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Viratech Corp (VIRA) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues for the three-month period ended September 30, 2024, or the same period in 2023.
Operating expenses for the three months ended September 30, 2024, were $17,505, compared to $11,950 for the same period in 2023. The increase in expenses is attributed to higher professional fees.
The company reported other income of $2,087,509 for the three months ended September 30, 2024, compared to other expenses of $2,342 for the same period in 2023. The increase is due to a gain on forgiveness of accrued expenses.
Net income for the three months ended September 30, 2024, was $2,070,004, compared to a net loss of $14,292 for the same period in 2023.
For the nine months ended September 30, 2024, the company reported no revenues and operating expenses of $57,260, compared to $247,419 for the same period in 2023.
Other income for the nine months ended September 30, 2024, was $1,360,033, compared to other expenses of $6,467 for the same period in 2023. The increase is due to a gain on forgiveness of accrued expenses, offset by a loss on acquisition of intangible assets.
Net income for the nine months ended September 30, 2024, was $1,302,773, compared to a net loss of $6,467 for the same period in 2023.
As of September 30, 2024, the company had total current liabilities of $638,556 and a working capital deficit of the same amount.
Net cash used by operating activities was $57,345 for the nine months ended September 30, 2024, compared to $28,604 for the same period in 2023. Financing activities provided $57,345 in cash for the nine months ended September 30, 2024, compared to $28,604 for the same period in 2023.
The company acknowledges substantial doubt about its ability to continue as a going concern due to accumulated deficits and dependence on external funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Viratech Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.