2024. The company does not have any credit facilities or other access to bank credit.
The filing also details the cancellation of an acquisition agreement with Just Supply Chain Limited, resulting in the return of 21,831,660 shares previously issued for the acquisition.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate segregation of duties and insufficient written policies and procedures.
Seatech Ventures Corp continues to focus on providing business mentoring, nurturing, and incubation services in the information and communication technology industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seatech Ventures Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.