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Winvest Group Ltd (WNLV0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $77,340, compared to $214,978 in the same period the previous year. The decrease in revenue is attributed to the company's ongoing development of its strategic business plan.
Operating expenses for the quarter were $398,894, down from $930,720 in the previous year. The decrease is primarily due to the absence of stock-based compensation expenses in 2024, which amounted to $458,040 in 2023.
The company reported a net loss of $101,727 for the quarter, compared to a net loss of $834,203 in the previous year.
Cash on hand as of September 30, 2024, was $289,039. Net cash used in operating activities was $229,531, while net cash provided by financing activities was $209,533.
The company has a working capital deficit of $807,595 as of September 30, 2024, and an accumulated deficit of $104,822,280.
Winvest Group Ltd acknowledges its dependence on additional funding and is exploring alternative sources of financing to meet future obligations.
The filing also details various financial activities, including the conversion of preferred stock to common stock and private placement of common shares.
The company identified material weaknesses in its internal controls over financial reporting due to the lack of a functioning audit committee and effective oversight.
Winvest Group Ltd does not anticipate significant changes in its financial condition in the near future and continues to focus on developing its business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Winvest Group Ltd quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.