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WEED, Inc. 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 for the period. The company reported a net operating loss of $92,649, compared to a net income of $734,248 in the same quarter the previous year.
Operating expenses for the quarter totaled $92,649, down from $238,824 in the previous year. General and administrative expenses increased to $64,833 from $25,355, while professional fees decreased to $22,195 from $205,134.
Interest expense for the quarter was $3,238, compared to $15,303 in the previous year. There was no gain on disposal of fixed assets this quarter, compared to a gain of $988,375 in the previous year.
For the nine months ended September 30, 2024, WEED, Inc. reported a net loss of $377,093, compared to a net income of $363,791 in the same period of the previous year.
Total operating expenses for the nine months were $402,530, down from $578,895 in the previous year. General and administrative expenses increased to $286,694 from $267,867, while professional fees decreased to $98,872 from $255,307.
The company reported a gain on disposal of fixed assets of $35,000 for the nine months, compared to $988,375 in the previous year.
As of September 30, 2024, WEED, Inc. had total assets of $596,818, down from $904,062 at the end of 2023. Total liabilities increased to $685,044 from $648,753.
The company continues to explore new business opportunities in the cannabis and hemp sectors and is seeking additional financing to fund its operations.
The filing also notes that WEED, Inc. has not generated any revenue since its inception and is dependent on securing equity or debt financing 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 WEED Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.