In This Story
Totaligent Inc (TGNT0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $29,990, a decrease from $334,185 in the same quarter the previous year. The decrease in revenue is attributed to changes in managed campaign activity.
Cost of goods sold for the quarter was $71,172, compared to $59,956 in the previous year. This increase is associated with outsourcing certain campaign activities.
The company reported a gross loss of $41,182 for the quarter, compared to a gross profit of $274,229 in the previous year.
Operating expenses increased to $412,322 from $356,053, primarily due to higher consulting fees.
Totaligent recorded a net loss of $570,423 for the quarter, compared to a net loss of $170,850 in the previous year. The increase in net loss is due to higher costs and a loss on change in fair value of derivative liability.
For the nine months ended September 30, 2024, Totaligent reported total revenues of $444,529, up from $400,295 in the previous year. However, gross profit decreased to $28,606 from $318,754.
Cost of goods sold for the nine months was $415,923, an increase from $81,541, reflecting increased outsourcing costs.
Operating expenses for the nine months increased to $755,418 from $593,379, driven by higher consulting and professional fees.
Net loss for the nine months was $834,715, compared to $366,040 in the previous year, due to increased costs and expenses.
The filing highlights Totaligent's focus on launching a consumer-facing digital marketing platform in Q4 2024, with managed campaigns continuing as the primary revenue source.
Totaligent's management acknowledges the company's dependence on additional financing to meet future obligations and continue operations, raising substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Totaligent Inc quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.