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Wewards Inc (WEWA0.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, indicating that the company did not generate any revenue during the three and six months ended November 30, 2024 or 2023. The company is actively seeking licensing arrangements to bring its platform to market.
Operating expenses for the quarter were reported at $13,427, a decrease from $43,632 in the same quarter the previous year. This reduction was primarily due to the termination of the company's office lease effective October 31, 2023.
The company reported an operating loss of $13,427 for the quarter, compared to $43,632 in the previous year. The decrease in operating loss is attributed to reduced rent expenses.
Net loss for the quarter was $139,458, down from $169,730 in the previous year. The decrease in net loss is primarily due to the reduction in operating expenses.
As of November 30, 2024, Wewards reported cash on hand of $725,817 and negative working capital of $3,055,871. The company acknowledges its dependence on additional financing to continue operations.
Wewards has incurred recurring losses from operations, resulting in an accumulated deficit of $18,824,886. These factors raise substantial doubt about the company's ability to continue as a going concern.
The filing details convertible notes payable to a related party, totaling $10,500,000. These notes are convertible into common shares at a price of $0.08 per share.
The company did not engage in any investing or financing activities during the six months ended November 30, 2024.
Wewards continues to focus on developing its platform, which enables consumers to earn Bitcoin rebates from purchases. The company aims to generate revenue by licensing versions of the platform to third parties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wewards Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.