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SecureTech Innovations, Inc. (SCTH-6.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows that SecureTech had no sales for the three months ended September 30, 2024, compared to $4,450 in the same period in 2023, due to the CEO focusing on financing options rather than sales.
Operating expenses for the quarter increased to $81,642 from $71,646 in the previous year, primarily due to increases in professional fees and payroll accrual.
The company reported a net loss of $83,703 for the quarter, compared to a net loss of $68,012 in the previous year, attributed to the lack of sales.
For the nine months ended September 30, 2024, sales decreased to $14,235 from $42,050 in the previous year, reflecting a 66.1% decline.
Operating expenses for the nine months decreased to $265,867 from $311,183 in the previous year, primarily due to reduced staff and payroll expenses.
The net loss for the nine months was $258,892, compared to $288,845 in the previous year, representing a 10.4% improvement due to reduced expenses.
The filing indicates a working capital deficit of $399,449 as of September 30, 2024, compared to a deficit of $152,357 as of December 31, 2023.
SecureTech's total liabilities increased to $410,797 from $173,088 at the end of 2023, mainly due to increases in accounts payable and accrued payroll.
The company is preparing a Regulation A+ securities offering to raise funds for working capital and future projects, with plans to file the necessary paperwork in late 2024.
The filing highlights a going concern opinion from the auditors, reflecting substantial doubt about the company's ability to continue as a going concern over the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Securetech Innovations quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.